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Credibility theory is a branch of actuarial mathematics concerned with determining risk premiums. [1] To achieve this, it uses mathematical models in an effort to forecast the ( expected ) number of insurance claims based on past observations.
In credibility theory, a branch of study in actuarial science, the Bühlmann model is a random effects model (or "variance components model" or hierarchical linear model) used to determine the appropriate premium for a group of insurance contracts. The model is named after Hans Bühlmann who first published a description in 1967.
An actuary is a professional with advanced mathematical skills who deals with the measurement and management of risk and uncertainty. [1] These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. [2]
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, pension, finance, investment and other industries and professions. Actuaries are professionals trained in this discipline.
The Academy is often asked by the National Association of Insurance Commissioners (NAIC) to provide input on actuarial issues, and has provided the NAIC with a number of reports and statements. [8] On occasion, the Academy has submitted amicus briefs on court cases that are of interest to the actuarial profession. [9]
“I knew more than anyone else about insurance risks,” Rowan recalls of his first foray into the industry. His understanding of the market led him to marry the firm he founded to a profitable ...
Former day care worker Melissa Calusinski has served 16 years of a 31-year prison sentence for a crime she insists she didn't commit — a murder that may not have even happened.
The Bornhuetter–Ferguson method was introduced in the 1972 paper "The Actuary and IBNR", co-authored by Ron Bornhuetter and Ron Ferguson. [4] [5] [7] [8]Like other loss reserving techniques, the Bornhuetter–Ferguson method aims to estimate incurred but not reported insurance claim amounts.