In Appendix B, the non-modeled CAT provision is determined by using AIY in comparison with the Earned Exposures, and then taking that result and multiplying it by the historical of CAT Reported Losses to AIY and the ULAE factor.
What exactly is Amount of Insurance Years? I understand house years, and amount of insurance.
Is AIY, just taking all the policies during each calendar year and adding up together the Amount of Insurance (Coverage A) for each policy that is earned?
For example, lets assume we have three policies that start Jan 1st, 2015 that have Coverage A for the following: 100K, 200K, and 300K. The 300K coverage policy was canceled on June 30th, 2015. Would the AIY simply bee 100K + 200K + 150K + 450K? Thanks!
What exactly is Amount of Insurance Years? I understand house years, and amount of insurance.
Is AIY, just taking all the policies during each calendar year and adding up together the Amount of Insurance (Coverage A) for each policy that is earned?
For example, lets assume we have three policies that start Jan 1st, 2015 that have Coverage A for the following: 100K, 200K, and 300K. The 300K coverage policy was canceled on June 30th, 2015. Would the AIY simply bee 100K + 200K + 150K + 450K? Thanks!
Question - Regarding AIY
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