{"text_format":"1","workbook":"xlsx","n_sheets":34,"sheets":["TOC","Solv2","InvCap","double_tax","taxes1","taxes2","taxes3","goodwill","SAP-assets","SAP-liabs","IS1","IS2","IS3","alsuioc","17F.11","17F.13","17F.14","17F.27b","RBC(ratio)","RBC(charge)","RBC(1a)","RBC(1b)","RBC(1,2)","RBC(3)","RBC4","RBC5","17S.13","17S.26-easy","17S.26","16S.27","10-10","IEE.SA","IEE.TIA","IEE.PL"],"not_rendered":{"charts":0,"images":0,"macros":1,"external_links":0,"defined_names":0,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"TOC","index":0,"n_rows":35,"n_cols":5,"rows_kept":35,"cut":false,"hidden":false,"merged":[]}
[null,null,"put cursor in column C THEN cntrl-o takes you to that sheet   [ALSO: use cntrl-o from anywhere to get back to TOC]"]
[null,"#","type",null,"flag"]
[null,1,"Solv2           : solvency 2 capital requirement & regulatory action",null,"random"]
[null,2,"InvCap          : invested capital & PV(future income)",null,"random"]
[null,3,"double_tax      : premium margin required to offset double-taxation",null,"random"]
[null,4,"taxes1          : tax-basis income",null,"random"]
[null,5,"taxes2          : income tax (includes calculating tax-basis income)",null,"random"]
[null,6,"taxes3          : calculating the company discount factor",null,"random"]
[null,7,"goodwill        : GAAP goodwill using cost-of-capital approach",null,"random"]
[null,8,"SAP-assets      : SAP admitted assets",null,"random"]
[null,9,"SAP-liabs       : SAP liabilities",null,"random"]
[null,10,"IS1             : statutory net income (version 1)",null,"random"]
[null,11,"IS2             : policyholder's surplus",null,"random"]
[null,12,"IS3             : statutory net income (version 2)",null,"random"]
[null,13,"alsuioc         : locating items in B/S and I/S",null,"random"]
[null,14,"17F.11          : Schedule P",null,"random"]
[null,15,"17F.13          : carrying value of bonds under SAP",null,"random"]
[null,16,"17F.14          : restating balance sheet",null,"random"]
[null,17,"17F.27b         : restate triangles after commutation",null,"random"]
[null,18,"RBC1            : Calculating the RBC ratio",null,"random"]
[null,19,"RBC2            : Calculating the RBC charges (not the ratio)",null,"random"]
[null,20,"RBC3            : Calculate RBC charge R1.",null,"random"]
[null,21,"RBC3a           : Calculate RBC charge R1.",null,"random"]
[null,22,"RBC3b           : Calculate RBC charges R1 and R2",null,"random"]
[null,23,"RBC3c           : Calculate the RBC charge for R3",null,"random"]
[null,24,"RBC4            : Calculate RBC charge R4 (reserve risk)",null,"random"]
[null,25,"RBC5            : Calculate RBC charge R5 (NWP risk)",null,"random"]
[null,26,"17S.13          : Schedule P (& non-Schedule P) losses & premiums for INTERCOMPANY POOLING",null,"random"]
[null,27,"17S.26-easy     : change in taxable income - easy version",null,"random"]
[null,28,"17S.26          : change in taxable income",null,"random"]
[null,29,"16S.27          : mutually beneficial commutation price",null,"random"]
[null,30,"10-10           : 10-10 rule for assessing risk transfer",null,"random"]
[null,31,"IEE.SA          : Allocation of surplus to line of business",null,"random"]
[null,32,"IEE.TIA         : Calculation of basic IEE quantities: FAIT & TIA",null,"random"]
[null,33,"IEE.PL          : Pre-tax profit (loss)",null,"random"]

{"sheet":"Solv2","index":1,"n_rows":128,"n_cols":26,"rows_kept":128,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok.25-Solv2",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Model:",null,"2017.Spring #20",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"solvency 2 capital requirement & regulatory action",null,null,null,null,null,null,null,null,"|","Calculating SCR is trivial. You just have to know to use the 99.5th percentile in the model results",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,"IFRS assets",null,6600,null,null,null,null,null,null,"|",null,"SCR","=",{"$f":"I22","v":4660},"  <== part (a)",null,null,null,null,null,null,null,null,"|"]
["random",null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"free surplus",null,"?",null,"risk-free rate",null,1.5800000000000002E-2,null,null,"|","The hard part is calculating the risk margin. Once we have that, the rest is easy.",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"SCR",null,"?",null,"illiquidity premium",null,6.0000000000000001E-3,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"MCR",null,2990,null,"cost-of-capital",null,null,null,null,"|","The number of columns in our table equals the number of years loss payments are expected to occur:",null,null,null,null,null,null,null,null,null,{"$f":"I16","v":4},null,null,"|"]
