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In the second approach, reported (or paid) losses are first developed to ultimate using a chain-ladder approach and applying a loss development factor (LDF). Next, the chain-ladder ultimate is multiplied by an estimated percent reported. Finally, expected losses multiplied by an estimated percent unreported are added (as in the first approach).
The chain-ladder or development [1] method is a prominent [2] [3] actuarial loss reserving technique. The chain-ladder method is used in both the property and casualty [1] [4] and health insurance [5] fields. Its intent is to estimate incurred but not reported claims and project ultimate loss amounts. [5]
Ultimate loss amounts are necessary for determining an insurance company's carried reserves. They are also useful for determining adequate insurance premiums, when loss experience is used as a rating factor [4] [5] [6] Loss development factors are used in all triangular methods of loss reserving, [7] such as the chain-ladder method.
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Since 12 is not divisible by 100, additional effort is required to remove the extra factor of R. Removing the extra factor of R can be done by multiplying by an integer R′ such that RR′ ≡ 1 (mod N), that is, by an R′ whose residue class is the modular inverse of R mod N. Then, working modulo N,
Personal finance can be an all-encompassing concept, but really it just boils down to how you want to save and invest your money. Investing in a certificate of deposit might be right for you if ...