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Insurance Underwriting Practice - Assignment Example

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This is because in petrochemical installation any change in underwriting acceptance policy over any time must be considered in providing valuable starting point. In terms of their frequency and severity patterns it may exhibit similar characteristics of the underlying risks…
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Insurance Underwriting Practice
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Download file to see previous pages This spread will be negative showing that the market considers its best on clients to lower the risk. Lending rates differ limiting the comparison. Claims on central side of annual growth will result to percentage of broad money. In the analysis, petrochemical will be managed by collection of underground samples hence high probability of oil in present. In comparison to private house, no investment of millions of money aimed while in petrochemical, there is cost estimation in terms of economic value. In this case, domestic production will be always higher in terms growth production all through out the year. the relation between price petrochemical and private house installation, generally, petro-chemical will have to move up hence having higher demand in pricing. Percentage tax on petro chemical in one year will be compared to risk premiums priced per year.
Data required is counting the number of times each claim value has occurred. A reason for this is because a single measure of average claim value would be much more informative and efficient than listing each individual claim. Secondly, data required may be calculated using frequent distribution which could be simply calculated by counting the total number of time each claim value has occurred (Grey 120). Thirdly, frequent distribution is very simple in summarizing all types of numerical data including premium values.
Independent variable is always measured on the horizontal axis whereas dependent variable is measured on the vertical axis. Relationship between existing variables shows that there is an input to the independent variables where else varies with dependent variables which shows the output (Grey 134).
It is a straight line drawn through the center of a group of data points plotted on a scatter plot. This shows the results of gathering data on two variables. Line of best fit shows whether the two variables appear to be correlated (Grey 134).
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