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1972
E. Franckx [I] has established the distribution function of the largest individual claim of a portfolio. By assuming the number of claims to be Poisson distributed, H. Ammeter was able to develop the distribution function of the total loss excluding the largest individual claim [2] as well as the distribution function of the n-th largest claim [3].
1972
I guess it would be impossible to consider any ratemaking scheme which is at odds, to any degree, with current methods without many practical transitional problems surfacing early in the game. Each of the reviewers has done an excellent job of considering the practical difficulties which would accompany the scheme outlined in my paper and I am indebted to each of them for their thorough, incisive discussions.
1972
Mr. Bickerstaff has presented an excellent paper on the rating of Automobile Collision coverage. As he points out, there is a great need for a review of our Automobile Physical Damage ratemaking techniques.
1972
In this paper Mr. Bickerstaff presents a proposed ratemaking procedure for automobile collision insurance which incorporates two concepts not currently reflected in the standard ratemaking techniques on which we will comment in this review.
1972
Ratemaking methodology in the field of auto physical damage insurance is still in the Stone Age. The peculiarities involved in auto physical damage have really never received the same rigorous scrutiny in actuarial literature that has been given liability, ratemaking techniques.
1972
In this paper motor liability insurance is considered from the viewpoint of an excess of loss reinsurer.
1972
This paper deals with bonus systems used in Denmark, Finland, Norway, Sweden, Switzerland and West Germany. These systems are studied by methods given by Mr. Loimaranta 1). The bonus rules of Denmark and Sweden have been modified because they contradict to one of the assumptions of the theory.
1972
Mr. Ferguson has written an excellent discourse on the use of increased limits factors as a method of excess of loss ratemaking for private passenger automobile bodily injury liability.
1972
Since the actuary is expected to know how to use increased limit factors, our literature should contain something on the practical aspects of this subject. It is the intent to provide herein, especially for the student or trainee, a primer on increased limits mathematics. The subject matter is not particularly difficult but is sometimes elusive. The reader is referred to J. T.
1972
Little, if any, reference to the problems and methodology of reserving for loss expense has appeared in the Proceedings of the Casualty Actuarial Society. In addition to initiating the publication of some information on the subject, this paper offers a device for the development of formula type allocated loss expense reserves for use in ratemaking.
1972
I am grateful to Mr. Golz for an interesting review of my paper. Mr. Golz accomplished at least three things in his review: he presented his opinion that the reserving technique is probably not worthwhile since the basic problem does not occur frequently; he pointed to a significant gap in my paper, as respects catastrophes; and he proved us with a technique for determining working values of Nx and Dx given only ax.
1972
Mr. Ferguson has given us an admirably clear and concise case for the use of temporary ‘annuities in the calculation of net reserves under excess of loss reinsurance. Mr. Ferguson points out that one should not simply take the primary retention as the net reserve whenever the direct reserve exceeds the retention. In.
1972
In this presentation Mr. Ferguson has noted an error in reserving which he believes to be common practice where there is excess of loss reinsurance on long term disability losses. Having recognized the error he also presents a means of correctly reserving the greater portion of these cases.
1972
In statistical decision theory, computations often involve the partial moments of a random variable. Several methods for determining partial moments are discussed, including direct calculation, the use of general formulas which apply to entire families of distributions, and the use of partial moment generating functions.
1971
Effectively, a non-life insurance concern may be considered to be solvent if the supervisory authorities of the country or countries in which it operates allow it to continue operating. It is of no avail to claim that, by some other criterion, the concern may be considered to be solvent; it is by reference to the controls imposed by supervisory authorities that the concern must operate.
1971
At the Lundberg Symposium, Stockholm 1968 Jung and Lundberg presented a report on similar problems as those treated in this note, and to the ASTIN colloquium, Berlin 1968 the present author presented a report with the same title as this note, where some of the results in the first-mentioned report were commented upon. Jung and Lundberg kindly discussed the topic here concerned with the present author some time after the colloquium.
1971
Although unnecessary assumptions are something we all try to avoid, advice on how to do so is much harder to come by than admonition. The most widely quoted dictum on the subject, often referred to by writers on philosophy as "Ockham's razor" and attributed generally to William of Ockharn, states "Entianon sunt multiplicanda praeter necessitatem".
1971
At an earlier ASTIN Colloquium participants were invited to present notes on problems which they considered as important but unsolved. There was little response to this invitation, presumably because a problem, once it is well formulated, is almost solved.
In this Note I do not present any new problems. Instead I try to outline a framework which may be useful for analyzing different risk problems and seeing them in their proper perspective.
1971
In order to make this report clear to those without experience in insurance matters, we first present some basic facts about the insurance business. In so doing we intentionally omit certain facts irrelevant to the present study. "File most important omission of this kind is our assumption that the insurance business operates without administrative expenses and without sales costs.
1971
Scientific information today has a half-life of less than ten years. This means that in less than ten years, half of today's scientific knowledge will be obsolete. The same is true of business knowledge to a lesser degree. In the insurance industry, ideas, information and attitudes are changing even though insurance is a tradition-bound business, usually slow to innovate and often hampered by uninspired and politically oriented regulation.
