Practical Business Math Procedures with Business Math Handbook
12th Edition
ISBN: 9781259725067
Author: Jeffrey Slater, Sharon M. Wittry
Publisher: McGraw-Hill Education
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Chapter 7, Problem 6ECP
To determine
The net price and trade discount.
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Questions
An insurance company's cumulative incurred claims for the last 5 accident years are given
in the following table:
Development Year
Accident Year 0
2018
1 2 3 4
245 267 274 289 292
2019
255 276 288 294
2020
265 283 292
2021
263 278
2022
271
It can be assumed that claims are fully run off after 4 years. The premiums received for
each year are:
Accident Year Premium
2018
306
2019
312
2020
318
2021
326
2022
330
You do not need to make any allowance for inflation.
1. (a) Calculate the reserve at the end of 2022 using the basic chain ladder method.
(b) Calculate the reserve at the end of 2022 using the Bornhuetter-Ferguson method.
2. Comment on the differences in the reserves produced by the methods in Part 1.
Chapter 7 Solutions
Practical Business Math Procedures with Business Math Handbook
Ch. 7.1 - The list price of a dining room set with a 40%...Ch. 7.1 - The net price of a video system with a 30% trade...Ch. 7.1 - Lamps Outlet bought a shipment of lamps from a...Ch. 7.1 - Prob. 1EPQCh. 7.1 - Prob. 2EPQCh. 7.1 - Prob. 3EPQCh. 7.1 - Prob. 1AHCh. 7.1 - Calculate the net price for each of the following...Ch. 7.1 - Prob. 3AHCh. 7.1 - For each of the following, find the percent paid...
Ch. 7.1 - Prob. 5AHCh. 7.1 - Prob. 6AHCh. 7.1 - Prob. 7AHCh. 7.1 - Prob. 8AHCh. 7.1 - Prob. 9AHCh. 7.1 - Prob. 10AHCh. 7.1 - Prob. 11AHCh. 7.1 - Prob. 12AHCh. 7.1 - Prob. 13AHCh. 7.1 - Susan Monk teaches second grade and receives a...Ch. 7.2 - Complete the following table:
Ch. 7.2 - Complete the following table:
Ch. 7.2 - Prob. 3PQCh. 7.2 - Prob. 4PQCh. 7.2 - Prob. 5PQCh. 7.2 - Prob. 6PQCh. 7.2 - Prob. 7PQCh. 7.2 - Prob. 1EPQCh. 7.2 - Prob. 2EPQCh. 7.2 - Prob. 3EPQCh. 7.2 - Prob. 4EPQCh. 7.2 - Prob. 5EPQCh. 7.2 - Prob. 6EPQCh. 7.2 - Prob. 7EPQCh. 7.2 - Prob. 1AHCh. 7.2 - Prob. 2AHCh. 7.2 - Prob. 3AHCh. 7.2 - Prob. 4AHCh. 7.2 - Prob. 5AHCh. 7.2 - Prob. 6AHCh. 7.2 - Prob. 7AHCh. 7.2 - Prob. 8AHCh. 7.2 - Prob. 9AHCh. 7.2 - Dallas Ductworks offers cash discounts of 2/10,...Ch. 7.2 - Prob. 11AHCh. 7.2 - Prob. 12AHCh. 7.2 - Prob. 13AHCh. 7.2 - Todd’s Sporting Goods received an invoice for...Ch. 7 - Prob. 1ECPCh. 7 - For all problems, round your final answer to the...Ch. 7 - For all problems, round your final answer to the...Ch. 7 - Complete the following: LU 7-1(4)
Ch. 7 - Complete the following: LU 7-1(4)
Ch. 7 - Complete the following: LU 7-1(4)
Ch. 7 - Complete the following: LU 7-1(4)
Ch. 7 - Which of the following companies, A or B, gives a...Ch. 7 - Complete the following: LU 7-2(1)
Ch. 7 - Complete the following: LU 7-2(1)
Ch. 7 - Complete the following: LU 7-2(1)
Ch. 7 - Complete the following: LU 7-2(1)
Ch. 7 - Complete the following: LU 7-2(1)
Ch. 7 - Complete the following: LU 7-2(1)
Ch. 7 - Complete the following by calculating the cash...Ch. 7 - Prob. 16ECPCh. 7 - Complete the following by calculating the cash...Ch. 7 - Prob. 18ECPCh. 7 - Prob. 19ECPCh. 7 - Complete the following: LU 7-2(2)
Ch. 7 - The list price of a smartphone is $299. A local...Ch. 7 - A model NASCAR race car lists for $79.99 with a...Ch. 7 - Lucky you! You went to couponcabin.com and found a...Ch. 7 - Levin Furniture buys a living room set with a...Ch. 7 - Prob. 25ECPCh. 7 - Prob. 26ECPCh. 7 - Maplewood Supply received a $5,250 invoice dated...Ch. 7 - A local Sports Authority ordered 50 pairs of...Ch. 7 - Prob. 29ECPCh. 7 - Royal Furniture bought a sofa for $800. The sofa...Ch. 7 - Prob. 31ECPCh. 7 - Prob. 32ECPCh. 7 - Prob. 33ECPCh. 7 - Prob. 34ECPCh. 7 - Prob. 35ECPCh. 7 - Prob. 36ECPCh. 7 - Prob. 37ECPCh. 7 - Prob. 38ECPCh. 7 - Prob. 39ECPCh. 7 - Prob. 40ECPCh. 7 - Prob. 41ECPCh. 7 - Prob. 42ECPCh. 7 - Prob. 43ECPCh. 7 - Prob. 44ECPCh. 7 - Prob. 45ECPCh. 7 - Prob. 46ECPCh. 7 - Prob. 47ECPCh. 7 - The original price of a 2015 Honda Insight to the...Ch. 7 - On March 30, Century Television received an...Ch. 7 - Complete the following: LU 7-1(1)
Ch. 7 - Prob. 2PTCh. 7 - Prob. 3PTCh. 7 - Prob. 4PTCh. 7 - Prob. 5PTCh. 7 - Prob. 6PTCh. 7 - Prob. 7PTCh. 7 - Prob. 8PTCh. 7 - Prob. 9PT
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