Actsc462_lec1

Actsc462_lec1 - ACTSC 462/862 P&C Insurance Ratemaking 1...

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1 ACTSC 462/862 ACTSC 462/862 P&C Insurance Ratemaking
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2 ACTSC 462/862 ACTSC 462/862 Course Description > This course is focussed on the practical aspects of Property and Casualty (P&C) Insurance in Canada. Through lectures, course notes and discussion, students will learn the principles of P&C ratemaking, risk rating and classification, exposure bases and deductibles. > The course ACTSC 363 is an anti- requisite to this course.
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3 ACTSC 462/862 ACTSC 462/862 Required Course Materials > The material for this course is the Basic Ratemaking text by Werner, Modlin. It is available for download at the CAS web site, http://www.casact.org/pubs/Werner_Modlin_Ratemaking. pdf (4 th edition, October 2010) Course Website > The Basic Ratemaking text is the only course material that you need for this course. Other course materials, including lecture slides, can be downloaded from the course website on ACE. Email: [email protected]
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4 ACTSC 462/862 ACTSC 462/862 Grading Scheme Mid-term Exams (2, each 25%) 50% Final Exam 50% 100% Important Dates Feb 8 Midterm #1 In Class March 15 Midterm #2 In Class There will be no assignments but practice questions will be posted on the course website on ACE.
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5 About Me About Me > BMath from UW (ActSc) > Actuarial certificates: ASA, FCAS, FCIA > Work experience: • life insurance company (pricing) • pension and benefits consulting • actuarial evidence • P&C for the past 10 years (reserving and mostly pricing) • currently VP of Pricing and R&D with Economical
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6 Basic Ratemaking Basic Ratemaking Chapter 1 - Introduction
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7 Basic Ratemaking Basic Ratemaking Chapter Chapter 1 1 > Simple product pricing relationship: • Price = Cost + Profit > production cost is known before the product is sold for non-insurance goods and services > Insurance is a promise to do something in the future if certain events take place during a specified time period
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8 Basic Ratemaking Basic Ratemaking Chapter Chapter 1 1 Basic Insurance Terms: > Exposure: • exposure is the basic unit of risk that underlies the insurance premium (varies by line) • 4 ways to measure exposures: written, earned, unearned, in-force > Premium: • premium is the amount the insured pays for insurance coverage • 4 ways to measure premium: written, earned, unearned, in-force
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Basic Ratemaking Basic Ratemaking Chapter Chapter 1 1 Basic Insurance Terms: >C la im : • claim is the demand for indemnification as a consequence of an insured event • The date of the event that caused the loss is called the date of loss or accident date • Claims not currently known by the insurer are referred to as unreported claims or incurred but not reported (IBNR) claims > Loss:
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This note was uploaded on 10/30/2011 for the course ACTSC 462 taught by Professor Wslennox during the Winter '11 term at Waterloo.

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Actsc462_lec1 - ACTSC 462/862 P&C Insurance Ratemaking 1...

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