Understandable Statistics: Concepts and Methods
12th Edition
ISBN: 9781337119917
Author: Charles Henry Brase, Corrinne Pellillo Brase
Publisher: Cengage Learning
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Chapter 9.1, Problem 11P
To determine
Explain what does
Identify whether it is reliable to apply the results of study to prices of gasoline higher than $5.30 per gallon or not.
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PEER REPLY 1:
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value to each).
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EMV?
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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.
You are provided with data that includes all 50 states of the United States. Your task is to draw a sample of: o 20 States using Random Sampling (2 points: 1 for random number generation; 1 for random sample) o 10 States using Systematic Sampling (4 points: 1 for random numbers generation; 1 for random sample different from the previous answer; 1 for correct K value calculation table; 1 for correct sample drawn by using systematic sampling) (For systematic sampling, do not use the original data directly. Instead, first randomize the data, and then use the randomized dataset to draw your sample. Furthermore, do not use the random list previously generated, instead, generate a new random sample for this part. For more details, please see the snapshot provided at the end.) Upload a Microsoft Excel file with two separate sheets. One sheet provides random sampling while the other provides systematic sampling. Excel snapshots that can help you in organizing columns are provided on the next…
Chapter 9 Solutions
Understandable Statistics: Concepts and Methods
Ch. 9.1 - Statistical Literacy When drawing a scatter...Ch. 9.1 - Prob. 2PCh. 9.1 - Prob. 3PCh. 9.1 - Prob. 4PCh. 9.1 - Prob. 5PCh. 9.1 - Prob. 6PCh. 9.1 - Prob. 7PCh. 9.1 - Prob. 8PCh. 9.1 - Prob. 9PCh. 9.1 - Critical Thinking: Lurking Variables Over the past...
Ch. 9.1 - Prob. 11PCh. 9.1 - Prob. 12PCh. 9.1 - Prob. 13PCh. 9.1 - Health Insurance: Administrative Cost The...Ch. 9.1 - Prob. 15PCh. 9.1 - Geology: Earthquakes Is the magnitude of an...Ch. 9.1 - Prob. 17PCh. 9.1 - Prob. 18PCh. 9.1 - Prob. 19PCh. 9.1 - Prob. 20PCh. 9.1 - Prob. 21PCh. 9.1 - Prob. 22PCh. 9.1 - Prob. 23PCh. 9.1 - Prob. 24PCh. 9.2 - Statistical Literacy In the least-squares line...Ch. 9.2 - Prob. 2PCh. 9.2 - Critical Thinking When we use a least-squares line...Ch. 9.2 - Prob. 4PCh. 9.2 - Prob. 5PCh. 9.2 - Critical Thinking: Interpreting Computer Printouts...Ch. 9.2 - Prob. 7PCh. 9.2 - For Problems 718, please do the following. (a)...Ch. 9.2 - Prob. 9PCh. 9.2 - For Problems 718, please do the following. (a)...Ch. 9.2 - Prob. 11PCh. 9.2 - Prob. 12PCh. 9.2 - For Problems 718, please do the following. (a)...Ch. 9.2 - Prob. 14PCh. 9.2 - Prob. 15PCh. 9.2 - For Problems 718, please do the following. (a)...Ch. 9.2 - Prob. 17PCh. 9.2 - Prob. 18PCh. 9.2 - Prob. 19PCh. 9.2 - Residual Plot: Miles per Gallon Consider the data...Ch. 9.2 - Prob. 21PCh. 9.2 - Prob. 22PCh. 9.2 - Prob. 23PCh. 9.2 - Prob. 24PCh. 9.2 - Prob. 25PCh. 9.3 - Prob. 1PCh. 9.3 - Prob. 2PCh. 9.3 - Prob. 3PCh. 9.3 - Prob. 4PCh. 9.3 - Prob. 5PCh. 9.3 - Prob. 6PCh. 9.3 - Prob. 7PCh. 9.3 - In Problems 712, parts (a) and (b) relate to...Ch. 9.3 - Prob. 9PCh. 9.3 - Prob. 10PCh. 9.3 - In Problems 712, parts (a) and (b) relate to...Ch. 9.3 - Prob. 12PCh. 9.3 - Prob. 13PCh. 9.3 - Prob. 14PCh. 9.3 - Prob. 15PCh. 9.3 - Expand Your Knowledge: Time Series and Serial...Ch. 9.3 - Prob. 17PCh. 9.4 - Statistical Literacy Given the linear regression...Ch. 9.4 - Prob. 2PCh. 9.4 - For Problems 3-6, use appropriate multiple...Ch. 9.4 - For Problems 3-6, use appropriate multiple...Ch. 9.4 - Prob. 5PCh. 9.4 - Prob. 6PCh. 9 - Prob. 1CRPCh. 9 - Prob. 2CRPCh. 9 - Prob. 3CRPCh. 9 - Prob. 4CRPCh. 9 - Prob. 5CRPCh. 9 - Prob. 6CRPCh. 9 - Prob. 7CRPCh. 9 - Prob. 8CRPCh. 9 - Prob. 9CRPCh. 9 - Prob. 10CRPCh. 9 - Prob. 1DHCh. 9 - Prob. 1LCCh. 9 - Prob. 1UTCh. 9 - Prob. 2UTCh. 9 - Prob. 3UTCh. 9 - Prob. 4UTCh. 9 - Prob. 5UTCh. 9 - Prob. 6UTCh. 9 - Prob. 7UTCh. 9 - In Problems 16, please use the following steps (i)...Ch. 9 - Prob. 2CURPCh. 9 - Prob. 3CURPCh. 9 - Prob. 4CURPCh. 9 - Prob. 5CURPCh. 9 - Prob. 6CURPCh. 9 - Prob. 8CURPCh. 9 - Linear Regression: Blood Glucose Let x be a random...
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