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W. Feller (2014)
An introduction to probability and its applications
Christoph Lanzenauer, Don Wright (1975)
Selecting rational insurance coverageZeitschrift für Operations Research, 19
Many group insurance programs are characterized by experience rating features which imply that a surplus resulting from favorable experience belongs to the group, while the administering insurance company is to be reimbursed for a deficit resulting from unfavorable experience. Due to the volatile nature of claims, a claims fluctuation reserve is frequently established in order to reduce frequent rebates or premium adjustments resulting from surplus or deficit positions. A model is presented for resolving the rebate question and determining the design parameters of a claims fluctuation reserve. The model is formulated for non-stationary conditions and uses the first passage time concept as part of a chance constraint criterion. Results of an actual application are reported.
Management Science – INFORMS
Published: Jul 1, 1977
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