[null,null,"risk margin",null,"?",null,"above risk-free rate",null,6.5000000000000002E-2,"  = (R - i)",null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"best est. liabs",null,1760,null,null,null,null,null,null,"|",null,null,null,null,"year 1","year 2",{"$f":"IF($W$9>=3,\"year 3\",\"\")","v":"year 3"},{"$f":"IF($W$9>=4,\"year 4\",\"\")","v":"year 4"},null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(1)","SCR = required capital",null,null,{"$f":"P5","v":4660},{"$f":"$Q12","v":4660},{"$f":"IF(S$11<>\"\",$Q12,\"\")","v":4660},{"$f":"IF(T11=\"\",\"\",$Q12)","v":4660},null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(2)","(R - i) = risk cost-of-capital",null,null,{"$f":"I10","v":6.5000000000000002E-2},{"$f":"$Q13","v":6.5000000000000002E-2},{"$f":"IF(S$11<>\"\",$Q13,\"\")","v":6.5000000000000002E-2},{"$f":"IF(T12=\"\",\"\",$Q13)","v":6.5000000000000002E-2},null,null,null,null,null,"|"]
[null,null,"* Capital is held until the end of the year.",null,null,null,null,null,null,null,null,"|","(1) x (2)","cost-of-capital in period",null,null,{"$f":"IFERROR(Q12*Q13,\"\")","v":302.90000000000003},{"$f":"IFERROR(R12*R13,\"\")","v":302.90000000000003},{"$f":"IFERROR(S12*S13,\"\")","v":302.90000000000003},{"$f":"IFERROR(T12*T13,\"\")","v":302.90000000000003},null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(4)","duration",null,null,1,2,{"$f":"IF(S$11<>\"\",3,\"\")","v":3},{"$f":"IF(T$11<>\"\",4,\"\")","v":4},null,null,null,null,null,"|"]
[null,null,"* Loss payments are expected to occur this many years:",null,null,null,null,null,4,null,null,"|","(5)","discount rate",null,null,{"$f":"I7+I8","v":2.18E-2},{"$f":"$Q16","v":2.18E-2},{"$f":"IF(S$11<>\"\",$Q16,\"\")","v":2.18E-2},{"$f":"IF(T15=\"\",\"\",$Q16)","v":2.18E-2},null,null,null,null,null,"|"]
[null,null,"   (Assume payments are mid-year)",null,null,null,null,null,null,null,null,"|","(6)","discounted cost-of-capital",null,null,{"$f":"Q14/(1+Q16)^Q15","v":296.43765903307889},{"$f":"R14/(1+R16)^R15","v":290.11319145926683},{"$f":"IFERROR(S14/(1+S16)^S15,\"\")","v":283.92365576361993},{"$f":"IFERROR(T14/(1+T16)^T15,\"\")","v":277.86617318811886},null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"* These are the Value-at-Risk model results:",null,null,null,null,"percentile","VaR",null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"   (Assume SCR values are constant for all",null,null,null,null,0.95,3140,null,null,"|",null,"The risk margin is the sum of the values in row (6) = ",null,null,null,null,{"$f":"SUM(Q17:T17)","v":1148.3406794440846},"  <== part (b)",null,null,null,null,null,"|"]
[null,null,"    future years.)",null,null,null,null,0.99,3500,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,0.995,4660,null,null,"|","The boundaries for ragulator action are:",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,0.999,5780,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"(best est.) + margin + SCR",null,null,"=",{"$f":"E$11","v":1760},"+",{"$f":"S$20","v":1148.3406794440846},"+",{"$f":"P$5","v":4660},"=",{"$f":"R24+T24+V24","v":7568.3406794440843},null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Find",null,"Calculate the following under the Solvency II framework:",null,null,null,null,null,null,null,null,"|",null,"(best est.) + margin + MCR",null,null,"=",{"$f":"E$11","v":1760},"+",{"$f":"S$20","v":1148.3406794440846},"+",{"$f":"E9","v":2990},"=",{"$f":"R26+T26+V26","v":5898.3406794440843},null,"|"]
[null,null,"(a)","SCR",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"(b)","risk margin",null,null,null,null,null,null,null,"|",null,"The IFRS assets available",null,null,"=",{"$f":"E5","v":6600},"  <== given in the statement of the problem",null,null,null,null,null,null,"|"]
[null,null,"(c)","regulator action",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"(d)","free surplus",null,null,null,null,null,null,null,"|","The assets available are",null,null,{"$f":"IF(R28>=X24,\"above SCR level\", IF(R28<X26,\"below MCR level\",\"between MCR and SCR level\"))","v":"between MCR and SCR level"},null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"Regulator action:",null,{"$f":"IF(R28>=X24,\"no action\", IF(R28<X26,\"company can no longer operate\",\"intervention\"))","v":"intervention"},null,null,null,"  <== part (c)",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","And the free surplus",null,"=","assets available",null,"-","SCR","-","margin","-","best est.",null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"E5","v":6600},null,"-",{"$f":"P5","v":4660},"-",{"$f":"S20","v":1148.3406794440846},"-",{"$f":"E11","v":1760},null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"free surplus","=",{"$f":"P35-S35-U35-W35","v":-968.34067944408457},"  <== part (d)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
