In very dumb laymans terms please.... - what is one? - how is it used? - when is it used? I would be grateful if anyone could give some insight. Thanks very much.
As a starting point, try David Sanders' 1996 GIRO paper called "Pricing in the London Market" (on the Institute/Faculty's website). It introduces the concept and gives alternative names for First Loss Curves. Note also that there's a new bit of Core Reading in ST3 (see the free CMP Upgrade on the ActEd website) that covers ILFs, which are effectively the same thing. You might also try the CAS website, where ILFs etc are covered in more detail.
