MATH 3640 – Assignment 2
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(20 points) Given the following information for claims associated with a commercial auto policy
written in 2020:
i. Calculate the calendar year 2020, 2021, 2022 and 2023 incurred losses
ii. Calculate the accident year 2021 incurred loss @ 12/31/2021, @ 12/31/2022, @ 12/31/2023
iii. Calculate policy year 2020 incurred loss @ 12/31/2020, @ 12/31/2021, @ 12/31/2022,
@12/31/2023
iv. Calculate policy year 2021 incurred loss @ 12/31/2023
Claim # Accident Year Transaction Date Loss Payment
Case Reserve
as of
Transaction
Date
1 2020 6/1/2020 100 400
1 2020 7/1/2021 300 900
1 2020 7/1/2022 600 0
2 2020 5/1/2021 2000 2500
2 2020 7/1/2022 2500 0
3 2021 3/1/2021 300 600
3 2021 3/1/2022 250 150
3 2021 3/1/2023 500 0
4 2021 5/15/2022 0 2500
4 2021 7/1/2023 0 0