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[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]

{"sheet":"InvCap","index":2,"n_rows":138,"n_cols":26,"rows_kept":138,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Feldblum.Surplus",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Model:",null,"2018.Spring #12",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"invested capital & PV(future income)",null,null,null,null,null,null,null,null,"|","(a)","invested capital",null,"=","S  +  ( % acq  x  UEP)  +  (1  -  % disc)  x  R  -  DTA",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,"From a company's CY annual statement:",null,null,null,null,null,null,null,null,"|",null,"invested capital",null,"=","S",null,null,null,null,null,null,null,null,"|"]
["random",null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"+  ","(","% acq","x","UEP",")",null,null,null,null,"|"]
[null,null,"statutory surplus",null,null,null,"S",590,null,null,null,"|",null,null,null,"+  ","(",1,"-","% disc",")","x","R",null,null,"|"]
[null,null,"deferred tax assets",null,null,null,"DTA",70,null,null,null,"|",null,null,null,"-  ","DTA",null,null,null,null,null,null,null,null,"|"]
[null,null,"unearned premium reserve",null,null,null,"UEP",440,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"undiscounted loss reserve",null,null,null,"R",1260,null,null,null,"|",null,null,null,"=",{"$f":"H7","v":590},null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"+  ","(",{"$f":"H19","v":0.2},"x",{"$f":"H9","v":440},")",null,null,null,null,"|"]
[null,null,"Other junk you need to solve the problem:",null,null,null,null,null,null,null,null,"|",null,null,null,"+  ","(",1,"-",{"$f":"H20","v":0.82},")","x",{"$f":"H10","v":1260},null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"-  ",{"$f":"H8","v":70},null,null,null,null,null,null,null,null,"|"]
[null,null,"written premium (annual)",null,null,null,"WP",730,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"pre-tax income (annual)",null,null,null,"Inc:pre",160,null,null,null,"|",null,"invested capital",null,"=",{"$f":"Q10+R11*T11+(1-T12)*W12-Q13","v":834.80000000000007},"  <== answer to part (a)",null,null,null,null,null,null,null,"|"]
[null,null,"cost of liquidation",null,null,null,"CoL",70,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"cost of capital",null,null,null,"% CoC",0.11,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"tax rate",null,null,null,"% tax",0.35,null,null,null,"|","(b)","PV(future income)",null,"=","(pre-tax income)  x  (1  -  % tax)  /  (% CoC)",null,null,null,null,null,null,null,null,"|"]
[null,null,"pre-paid acquisition cost",null,null,null,"% acq",0.2,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"discount factor for loss reserves",null,null,null,"% disc",0.82,null,null,null,"|",null,"Pv(future income)",null,"=","PTI","x","(      1","-","% tax",")","/","% CoC",null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"=",{"$f":"H15","v":160},"x","(      1","-",{"$f":"H18","v":0.35},")","/",{"$f":"H17","v":0.11},null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"Pv(future income)",null,"=",{"$f":"Q21*(1-U21)/X21","v":945.4545454545455},"  <== answer to part (b)",null,null,null,null,null,null,null,"|"]
["Find","(a)","invested capital for given CY",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"(b)","present value or PV(future income)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,"(c)","would the shareholders prefer liquidation or continued operation of the company",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(c)","Decision Table:",null,"(InvCap = invested capital, CoL = Cost of Liquidation)",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"InvCap - CoL",null,">","PV(future income)",null,"==>","liquidate",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"InvCap - CoL",null,"<","PV(future income)",null,"==>","continue operations",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"InvCap - CoL",null,"=","PV(future income)",null,"==>","doesn't matter  (maybe look at income trends?)",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"For this problem we have:",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"InvCap - CoL",null,"=",{"$f":"Q15-H16","v":764.80000000000007},null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"This leads to the final answer below:",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"invested cap. - CoL",null,{"$f":"IF(Q15-H16>Q22,\">\",IF(Q15-H16<Q22,\"<\",\"=\"))","v":"<"},"PV(future income)",null,"==>",{"$f":"IF(Q15-H16>Q22,\"liquidate\",IF(Q15-H16<Q22,\"continue operations\",\"doesn't matter\"))","v":"continue operations"},null,"  <== answer to part (c)",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Bonus Question",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"Assuming all but the indicated variables are fixed, what value of that variable would make the choice",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"between liquidation and continued operations irrelevant?",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"(i)","tax rate",null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"(ii)","pre-tax income",null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Answer to Bonus Question (non-random version)",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"(i)",0.37,"(tax rate)",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"(ii)",48.462000000000003,"(pre-tax income)",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Answer to Bonus Question (random version)",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"(i)","xxxx","(tax rate)",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"(ii)",{"$f":"(Q15-H16)*H17/(1-H18)","v":129.42769230769233},"(pre-tax income)",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"double_tax","index":3,"n_rows":128,"n_cols":26,"rows_kept":128,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Feldblum.Surplus",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Model:",null,"example in source reading",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"premium margin required to offset double-taxation",null,null,null,null,null,null,null,null,"|","This is a very easy plug-and-chug problem.",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(If you know the formula, plug in the numbers and chug the answer with your calculator.)",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,"An investor can directly purchase an investment with a yield of y. The investor can",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["random",null,"alternately place his money in an insurance company and the insurance company",null,null,null,null,null,null,null,null,"|","margin","=","(capital / premium)",null,"x","yTC / (1 - TC)",null,"x","(1 + y)-1/2",null,null,null,null,"|"]
[null,null,"will purchase an investment also with a yield of y. This would be an indirect investment.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","margin","=",{"$f":"D20","v":1.5},null,"x",{"$f":"G14*G16/(1-G16)","v":2.6923076923076921E-2},null,"x",{"$f":"(1+G14)^-(1/2)","v":0.97590007294853309},null,null,null,null,"|"]
[null,null,"This indirect investment would be subject to double-taxation as explained in Feldblum's",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"surplus paper.",null,null,null,null,null,null,null,null,"|","margin","=",{"$f":"O8*R8*U8","v":3.9411349099844603E-2}," <== final answer",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Assume there are no restrictions on the risk level of the insurer's investments.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","NOTE:","The investor's personal income tax is irrelevant because it's the same for both the direct and indirect options",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"investment yield",null,"y",0.05,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"tax - personal",null,"TP",0.27,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"tax - corporate",null,"TC",0.35,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"The investor wishes to invest an amount of capital equal to:",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,1.5,"  times the total policyholder premium",null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Assume the premiums are paid at the beginning of the year and tax is not due until",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"the middle of the year.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Find",null,"Given the information above, what % margin must be added to the total policyholder",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"premium to compensate the investor for the double-taxation of the indirect investment",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"option.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]

