Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Given the following data and using the loss ratio ratemaking method, calculate the insurance rate change (rounded). Expected loss ratio 63% Actual loss ratio 55%
Given the following data and using the loss ratio ratemaking method, calculate the insurance rate change (rounded). Expected loss ratio 63% Actual loss ratio 55% Incurred losses $600,000 Earned premium $1,250,000 Expenses 45% Select one: A. 7% B. 15% C. -8% D. -13%
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started