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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]
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.
For insurance, the loss ratio is the ratio of total losses incurred (paid and reserved) in claims plus adjustment expenses divided by the total premiums earned. [1] For example, if an insurance company pays $60 in claims for every $100 in collected premiums, then its loss ratio is 60% with a profit ratio/gross margin of 40% or $40.
A concept closely-related but different [2] to instantaneous failure rate () is the hazard rate (or hazard function), (). In the many-system case, this is defined as the proportional failure rate of the systems still functioning at time t {\displaystyle t} (as opposed to f ( t ) {\displaystyle f(t)} , which is the expressed as a proportion of ...
Rate making, or insurance pricing, is the determination of rates charged by insurance companies. The benefit of rate making is to ensure insurance companies are setting fair and adequate premiums given the competitive nature.
The SLOSS debate was a debate in ecology and conservation biology during the 1970's and 1980's as to whether a single large or several small (SLOSS) reserves were a superior means of conserving biodiversity in a fragmented habitat.
The 5% Value at Risk of a hypothetical profit-and-loss probability density function. Value at risk (VaR) is a measure of the risk of loss of investment/capital.It estimates how much a set of investments might lose (with a given probability), given normal market conditions, in a set time period such as a day.
The form comes with two worksheets, one to calculate exemptions, and another to calculate the effects of other income (second job, spouse's job). The bottom number in each worksheet is used to fill out two if the lines in the main W4 form. The main form is filed with the employer, and the worksheets are discarded or held by the employee.