Difference between revisions of "Friedland03.Data"
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| − | :: <span style="color: red;">'''P'''</span>'''olicy effective | + | :: <span style="color: red;">'''P'''</span>'''olicy effective dates''': ''beginning and ending dates of the policy term |
| − | :: <span style="color: red;">'''A'''</span>'''ccident | + | :: <span style="color: red;">'''A'''</span>'''ccident date''': ''the date the accident or event occurred that triggered coverage'' |
| − | :: <span style="color: red;">'''R'''</span>'''eport | + | :: <span style="color: red;">'''R'''</span>'''eport date''': ''the date the claims was reported/recorded in the claim system'' |
| − | :: <span style="color: red;">'''A'''</span>'''ccounting date''' | + | :: <span style="color: red;">'''A'''</span>'''ccounting date''': ''defines a group of claims for which liability exists, often Dec 31 of the given year'' |
| − | :: <span style="color: red;">'''V'''</span>'''aluation data | + | :: <span style="color: red;">'''V'''</span>'''aluation date''' : '' the date through which transactions are included in the data used by the actuary for the analysis, often Dec 31 of the given year'' |
==POP QUIZ ANSWERS== | ==POP QUIZ ANSWERS== | ||
Revision as of 13:41, 9 June 2020
Reading: Friedland, J.F., Estimating Unpaid Claims Using Basic Techniques, Casualty Actuarial Society, Third Version, July 2010. The Appendices are excluded.
Chapter 3: Understanding the Types of Data Used in the Estimation of Unpaid Claims
Contents
Pop Quiz
Study Tips
There is a lot of good, basic information in this chapter but aside from a few key facts to memorize, it isn't something you can fully absorb on your first pass. You are probably familiar with some of it anyway from your work duties. So don't spend too long here – you can always refer back when necessary. Among the facts you have to memorize are:
- advantages/disadvantages of various data aggregation methods (CY, AY, RY, PY)
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.Spring #13) combining data:
- argue forcombining data:
- argue againstrate recommendation:
- provide commentE (2017.Spring #14) wrong chapter - move to 7 E (2016.Fall #17) data for analysis:
- compare strategiesE (2016.Spring #15) Friedland05.Triangles data aggregation:
- is CY appropriate?data aggregation:
- is AY appropriate?Friedland07.Development E (2015.Fall #14) Friedland07.Development Friedland07.Development E (2015.Fall #15) large claim thresold:
- selection considerationsFriedland09.BornFerg E (2015.Fall #16) Friedland05.Triangles data aggregation:
- RY versus AY
In Plain English!
Source of Data
Homogeneity and Credibility
Types of Data Used by Actuaries
Organizing the Data
We'll start with some very basic information. This would likely never be asked on the exam but it's something you should know.
Question': what are the 5 key dates for the organization of claim data [Hint: PARAV]
- Policy effective dates: beginning and ending dates of the policy term
- Accident date: the date the accident or event occurred that triggered coverage
- Report date: the date the claims was reported/recorded in the claim system
- Accounting date: defines a group of claims for which liability exists, often Dec 31 of the given year
- Valuation date : the date through which transactions are included in the data used by the actuary for the analysis, often Dec 31 of the given year
