judyoh
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"If the experience modification factor is less than 1.0, it indicates that the employer's loss experience is better than average, leading to a decrease in premium. Conversely, if it's above 1.0, the employer's loss experience is worse than aver…
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Thank you for your detailed explanation. In this question do you think it is valid to be using premium as weights? In other similar questions, typically relativities are exposure weighted. Do you think it be considered incorrect on my exam if I calc…
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https://www.battleactsmain.ca/battleacts5.ca/forum5/uploads/780/2E7J7R1U9QO2.xlsx Here is another attempt at the question. You can find my attempt at the top right and the correct solution is below the question. I can't seem to understand when to ca…
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So the relativities for B and C stay the same because the premium shortfall is redistributed by simply increasing the base rate, then the indicated relativity for A is calculated such that it satisfies the maximum premium increase while backing out …
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Ok, there were 2 practice questions and both have the same typo I believe
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Sorry, I meant (1-0.002)*(1+0.076) = 1.073848 which is not 0.996. I followed the formula but am not getting the same number. I am wondering if there is an error in my calculation or a typo on the sheet.
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nvm I think they were supposed to be spring 2017 Q11 (which are found a couple questions ahead). You could remove the spring 2018 Q13 questions in the quiz bank for this section to avoid confusion. Thanks!
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So the 3% annual expected exposure increase is just telling us that the exposures are increasing by 3% every year (but this is NOT a trend for exposures, and thus it is not applied to exposures)?
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That clears it up, thank you!
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Why is the AAD of the effective period = Jun 30 2013 used? I thought that for losses, since rate level is reviewed annually and policies are annual, the AAD for losses during PY effective period should be Jan 1 2014. (Whereas for premium trends, we …
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Could you explain solution for part c which is asking about the appropriateness of the uniform assumption? https://www.battleactsmain.ca/battleacts5.ca/forum5/uploads/355/TFJA4KRAAZL1.png In particular, what does it mean when in sample 1 when it say…
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"Even if you try to adjust the ULAE ratio to account for the 30% increase in overall ULAE costs as the sample solutions in part (b) did, the classical method still has the 50/50 assumption embedded in it and will likely produce an estimate that…
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Thank you for taking the time to respond and the tips at the end, I will keep them in mind :)
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So to be specific, these diagnostic tools can also be applied when there is a change in settlement rate? Even with a change in settlement rate these 3 diagnostics would produce stable results? And what about a change in the mix of business? Are you …
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I am confused about bullet point 3. "Multiply the ultimate S/S ratio for 2018 by the ultimate claim amount..." because in the solution, it says that the 2018 ultimate ratio (0.1619) appears too low so instead they take an average of the 20…