{"sheet":"taxes1","index":4,"n_rows":138,"n_cols":27,"rows_kept":138,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok - Chapter 26",null,null,null,null,null,null,null,null,"|","Believe it or not, this is actually an easy problem. You just have to put the right numbers into the formulas.",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Model:",null,"2018.Spring #14",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"tax-basis income",null,null,null,null,null,null,null,null,"|",null,"TBI","=","TBEP","+","InvInc","-","TBIL",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,"policy effective date",null,"Jan 1, CY",null,null,null,null,null,null,"|","Let's start with the calculations for CY:",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["random",null,"loss date",null,"Dec 31, CY","<== reported & recorded on the same day",null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"payment date",null,"Dec 31, CY+1","<== 1 year after loss occurred",null,null,null,null,null,"|","TBEP is calculated by applying the 'revenue offset':",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"policy premium",null,3000,"    = EP  (assume this is on a SAP basis)",null,null,null,null,null,"|",null,"TBEP","=","EP","+",0.2,"x","chg(UEP)",null,null,null,null,null,null,"|"]
[null,null,"estimate of loss",null,2370,"    = L  (undiscounted)",null,null,null,null,null,"|",null,null,"=",{"$f":"E9","v":3000},"+",0.2,"x",0,null,null,null,null,null,null,"|"]
[null,null,"investment rate",null,0.06,"    = i",null,null,null,null,null,"|",null,null,"=",{"$f":"P10+R10*T10","v":3000},null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"IRS discount rate:",null,3.9999999999999994E-2,"    = d",null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","For InvInc, we assume the EP was invested on the policy effectve date and earns interest for 1 year.",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"assume there is no UEP (Unearned Premium)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"assume the policy is not renewed",null,null,null,null,null,null,null,null,"|",null,"InvInc","=","EP","x","( 1 + i )","-","EP",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"E9","v":3000},"x",{"$f":"1+E11","v":1.06},"-",{"$f":"E9","v":3000},null,null,null,null,null,null,"|"]
["Find",null,"tax-basis income for CY and CY+1",null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P16*R16-T16","v":180},null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","For IL, use the formula below and discount the loss back 1 full year from payment date:",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Further",null,"TBI","Tax-Basis Income",null,"<== this is what we want to calculate",null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Notation",null,"TBEP","Tax-Basis Earned Premium",null,null,null,null,null,null,null,"|",null,"TBIL","=","PL","+","chg( LD )",null,null,null,null,null,null,null,null,"|"]
[null,null,"InvInc","Investment Income",null,null,null,null,null,null,null,"|",null,null,"=",0,"+","L","/","( 1 + d )",null,null,null,null,null,null,"|"]
[null,null,"PL","Paid Loss (during year)",null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P22","v":0},"+",{"$f":"E10","v":2370},"/",{"$f":"1+E12","v":1.04},null,null,null,null,null,null,"|"]
[null,null,"IL","Incurred Loss (during year)",null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P23+R23/T23","v":2278.8461538461538},null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"LD","Losses after Discounting",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Substitute these values into the formula for TBI given at the top:",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"TBI","=",{"$f":"P11","v":3000},"+",{"$f":"P17","v":180},"-",{"$f":"P24","v":2278.8461538461538},null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"TBI","=",{"$f":"P28+R28-T28","v":901.15384615384619},"  <== final answer for year CY",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Now let's do the calculations for CY+1:",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Following sample answer 1, we'll assume there was no more EP for CY+1:",null,null,null,null,null,null,"TBEP","=",0,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","For InvInc, calculate the additional InvInc accrued over year CY+1",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"InvInc","=","[ 2 years of compunding ]",null,null,"-","[ 1 year of compunding ]",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"="," [ EP","x","( 1 + i )2 ]","-","[ EP","x","( 1 + i ) ]",null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"E9","v":3000},"x",{"$f":"(1+E11)^2","v":1.1236000000000002},"-",{"$f":"E9","v":3000},"x",{"$f":"1+E11","v":1.06},null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P40*R40-T40*V40","v":190.80000000000064},null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","For IL, chg(LD) is calculated differently for CY+1 because the claim was closed and the reserve went to 0:",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"TBIL","=","PL","+","chg( LD )",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"E10","v":2370},"+",0,"-",{"$f":"P24","v":2278.8461538461538},null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P46+R46-T46","v":91.153846153846189},null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","So","TBI","=",{"$f":"V34+P41-P47","v":99.646153846154448},"  <== final answer for year CY+1 (if < 0 then it's a loss)",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"taxes2","index":5,"n_rows":128,"n_cols":26,"rows_kept":128,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok - Chapter 26",null,null,null,null,null,null,null,null,"|","Main","tax","=","max","(","RIT",",","AMIT",")",null,null,null,null,"|"]
["Model:",null,"2017.Fall #21",null,null,null,null,null,null,null,null,"|","Formula",null,"=","max","(",{"$f":"P7","v":51.449999999999996},",",{"$f":"P11","v":97.95},")",null,null,null,null,"|"]
["Problem Type:",null,"income tax (includes calculating tax-basis income)",null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"MAX(R2,T2)","v":97.95}," <== final answer",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,null,null,null,null,null,"CY","CY-1",null,null,"|","where","RIT","=","TBI","x",{"$f":"H14","v":0.35},null,"TBI is calculated",null,null,null,null,null,"|"]
["random",null,"written premium",null,null,null,"WP",399,374,null,null,"|",null,null,"=",{"$f":"V15","v":147},"x",{"$f":"H14","v":0.35},null,"in Step 1 below",null,null,null,null,null,"|"]
[null,null,"unearned premium",null,null,null,"UEP",72,57,null,null,"|",null,null,"=",{"$f":"P6*R6","v":51.449999999999996},null,null,null,null,null,null,null,null,null,"|"]
[null,null,"paid loss",null,null,null,"PL",223,221,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"loss reserves (undiscounted)",null,null,null,"LU",108,96,null,null,"|","and","AMIT","=","AMTI","x",0.2,null,"AMTI is calculated",null,null,null,null,null,"|"]
[null,null,"loss reserves (discounted)",null,null,null,"LD",99,79,null,null,"|",null,null,"=",{"$f":"P61","v":489.75},"x",0.2,null,"in Step 2 below",null,null,null,null,null,"|"]
[null,null,"interest on tax-exemplt municipal bonds",null,null,null,"B",20,26,null,null,"|",null,null,"=",{"$f":"P10*R10","v":97.95},null,null,null,null,null,null,null,null,null,"|"]
[null,null,"dividend income",null,null,null,"D",440,372,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Step 1:","calculate RTI (same as TBI, Tax-Basis Income)",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"corporate tax rate:",null,null,null,null,0.35,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"ownership of dividend-paying corporation:",null,null,null,null,0.9,null,null,null,"|",null,"TBI","=","TBEP","+","InvInc","-","TBIL","=",{"$f":"P54","v":147},"  <== see below",null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","1a","TBEP","=","WP","-",0.8,"x","chg(UEP)",null,null,null,null,null,"|"]
["Find",null,"income tax for CY",null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"H6","v":399},"-",0.8,"x","(",{"$f":"H7","v":72},"-",{"$f":"I7","v":57},")",null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P18","v":399},"-",0.8,"x",{"$f":"U18-W18","v":15},null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P19-R19*T19","v":387},null,null,null,null,null,null,null,null,null,"|"]
["Other",null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Notation",null,"RTI","= Regular Taxable Income (same as TBI, Tax-Basis Income)",null,null,null,null,null,null,null,"|","1b","InvInc:","this step is more complicated",null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"RIT","= Regular Income Tax",null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"AMTI","= Alternative Minimum Taxable Income",null,null,null,null,null,null,null,"|",null,null,"bond value",null,null,null,null,{"$f":"H11","v":20},null,null,null,null,null,"|"]
