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The results of development are shown in the first table of the solution. For example, the projected third party personal injury costs for...
You may be thinking of excess of loss scales. Exposure curves / first loss scales are concerned with expected losses in primary layers with...
The normal definition of the risk premium is “the amount of premium required to cover the expected cost of claims”. Hence you don’t need to...
In question 15.7, there is no deductible D so we do not need the formula on page 26. Look back to the formulae and notation on page 24 instead....
The burning cost is a rate. It's the actual claims expressed as an annual rate per unit of exposure. (Some practitioners use “burning cost” to...
Well spotted! Most UK and overseas dividends are tax exempt for corporate members. Thanks for pointing this out and sorry if it confused you....
Hi Snowy The percentage increase in variance in moving from the Bayesian to the Classical approach is found using the formula in section 3.4 of...
It should say "at the end of 2008". This is correct in the current version of the Question and Answer Bank. For the benefit of others reading...
Hi Snowy Thanks for your query. The expected losses to the primary layer with limit 0.5M are higher if we assume curve A is appropriate...
I think marymaj86 has answered the question well. Perhaps what’s confusing you is that claims-made policies may very occasionally require both...
Yes, that's right.
Officially, all the material from the CTs is potentially examinable in the later subjects including ST8, but it’s best to focus on what’s...
Thank you for drawing our attention to this. It is a mistake on flashcard number 11. The mu should not be squared in the solution. We are sorry...
Usually “response variable” means the Y variable, so we could have a claim frequency model with: Y= response variable = claim frequency....
See section 6.2 of Chapter 12. We load the price per policy for the cost of reinsurance. To avoid confusion for other students reading this,...
