Difference between revisions of "Friedland17.ULAE"

From CAS Exam 5
Jump to navigation Jump to search
(→‎BattleTable)
(→‎BattleTable)
Line 33: Line 33:
 
|-
 
|-
 
|| [https://www.battleacts5.ca/pdf/Exam_(2018_1-Spring)/(2018_1-Spring)_(23).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2018.Spring #23)'''</span>
 
|| [https://www.battleacts5.ca/pdf/Exam_(2018_1-Spring)/(2018_1-Spring)_(23).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2018.Spring #23)'''</span>
−
|| '''classical technique''': <br> - unpaid ULAE
+
|| <span style='color: green;'>'''classical technique:'''</span> <br> - unpaid ULAE
 
|| <span style='color: blue;'>'''Kittel refinement:'''</span> <br> - unpaid ULAE
 
|| <span style='color: blue;'>'''Kittel refinement:'''</span> <br> - unpaid ULAE
 
|| '''compare techniques''': <br> - classical vs Kittel
 
|| '''compare techniques''': <br> - classical vs Kittel
Line 40: Line 40:
 
|-
 
|-
 
|| [https://www.battleacts5.ca/pdf/Exam_(2017_2-Fall)/(2017_2-Fall)_(26).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2017.Fall #26)'''</span>
 
|| [https://www.battleacts5.ca/pdf/Exam_(2017_2-Fall)/(2017_2-Fall)_(26).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2017.Fall #26)'''</span>
−
|| '''classical technique''': <br> - unpaid ULAE
+
|| <span style='color: green;'>'''classical technique:'''</span> <br> - unpaid ULAE
 
|| '''calculate ratio''': <br> &rarr; (pd ULAE)/(pd claims)
 
|| '''calculate ratio''': <br> &rarr; (pd ULAE)/(pd claims)
 
|| '''assess reasonableness''': <br> - ULAE estimate
 
|| '''assess reasonableness''': <br> - ULAE estimate
Line 54: Line 54:
 
|-
 
|-
 
|| [https://www.battleacts5.ca/pdf/Exam_(2016_2-Fall)/(2016_2-Fall)_(26).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2016.Fall #26)'''</span>
 
|| [https://www.battleacts5.ca/pdf/Exam_(2016_2-Fall)/(2016_2-Fall)_(26).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2016.Fall #26)'''</span>
−
|| '''classical technique''': <br> - unpaid ULAE
+
|| <span style='color: green;'>'''classical technique:'''</span> <br> - unpaid ULAE
−
|| '''classical technique''': <br> - assumption violation
+
|| <span style='color: green;'>'''classical technique:'''</span> <br> - assumption violation
 
|| <span style='color: blue;'>'''Kittel refinement:'''</span> <br> - assess appropriateness
 
|| <span style='color: blue;'>'''Kittel refinement:'''</span> <br> - assess appropriateness
 
| style='background-color: lightgrey;' |
 
| style='background-color: lightgrey;' |
Line 62: Line 62:
 
|| [https://www.battleacts5.ca/pdf/Exam_(2016_1-Spring)/(2016_1-Spring)_(22).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2016.Spring #22)'''</span>
 
|| [https://www.battleacts5.ca/pdf/Exam_(2016_1-Spring)/(2016_1-Spring)_(22).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2016.Spring #22)'''</span>
 
|| '''ALAE development''': <br> - unpaid ALAE
 
|| '''ALAE development''': <br> - unpaid ALAE
−
|| '''classical technique''': <br> - unpaid ULAE
+
|| <span style='color: green;'>'''classical technique:'''</span> <br> - unpaid ULAE
 
|| '''assess reasonableness''': <br> - ULAE estimate
 
|| '''assess reasonableness''': <br> - ULAE estimate
 
| style='background-color: lightgrey;' |
 
| style='background-color: lightgrey;' |
Line 68: Line 68:
 
|-
 
|-
 
|| [https://www.battleacts5.ca/pdf/Exam_(2015_1-Spring)/(2015_1-Spring)_(25).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2015.Spring #25)'''</span>
 
|| [https://www.battleacts5.ca/pdf/Exam_(2015_1-Spring)/(2015_1-Spring)_(25).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2015.Spring #25)'''</span>
−
|| '''classical technique''': <br> - identify problem
+
|| <span style='color: green;'>'''classical technique:'''</span> <br> - identify problem
 
