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The net level premium reserve is found by taking the expected value of the loss random variable defined above. They can be formulated prospectively or retrospectively. The amount of prospective reserves at a point in time is derived by subtracting the actuarial present value of future valuation premiums from the actuarial present value of the ...
The Billion Dollar Bubble is a 1976 film made for the BBC series Horizon and directed by Brian Gibson about the story of the two-billion-dollar insurance embezzlement scheme involving Equity Funding Corporation of America.
The Bornhuetter–Ferguson method was introduced in the 1972 paper "The Actuary and IBNR", co-authored by Ron Bornhuetter and Ron Ferguson. [4] [5] [7] [8]Like other loss reserving techniques, the Bornhuetter–Ferguson method aims to estimate incurred but not reported insurance claim amounts.
Hattendorff's Theorem, attributed to K. Hattendorff (1868), is a theorem in actuarial science that describes the allocation of the variance or risk of the loss random variable over the lifetime of an actuarial reserve. In other words, Hattendorff's theorem demonstrates that the variation in the present value of the loss of an issued insurance ...
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.
The valuation process required each company to provide the state with detailed information on its policies. The process also required a methodology for quantifying the actuarial liability under each policy. The commissioner who had primary responsibility for this task, Elizur Wright, selected what is now called the net level premium reserve ...
About Schmidt (2002) - Warren Schmidt is portrayed by Jack Nicholson; the movie mostly covers Schmidt's retirement from an insurance company, and his adventures after retirement; Along Came Polly (2004) - Reuben Feffer (played by Ben Stiller) is a risk assessment expert, and though not explicitly stated, performs the job of an underwriter