B.10.Brosius

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Author:
Exam8
ID:
166030
Filename:
B.10.Brosius
Updated:
2012-08-14 16:51:18
Tags:
table
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Description:
Table M Construction
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  1. Table M - Construction Data Requirement
    • sample of experience from grp of similarly sized risks (loss dist varies by size of risk)
    • aggregate ELR (can use sample mean)
  2. Table M - Insurance charge φ(r)
    • area above r in Lee Diagram / total area
    • when we need only 1, limit r to what we're interested in, φ(r) = avg diff btwn lim / unlim
  3. Table M - Vertical slice method
    • look risk by risk
    • (+) natural approach - as data is presented
    • (+) easiest to understand
    • (+) quick for 1 entry ratio
    • (-) need to repeat entire process for other r's
    • (-) need to deal w each risk individually
  4. Table M - Horizontal slice method
    • look by layer
    • (+) easiest to compute more than one ins charge
    • (-) difficult to understand
    • (-) initial prep work is needed in most cases
  5. Table M - Construct w horizontal method
    • φ(r) = width * % risks over
    • φ(r) = ri+1 - ri * # risks over / total # risks
  6. Table M - If μ ≠ sample mean
    • theory: use sample mean
    • practice: use μ and normalize table (divide all by φ(0))

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