Section 4.4 - Identify a procedure for estimating timing of LRC
The source text seems pretty clear that there are two different procedures for estimating the timing of LRC:
"When estimating the timing of LRC cash flows on a group basis, it is necessary to either:
• estimate a payment pattern on a group basis;** or**
• adjust the accident year payment pattern used for LIC to a pattern consistent with the average accident date of the group."
The wiki does not include the or and makes it sound like both these steps are part of 1 procedure. I don't think this is correct, but correct me if I'm wrong.
Comments
It is one or the other, I've added the or to make it clearer