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Bornhuetter-Ferguson closed claim count method

Category: Insurance | Comments Off

Bornhuetter-Ferguson closed claim count method. This method projects ultimate claim counts in two parts, expected open claims  that will close with indemnity payment plus actual closed claims . Open claims that will close with indemnity payment are estimated to be the expected percentage open times initial expected ultimate claim count. The expected percentage unpaid is based on the selected closed claim count development factors to ultimate. Initial expected ultimate claim counts are based upon ultimate indicated claim counts from the reported claim count development method, except that a linear curve is fit to the ultimate claim frequency . This method is best when claim closing patterns tend to be unstable.

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Reported claim count development method

Category: Insurance | Comments Off

Reported claim count development method. Reported claim counts are projected to ultimate values based on historical development patterns. Historical development factors are reviewed and forecasted factors are selected. The selected factors are used to project ultimate claim counts. This method is most reliable when development patterns are stable over time, which is generally true for the experience under consideration.

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Creative Financing

Category: Financing | Comments Off

Another advantage that the prospective buyer should toss into the negotiating picture is the possibility of creative financing. For example, the seller may be willing to hold a second mortgage; this can reduce or eliminate the need for a down payment. The seller also may more readily agree to take responsibility for closing costs. For a typical $100,000 purchase, closing costs can range from $900 to $5,000, depending on the financing and purchase situation. The FSBO purchase transaction may also provide the buyer with an opportunity to exercise an assumption option, which has many little-known benefits for the buyer, including savings of thousands of dollars in interest payments and possible reduced down payments.