2005 Sitting: Question 30

[rafkooch]

This was the question about Calendar Year Earned remium given Part 6 of the Schedule P. It seemed very easy so I am wondering what the catch was? Especially Part b) where it asks for the CY EP relating to prior years. This is like a 0.25 point gift (unless I'm totally missing something obvious).

[islas_del_maiz]

if it's 0.25 point, is that really a gift? probably take more time to write (and/or think a bit) than what it's worth.

[Avi]

If I understood the question correctly:


a) is Prior plus the difference between the 2004 Column and the 2003 Column, or 10,457

b) is the answer to a) minus the value in the cell at the junction of the 2004 column & 2004 row, or 357.

[ramanujan]

It sure was not a gift as I just realized. I took the prior difference instead of adding the latest prior. Lost another 1.25 points.

[Avi]

It sure was not a gift as I just realized. I took the prior difference instead of adding the latest prior. Lost another 1.25 points.

You most probably will not lose full credit for forgetting the prior, heck, if you took the difference, you should get .5 - .75 points.

If my understanding is correct, and you got 10,450 for (a) and subtracted 10,100 to get 350 in part (b) you should get full credit for that.

Then again, what do I know? :wall:

[Ishi]

However, part6 is exposure year premium and the question asks for calendar year premium.

[ramanujan]

You most probably will not lose full credit for forgetting the prior, heck, if you took the difference, you should get .5 - .75 points.

If my understanding is correct, and you got 10,450 for (a) and subtracted 10,100 to get 350 in part (b) you should get full credit for that.

Then again, what do I know? :wall:

I am not sure what the question writer was looking for but I think to know (and remember and write!) what is in the prior row would be a major idea that was tested on this question. So I would guess max .5 on both the parts combined.

Need to adjust my estimate.

[Sotally Tober]

However, part6 is exposure year premium and the question asks for calendar year premium.

Which is why it is the sum of the differences b/w the columns, except for the prior row which is simply the 2004 column number of 7.

[Avi]

However, part6 is exposure year premium and the question asks for calendar year premium.

The 2004 CY premium relating to the 2004 Exposure year is the last entry, 10,100, which is why it needs to be subtracted in part (b).

[Ishi]

Avi, I think you are right. I miscalculated part b. Thanks