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Distinguishing “BEST ESTIMATES” from “best estimates”

Distinguishing “BEST ESTIMATES” from “best estimates”. Al Weller, FCA, FCAS, MAAA Insurance Services Office, Inc. 212-898-5990. Actuaries Can count Cannot count. Data Random Manageable. Dualism. Four Differences. Business Purpose Reasonableness Reconciliation Prospective Tests.

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Distinguishing “BEST ESTIMATES” from “best estimates”

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  1. Distinguishing“BEST ESTIMATES”from“best estimates” Al Weller, FCA, FCAS, MAAA Insurance Services Office, Inc. 212-898-5990

  2. Actuaries Can count Cannot count Data Random Manageable Dualism

  3. Four Differences • Business Purpose • Reasonableness • Reconciliation • Prospective Tests

  4. Business PurposeEngagement Definition • Parties • Objectives • Scope • Deliverables / Format • Cost / Detail

  5. Reasonableness • Description • Relationships • Benchmarks

  6. Reconciliation • Interpretation • Advice

  7. Testing • Budget • Opportunities / Risk

  8. American Academy of Actuaries Casualty Actuarial Society Conference of Consulting Actuaries Actuarial Standards Board Actuarial Board for Counseling and Discipline Canadian Institute of Actuaries Actuarial Organizations

  9. Professionalism • Code of Professional Conduct • Statement of Principles Regarding Property and Casualty Loss and Loss Adjustment Expense Reserves • Actuarial Standards of Practice issued by the Actuarial Standards Board • Qualification Standards & Practice Councils

  10. Conclusion • BEST ESTIMATES • best estimates

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