[null,null,"AMIT","= Alternative Minimum Income Tax",null,null,null,null,null,null,null,"|",null,null,"taxable rate of municipal tax-exempt bond:",null,null,null,null,0.15,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"taxable portion of municipal tax-exempt bond:",null,null,null,null,{"$f":"T24*T25","v":3},null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"non-taxable portion of municipal tax-exempt bond:",null,null,null,null,{"$f":"T24","v":20},"-",{"$f":"T26","v":3},"=",{"$f":"T28-V28","v":17},null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"dividend income",null,null,null,null,{"$f":"H12","v":440},null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"ownership of dividend-paying corporation",null,null,null,null,{"$f":"H15","v":0.9},"<==",{"$f":"IF(T31<20%,\"unaffiliated\",IF(T31>80%,\"controlled\",\"affiliated\"))","v":"controlled"},null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"% of dividend income subject to tax",null,null,null,null,{"$f":"IF(T31<20%,30%,IF(T31>80%,0%,20%))","v":0},"<==","% is based on ownership status",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"complement of % subject to tax",null,null,null,null,{"$f":"1-T32","v":1},null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"taxable portion of dividend income",null,null,null,null,null,null,null,null,"15% = proration %",null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"H12","v":440},"x",{"$f":"T32","v":0},"+",{"$f":"H12","v":440},"x",{"$f":"T33","v":1},"x",{"$f":"IF(V31=\"controlled\",0,0.15)","v":0},null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P35*R35","v":0},null,null,"+",{"$f":"T35*V35*X35","v":0},null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P36+T36","v":0},null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"non-taxable portion of dividend income:",null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"H12","v":440},"-",{"$f":"P37","v":0},"=",{"$f":"P40-R40","v":440},null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"Final result for InvInc:",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"total taxable portion of InvInc",null,null,null,{"$f":"T26","v":3},"+",{"$f":"P37","v":0},"=",{"$f":"S43+U43","v":3},"<== used for TBI",null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"total non-taxable portion of InvInc",null,null,null,{"$f":"X28","v":17},"+",{"$f":"T40","v":440},"=",{"$f":"S44+U44","v":457},"<== used for AMTI",null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","1c","TBIL","=","PL","+","chg(LD)",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"H8","v":223},"+","(",{"$f":"H10","v":99},"-",{"$f":"I10","v":79},")",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P47+S47-U47","v":243},null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Combining Steps 1a,b,c gives:",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"TBI","=","TBEP","+","InvInc","-","TBIL",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P20","v":387},"+",{"$f":"W43","v":3},"-",{"$f":"P48","v":243},null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P53+R53-T53","v":147},null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Step 2:","calculate AMTI",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"AMTI","=","TBI","+",0.75,"x","(non-taxable InvInc)",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P54","v":147},"+",0.75,"x",{"$f":"W44","v":457},null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P60+R60*T60","v":489.75},null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
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[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"taxes3","index":6,"n_rows":124,"n_cols":26,"rows_kept":124,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok - Chapter 26",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Model:",null,"part of 2016.Spring #18",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"calculating the company discount factor",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
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["Given",null,"From Schedule P - Part of the AY/CY Annual Statement",null,null,null,null,null,null,null,null,"|","Since year AY is 12 months old, we may use it as a proxy for the discount factor for AY+2",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]

