In my understanding, (PRO)t should be the profit for t th policy year, starting from time t-1 to t
E.g. (PRO)1 is profit for first policy year, starting from time 0 to time 1
However, in ch.18, P.32, it says the PROt is for policy year t+1, the year start at policy time t. Is it the same thing?
E.g. (PRO)1 is profit for first policy year, starting from time 0 to time 1
However, in ch.18, P.32, it says the PROt is for policy year t+1, the year start at policy time t. Is it the same thing?