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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]
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).
Loss reserving is the calculation of the required reserves for a tranche of insurance business, [1] including outstanding claims reserves.. Typically, the claims reserves represent the money which should be held by the insurer so as to be able to meet all future claims arising from policies currently in force and policies written in the past.
The chain begins with God and descends through angels, humans, animals and plants to minerals. [1] [2] [3] The great chain of being (from Latin scala naturae 'ladder of being') is a concept derived from Plato, Aristotle (in his Historia Animalium), Plotinus and Proclus. [4]
The water ladder was built as an alternative to the paddle wheel to get around the problem that to lift water to a greater height, a bigger wheel is needed. [1] Despite the emergence of new pumps that operate on other principles, the water ladder remains an important tool as some of its other benefits are that they can be built and repaired easily at a very low cost.
Calibrated chain, a type chain where the link lengths are within a given tolerance, so that it reliably engages with a windlass. Flat chain, form of chain used chiefly in agricultural machinery; Ladder chain, a light wire chain used with sprockets for low torque power transmission; Long link chain; O-ring chain, a specialized type of roller chain
The easy 7 km (4.3 mi) gradient up the Tugela Gorge winds through indigenous forests. The last part of the hike to Tugela Falls is a boulder hop. A little chain ladder leads over the final stretch for a view of the falls rushing down the amphitheatre in a series of five cascades. [9]
An extension ladder. A ladder is a vertical or inclined set of rungs or steps commonly used for climbing or descending. There are two types: rigid ladders that are self-supporting or that may be leaned against a vertical surface such as a wall, and rollable ladders, such as those made of rope or aluminium, that may be hung from the top.