B.1. Distributions for Actuaries Flashcards
Panjer’s recursive algorithm formula
Graph of expected loss with limit and retention
Excess severity formula with retention and limit
CDF formula for excess losses
Graph of common excess severity distributions
Coefficient of variation for excess layers formulas
Pdf, mean and variance for excess claim counts
Impact of inflation on excess layer severity
Impact of severity inflation on excess counts
Impact of severity inflation on aggregate layer losses
Mean and variance of aggregate layer losses
Two things covered by a risk charge
- Random deviations of losses from expected values (process risk)
- Uncertainty in the selection of the parameters describing the loss process (parameter risk)
ILF and premium for layer formulas
First and second derivative of ILF for consistency test
Risk loaded ILF formula
2 options for calculating risk load
Risk load for a layer
ILF with a per-claim limit and aggregate limit
Pure premium and loss elimination ratio with straight deductible and basic limit
Premium with straight deductible and increased limit
Pure premium and loss elimination ratio with franchise deductible and basic
limit
Pure premium after inflation above straight deductible with limit
Impact of trend net of straight deductible with limit