|| <span style='color: blue;'>'''Kittel refinement:'''</span> <br> - unpaid ULAE
 
|| <span style='color: blue;'>'''Kittel refinement:'''</span> <br> - unpaid ULAE
 
| style='background-color: lightgrey;' |
 
| style='background-color: lightgrey;' |
Line 76: Line 76:
 
|| [https://www.battleacts5.ca/pdf/Exam_(2014_2-Fall)/(2014_2-Fall)_(23).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2014.Fall #23)'''</span>
 
|| [https://www.battleacts5.ca/pdf/Exam_(2014_2-Fall)/(2014_2-Fall)_(23).pdf <span style='font-size: 12px; background-color: yellow; border: solid; border-width: 1px; border-radius: 5px; padding: 2px 5px 2px 5px; margin: 5px;'>E</span>] <span style='color: red;'>'''(2014.Fall #23)'''</span>
 
|| '''B-F method''': <br> - claims IBNR
 
|| '''B-F method''': <br> - claims IBNR
−
|| '''classical technique''': <br> - unpaid ULAE
+
|| <span style='color: green;'>'''classical technique:'''</span> <br> - unpaid ULAE
−
|| '''classical technique''': <br> - assess assumptions
+
|| <span style='color: green;'>'''classical technique:'''</span> <br> - assess assumptions
 
|| <span style='color: blue;'>'''Kittel refinement:'''</span> <br> - describe
 
|| <span style='color: blue;'>'''Kittel refinement:'''</span> <br> - describe
  
Line 91: Line 91:
 
|| <span style='color: blue;'>'''Kittel refinement:'''</span> <br> - unpaid ULAE
 
|| <span style='color: blue;'>'''Kittel refinement:'''</span> <br> - unpaid ULAE
 
|| <span style='color: blue;'>'''Kittel refinement:'''</span> <br> - purpose
 
|| <span style='color: blue;'>'''Kittel refinement:'''</span> <br> - purpose
−
|| '''classical method''': <br> - shortcoming
+
|| <span style='color: green;'>'''classical technique:'''</span> <br> - shortcoming
 
| style='background-color: lightgrey;' |
 
| style='background-color: lightgrey;' |
  

Revision as of 01:18, 6 January 2020

Chapter 17: Estimating ULAE (UnAllocated Claim Adjustment Expenses)

Reading: Friedland, J.F., Estimating Unpaid Claims Using Basic Techniques, Casualty Actuarial Society, Third Version, July 2010. The Appendices are excluded.

Study Tips

BattleTable

Based on past exams, the main things you need to know (in rough order of importance) are:

  • fact A...
  • fact B...
reference part (a) part (b) part (c) part (d)
E (2019.Fall #24) Kittel refinement:
- unpaid ULAE 		calculation changes:
* clms-made → occurrence
E (2018.Fall #22) IBNYR claims:
- calculate 		any method:
- unpaid ULAE
E (2018.Spring #23) classical technique:
- unpaid ULAE 		Kittel refinement:
- unpaid ULAE 		compare techniques:
- classical vs Kittel
E (2017.Fall #26) classical technique:
- unpaid ULAE 		calculate ratio:
→ (pd ULAE)/(pd claims) 		assess reasonableness:
- ULAE estimate
E (2017.Spring #24) ULAE scenario:
- expanding operations 		ULAE scenario:
- hurricane risk 		ULAE scenario:
- long-tail line
E (2016.Fall #26) classical technique:
- unpaid ULAE 		classical technique:
- assumption violation 		Kittel refinement:
- assess appropriateness
E (2016.Spring #22) ALAE development:
- unpaid ALAE 		classical technique:
- unpaid ULAE 		assess reasonableness:
- ULAE estimate
E (2015.Spring #25) classical technique:
- identify problem 		Kittel refinement:
- unpaid ULAE
E (2014.Fall #23) B-F method:
- claims IBNR 		classical technique:
- unpaid ULAE 		classical technique:
- assess assumptions 		Kittel refinement:
- describe
E (2013.Fall #19) assess impact:
- on ALAE ratio method 		assess impact:
- on ULAE Johnson method 		assess impact:
- on rates using PP method 		assess impact:
- on reinsurance recoverable
E (2013.Spring #25) Kittel refinement:
- unpaid ULAE 		Kittel refinement:
- purpose 		classical technique:
- shortcoming

In Plain English!

POP QUIZ ANSWERS

Retrieved from "https://www.battleacts5.ca/wiki5/index.php?title=Friedland17.ULAE&oldid=5677"