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ActSc 463-863 Midterm Solutions

# ActSc 463-863 Midterm Solutions - (1 point d What is the...

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1. Use the following data to answer the questions below. Assume this company does not reserve for salvage or subrogation recoveries. Snap Shot as at December 31, XXXX 2007 2008 2009 2010 Claim # Acc. Year Rep. Year Paid Case Paid Case Paid Case Paid Case 1 2005 2005 750 0 600 0 600 0 600 0 2 2005 2006 100 500 100 500 600 0 550 0 3 2006 2006 200 300 300 100 450 0 450 0 4 2007 2007 0 750 0 400 500 0 500 0 5 2007 2007 300 500 750 0 750 0 750 0 6 2007 2008 250 350 250 150 300 150 7 2008 2008 0 700 0 700 0 700 8 2006 2009 700 200 800 200 9 2009 2009 450 100 450 0 10 2009 2010 0 750 11 2010 2010 500 250 12 2010 2010 650 500 a) What are the accident year 2007 incurred losses at December 31, 2009? (1 point) b) What are the report year 2008 paid losses at December 31, 2010? (1 point) c) What are the calendar year 2009 incurred losses?

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Unformatted text preview: (1 point) d) What is the runoff in 2008? (1 point) e) Which 2 claims were most likely impacted by salvage recoveries? Explain. (1 point) Solutions Snap shot data is cumulative! Cumulative a) 1650 =500+750+250+150 b) 300 =300+0 c) 1400 =Everything in 2009 column - Everything in 2008 column d)-50 =Claims 1-6 in 2008 column - Claims 1-6 in 2009 column e) Claims 1 and 2 since they show a reduction in the amount of paid losses. Incremental a) 4950 b) 800 c) 5450 d) 3350...
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ActSc 463-863 Midterm Solutions - (1 point d What is the...

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