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Abstract Details
Activity Number:
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134
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Type:
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Contributed
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Date/Time:
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Monday, August 1, 2011 : 8:30 AM to 10:20 AM
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Sponsor:
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Business and Economic Statistics Section
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Abstract - #301793 |
Title:
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An Alternative Claim Amount Prediction for Deductible Insurance Policies
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Author(s):
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Heungsun "Sunny" Park*+ and Yongbum Jun
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Companies:
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Hankuk University of Foreign Studies and National Agricultural Cooperative Federation
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Address:
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Wangsan-ri Mohyun-myun, Yongin, International, 449791, South Korea
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Keywords:
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Best Predictor ;
Weighted Best Predictor ;
reinsurance
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Abstract:
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Best predictor is defined as the conditional expected value of a response. This paper proposes the modified version of best predictor with different weights for the insurance pricing market when considering deductibles. Insurance companies need to predict the claim amount for a policy or a group of policies with the least possible prediction errors while they don't have to take any risk for the claim below the deductible level. The same analogy can be applied to the reinsurance price making system.
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