Actuarial Data Management Flashcards
Metadata
The data about data that provide context for analyzing transaction facts with efficient structures for grouping hierarchical information
Statistical plan
A formal set of directions for recording and reporting insurance premiums, exposures, losses, and sometimes loss expenses, to a statistical agent
Statistical agent
An organization that helps insurers satisfy legal requirements for reporting data to regulators
Extension of exposure
A ratemaking technique that uses rating-related data elements in order to individually recalculate past coverages using current rates
On-level earned premium
For ratemaking purposes, a calculation of the earned premium that would result if current rates had been in place for the entire experience period
Statistical data
The premium transactions or records that flow from the issuance of insurance policies, including mid-term changes to those policies, and the loss transactions, representing the individual payment of claims or the amount of case-based reserves
Policy year
A statistical measurement consisting of all of the policies issued in a given twelve-month period
Accident-year method
A method of organizing ratemaking statistics that uses incurred losses for an accident year, which consist of all losses related to claims arising from accidents that occur during the year, and that estimates earned premiums by formulas from accounting records
Insurance Expense Exhibit
A supplement to the statutory Annual Statement that allocates revenues and expenses by line of business and provides calculations of operating returns for the purpose of assessing profitability by line
Exploratory data analysis (EDA)
A set of techniques that use graphs and descriptive statistics to explore the structure of a dataset and identify outliers
Chi-square goodness of fit
A statistical test on the frequency distribution of events found in a sample compared to a particular theoretical distribution
Kendall’s Tau
A statistic that evaluates the association of two measured quantities
Spearman’s Rho
A non-parametric indication of a statistical dependence between two variable data elements
