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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 development factors or LDFs are used in insurance pricing and reserving to adjust claims to their projected ultimate level. [1] [2] Insurance claims, especially in long-tailed lines such as liability insurance, are often not paid out immediately.
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 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]
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.
A long put ladder is also called a bear put ladder. [8] A short put ladder is also called a bull put ladder. [9] A ladder can be seen as a modification of a bull spread or a bear spread with an additional option: for instance, a bear call ladder is equivalent to a bear call spread with an additional long call. A bull put ladder is equivalent to ...
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.