Difference between revisions of "SOP.UnpaidClms"
(→In Plain English!) |
(→In Plain English!) |
||
| Line 36: | Line 36: | ||
: [https://www.battleacts5.ca/pdf/CAS_(Unpaid_Claim_Estimates).pdf <span style="color: white; font-size: 12px; background-color: sandybrown; border: solid; border-width: 2px; border-radius: 10px; border-color: sandybrown; padding: 1px 3px 1px 3px; margin: 0px;">'''''STATEMENT of PRINCIPLES: Unpaid Claims Estimates'''''</span>] | : [https://www.battleacts5.ca/pdf/CAS_(Unpaid_Claim_Estimates).pdf <span style="color: white; font-size: 12px; background-color: sandybrown; border: solid; border-width: 2px; border-radius: 10px; border-color: sandybrown; padding: 1px 3px 1px 3px; margin: 0px;">'''''STATEMENT of PRINCIPLES: Unpaid Claims Estimates'''''</span>] | ||
| − | Here's the essence of the 3 principles: | + | Here's the essence of the 3 principles: ''(these are my own words)'' |
'''Principle 1''' | '''Principle 1''' | ||
| − | * An unpaid claims estimate is <u>reasonable</u> if you have used reasonable assumptions & methods, and your results | + | * An unpaid claims estimate is <u>reasonable</u> if you have used reasonable assumptions & methods, and your results imply consistency with other available information ''(Ex: metrics like frequency & severity, comparison to prior quarters, comparison to industry data.)'' |
'''Principle 2''' | '''Principle 2''' | ||
| Line 49: | Line 49: | ||
* | * | ||
| + | |||
| + | A good test of your understanding is to see if you can take take the principles as stated in the source text and restate them in your own words. That's all I did above and I feel like I get what they're trying to say without having to memorize them. | ||
==POP QUIZ ANSWERS== | ==POP QUIZ ANSWERS== | ||
Revision as of 13:59, 17 August 2020
Pop Quiz
Study Tips
This reading is only 2 pages. It provides definitions of basic terms like claim and coverage as well as 3 Principles regarding unpaid claims estimates. The definitions are obvious and you can take a few minutes to scan them if you'd like (link provided below.) The only things you specifically have to memorize are the 3 principles.
Estimated study time: 30 minutes (not including subsequent review time)
BattleTable
Based on past exams, the main things you need to know (in rough order of importance) are:
- how to assess reserving issues using common sense
reference part (a) part (b) part (c) part (d) E (2013.Fall #15) reserve study design:
- considerationsFriedland06.Diagnostics Friedland06.Diagnostics Friedland06.Diagnostics
In Plain English!
Here's a link to the source text:
Here's the essence of the 3 principles: (these are my own words)
Principle 1
- An unpaid claims estimate is reasonable if you have used reasonable assumptions & methods, and your results imply consistency with other available information (Ex: metrics like frequency & severity, comparison to prior quarters, comparison to industry data.)
Principle 2
Principle 3
A good test of your understanding is to see if you can take take the principles as stated in the source text and restate them in your own words. That's all I did above and I feel like I get what they're trying to say without having to memorize them.
