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Class 2 - Pooling

Math 3620 - Class 2 - Pooling & Probability

QuestionAnswer
Variance of Probability σ^2=Σ(prob. of loss)((amount of loss) - (AL x PL))
Standard Deviation squar(σ^2)=σ
Correlation to standard deviation and chances of loss The higher the standard deviation, the higher the uncertainty of loss
Pooling Spreading losses incurred by the few over the entire group
How to find the SD of many people in a pool SD(of the individual)/squar(N)
Good things about Pooling -Pooling reduces each participants risk -Predictability increases w/ the # of people
Costs of Pooling Arrangements -Adding people for marketing & underwriting -Verifying Losses -Collecting Assessments -Contracting
Why fixed premiums? -Cost of collecting assessments -w/ assessments, may be a delay in payments to insured -Assessments hold greater uncertainty to the insured
Created by: killerkite
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