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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] The primary underlying assumption of the ...
Incurred but not reported. In insurance, incurred but not reported (IBNR) claims is the amount owed by an insurer to all valid claimants who have had a covered loss but have not yet reported it. Since the insurer knows neither how many of these losses have occurred, nor the severity of each loss, IBNR is necessarily an estimate.
Trilemma. A trilemma is a difficult choice from three options, each of which is (or appears) unacceptable or unfavourable. There are two logically equivalent ways in which to express a trilemma: it can be expressed as a choice among three unfavourable options, one of which must be chosen, or as a choice among three favourable options, only two ...
Accident triangle. The accident triangle, also known as Heinrich's triangle or Bird's triangle, is a theory of industrial accident prevention. It shows a relationship between serious accidents, minor accidents and near misses. This idea proposes that if the number of minor accidents is reduced then there will be a corresponding fall in the ...
Loss reserving. 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 ...
The analytic–synthetic distinction is a semantic distinction used primarily in philosophy to distinguish between propositions (in particular, statements that are affirmative subject – predicate judgments) that are of two types: analytic propositions and synthetic propositions. Analytic propositions are true or not true solely by virtue of ...
Inductive reasoning is any of various methods of reasoning in which broad generalizations or principles are derived from a body of observations. [1] [2] This article is concerned with the inductive reasoning other than deductive reasoning (such as mathematical induction), where the conclusion of a deductive argument is certain given the premises are correct; in contrast, the truth of the ...
A claim chart is a widely used device in patent infringement litigation. [1] It is a convenient and effective means for analyzing and presenting information regarding a patent claim. In each, typically, there are two columns: the left column contains the language of the patent claim under analysis, separated into the successive limitations (e.g ...