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Schedule P: Understanding Part 5

Calculate the triangle of ratios of closed-to-reported claims. (See 2016.Fall #11). Also, identify which of the 5 statements (a/b/c/d/e) best describes the trend in closure rates.

current score:

0.000

Enter ratios here: (Ex: 78.2 or 78.2% not 0.782)

AY	CY-3	CY-2	CY-1	CY
AY-3
AY-2
AY-1
AY

Based on ratios: (enter a/b/c/d/e)

interpretation:
(a) no trend
(b) gradual trend ⇑
(c) gradual trend ⇓
(d) spike in latest CY
(e) dip in latest CY

Part 5: Section 1 Closed WITH payment (Cumulative Number of Claims)

AY	CY-3	CY-2	CY-1	CY
AY-3	----	----	----	----
AY-2		----	----	----
AY-1			----	----
AY				----

Part 5: Section 2 Outstanding (Current Number of Claims)

AY	CY-3	CY-2	CY-1	CY
AY-3	----	----	----	----
AY-2		----	----	----
AY-1			----	----
AY				----

Part 5: Section 3 Reported (Cumulative Number of Claims)

AY	CY-3	CY-2	CY-1	CY
AY-3	----	----	----	----
AY-2		----	----	----
AY-1			----	----
AY				----

1

closed-to-reported ratio = [ (section 3) - (section 2) ] / (section 3)

Reason

Section 1 is not needed because it shows only claims closed WITH payment. We must also include claims closed WITHOUT payment in the numerator.

→ all closed claims = (reported claims) - (outstanding claims) = section 3 - section 2

Solution:

interpretation:	a/b/c/d/e

interpretation:

a/b/c/d/e

Ratio of closed-to-reported claims: (Schedule P format)

AY	CY-3	CY-2	CY-1	CY
AY-3	----	----	----	----
AY-2		----	----	----
AY-1			----	----
AY				----

Ratio of closed-to-reported claims: (non-Schedule P format)

AY	12	24	36	48
AY-3	----	----	----	----
AY-2	----	----	----
AY-1	----	----
AY	----

Schedule P: Understanding Part 5

1

Reason

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