Basic Ratemaking Version 5 May 2016 2

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Casualty Actuarial Society, 2016 Basic Ratemaking Fifth Edition, May 2016 Geoff Werner, FCAS, MAAA Claudine Modlin, FCAS, MAAA Willis Towers Watson With significant contributions from: Alice Gannon, FCAS, MAAA; Serhat Guven, FCAS, MAAA; Christine Gennett, ACAS, MAAA; Jeff Kucera, FCAS, MAAA; Brett Nunes, ASA, MAAA; and Dave Otto, FCAS, MAAA i Basic Ratemaking Geoff Werner, FCAS, MAAA and Claudine Modlin, FCAS, MAAA Willis Towers Watson This text outlines Basic property/casualty insurance Ratemaking concepts and techniques. It is intended to be a single educational text to prepare actuarial candidates practicing around the world for Basic Ratemaking .

iv Chapter 6 is dedicated to losses and loss adjustment expenses. Losses are amounts paid or owed to claimants under the provisions of the insurance contract. This chapter outlines the different types of

  Basics, Expenses, Basic ratemaking, Ratemaking