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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).
The most popular stochastic model is probably the distribution-free chain ladder method, which was developed by T. Mack. [5] These stochastic methods allow one to analyze and quantify the prediction uncertainty in the outstanding loss liabilities. Classical analysis studies the total prediction uncertainty, whereas recent research (under the ...
Loss development factors are used in all triangular methods of loss reserving, [7] such as the chain-ladder method. See also. Incurred but not reported. References
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]
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 primary component of bucket chain excavators is the bucket ladder and the bucket-chain. Unlike the buckets on a BWE, the buckets on the chain face downwards, allowing the machine to remove overburden or materials significantly below the bench or travel level. The excavated materials are deposited through the bucket chute.
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.