This blog introduces a graphic that shows the pieces that make up “Ultimate Losses.”  The ultimate losses of a policy period will typically not be known for many years.  Actuaries are hired to estimate ultimate losses to help a company use appropriate reserve amounts for planning and financial statement purposes. Here are some definitions for […]

A picture can be worth a thousand words.  Or, in this case, a "map" can be an easy way to explain how the terminology used by actuaries fits together in one diagram. If you are a broker, you will eventually discuss with some of your clients the following terms and how they all work together: […]