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Actuarial notation is a shorthand method to allow actuaries to record mathematical formulas that deal with interest rates and life tables. Traditional notation uses a halo system, where symbols are placed as superscript or subscript before or after the main letter. Example notation using the halo system can be seen below.
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]
Pascal's triangle, rows 0 through 7. The hockey stick identity confirms, for example: for n =6, r =2: 1+3+6+10+15=35. In combinatorics , the hockey-stick identity , [ 1 ] Christmas stocking identity , [ 2 ] boomerang identity , Fermat's identity or Chu's Theorem , [ 3 ] states that if n ≥ r ≥ 0 {\displaystyle n\geq r\geq 0} are integers, then
It is primarily used in the property and casualty [5] [9] and health insurance [2] fields. Generally considered a blend of the chain-ladder and expected claims loss reserving methods, [2] [8] [10] the Bornhuetter–Ferguson method uses both reported or paid losses as well as an a priori expected loss ratio to arrive at an ultimate loss estimate.
In actuarial science and applied probability, ruin theory (sometimes risk theory [1] or collective risk theory) uses mathematical models to describe an insurer's vulnerability to insolvency/ruin. In such models key quantities of interest are the probability of ruin, distribution of surplus immediately prior to ruin and deficit at time of ruin.
People born in December can have one of two astrological signs: Sagittarius (Dec. 1 through 21) or Capricorn (Dec. 22 through 31). The narcissus and holly also represent those born in December.
The number of claims N is a random variable, which is said to have a "claim number distribution", and which can take values 0, 1, 2, .... etc..For the "Panjer recursion", the probability distribution of N has to be a member of the Panjer class, otherwise known as the (a,b,0) class of distributions.
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