DIFF EQUAT W/BOUNDAR >PRINT UPGRADE<
9th Edition
ISBN: 9781337810906
Author: ZILL
Publisher: CENGAGE L
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Chapter B, Problem 9E
(a)
To determine
To find: The matrix of
(b)
To determine
To find: The matrix of
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Hello! Please solve this practice problem step by step thanks!
PEER REPLY 1:
Choose a classmate's Main Post and review their decision making process.
1. Choose a risk level for each of the states of nature (assign a probability
value to each).
2. Explain why each risk level is chosen.
3. Which alternative do you believe would be the best based on the maximum
EMV?
4. Do you feel determining the expected value with perfect information
(EVWPI) is worthwhile in this situation? Why or why not?
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 B Solutions
DIFF EQUAT W/BOUNDAR >PRINT UPGRADE<
Ch. B - Prob. 1ECh. B - Prob. 2ECh. B - Prob. 3ECh. B - Prob. 4ECh. B - Prob. 5ECh. B - Prob. 6ECh. B - Prob. 7ECh. B - Prob. 8ECh. B - Prob. 9ECh. B - Prob. 10E
Ch. B - Prob. 11ECh. B - Prob. 12ECh. B - Prob. 13ECh. B - Prob. 14ECh. B - In Problems 1522 determine whether the given...Ch. B - Prob. 16ECh. B - Prob. 17ECh. B - Prob. 18ECh. B - Prob. 19ECh. B - Prob. 20ECh. B - Prob. 21ECh. B - In Problems 1522 determine whether the given...Ch. B - Prob. 23ECh. B - Prob. 24ECh. B - Prob. 25ECh. B - Prob. 26ECh. B - Prob. 27ECh. B - Prob. 28ECh. B - Prob. 29ECh. B - Prob. 30ECh. B - Prob. 31ECh. B - Prob. 32ECh. B - Prob. 33ECh. B - Prob. 34ECh. B - Prob. 35ECh. B - Prob. 36ECh. B - Prob. 37ECh. B - Prob. 38ECh. B - Prob. 39ECh. B - Prob. 40ECh. B - Prob. 41ECh. B - Prob. 42ECh. B - Prob. 43ECh. B - Prob. 44ECh. B - Prob. 45ECh. B - Prob. 46ECh. B - Prob. 47ECh. B - Prob. 48ECh. B - Prob. 49ECh. B - Prob. 50ECh. B - Prob. 51ECh. B - Prob. 52ECh. B - Prob. 53ECh. B - Prob. 54ECh. B - Prob. 55ECh. B - Prob. 56ECh. B - Prob. 57ECh. B - Prob. 58ECh. B - Prob. 59ECh. B - Prob. 60ECh. B - Prob. 61ECh. B - Prob. 62E
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