{"sheet":"goodwill","index":7,"n_rows":138,"n_cols":27,"rows_kept":138,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok - Chapter 22/23",null,null,null,null,null,null,null,null,"|","The first section of the solution calculates FV(loss & LAE) according to the 3 components.",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Model:",null,"2016.Fall #18",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"GAAP goodwill using cost-of-capital approach",null,null,null,null,null,null,null,null,"|","Component #1:",null,"calculate nominal future cash flows of liabilities",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,"Amounts at time of acquisition at CY",null,null,null,null,null,null,null,null,"|",null,"For this problem, we are given the cash flows, otherwise we'd have to calculate them",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["random",null,"FV(assets)",null,null,null,430,null,null,null,null,"|",null,"from the LDFs or the payment pattern.",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"U.S. GAAP assets",null,null,null,430,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"FV(liabilities) other than loss & LAE",null,null,null,100,null,null,null,null,"|","Component #2:",null,"discount the nominal cash flows & add a load for illiquidity",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"purchase price",null,null,null,61,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"discount rate",null,"=","risk-free rate",null,"+","illiquidity premium",null,null,null,null,null,null,"|"]
[null,null,"nominal future cash flows of liabilities",null,null,null,null,null,null,null,null,"|",null,null,null,"=",{"$f":"F19","v":0.02},null,"+",{"$f":"F20","v":0.02},null,null,null,null,null,null,"|"]
[null,null,"CY","paid during year",null,null,140,null,null,null,null,"|",null,null,null,"=",{"$f":"Q11+T11","v":0.04},null,null,null,null,null,null,null,null,null,"|"]
[null,null,"CY + 1","paid during year",null,null,90,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"CY + 2","paid during year",null,null,20,null,null,null,null,"|",null,"Actually, all we did here was calculate the discount rate, i. The actual discounting",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"> CY + 2","paid during year",null,null,0,null,null,null,null,"|",null,"is done further down after the risk margin calculation.",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"some more junk you'll need",null,null,null,null,null,null,null,null,"|","Component #3:",null,"risk margin calculation",null,null,null,null,"  CY",{"$f":"SUM(G12:G$15)","v":250},null,null,null,null,null,"|"]
[null,null,"pre-tax cost-of-capital",null,null,0.12,null,null,null,null,null,"|",null,null,null,null,null,null,null,"  CY + 1",{"$f":"SUM(G13:G$15)","v":110},null,null,null,null,null,"|"]
[null,null,"risk-free rate",null,null,0.02,null,null,null,null,null,"|",null,null,"First, we need the cumulative unpaid values",null,null,null,null,"  CY + 2",{"$f":"SUM(G14:G$15)","v":20},null,null,null,null,null,"|"]
[null,null,"illiquidity premium",null,null,0.02,null,null,null,null,null,"|",null,null,"at the start of each year. See table at right =>",null,null,null,null,"  > CY + 2",{"$f":"SUM(G15:G$15)","v":0},null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"still more junk you'll need:",null,null,null,null,null,null,null,null,"|",null,"Then the capital required to support these liabilities = 50% x unpaid:",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"  loss & LAE payments are made mid-year",null,null,null,null,"<== use 0.5, 1.5, 2.5,... to discount",null,null,null,"|",null,"C0","=",{"$f":"G$27","v":0.5},"x",{"$f":"U17","v":250},"=",{"$f":"P24*R24","v":125},null,null,null,null,null,null,"|"]
[null,null,"  return on capital is paid to investores at year-end",null,null,null,null,"<== use 1, 2, 3,… to discount",null,null,null,"|",null,"C1","=",{"$f":"G$27","v":0.5},"x",{"$f":"U18","v":110},"=",{"$f":"P25*R25","v":55},null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"C2","=",{"$f":"G$27","v":0.5},"x",{"$f":"U19","v":20},"=",{"$f":"P26*R26","v":10},null,null,null,null,null,null,"|"]
[null,null,"  required capital @ year-end = unpaid x",null,null,null,0.5,null,null,null,null,"|",null,"C3","=",{"$f":"G$27","v":0.5},"x",{"$f":"U20","v":0},"=",{"$f":"P27*R27","v":0},null,null,null,null,null,null,"|"]
[null,null,"    (stated slightly differently from exam problem - this is done so that my solution",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"     fits the risk-adjustment formula from Odomirok)",null,null,null,null,null,null,null,null,"|",null,"Now we can apply the risk adjustment formula using the discount rate from above:",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"Note that we use integer exponents because investors are paid at year-end.",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Find",null,"value of purchaser's GAAP goodwill using the cost-of-capital approach",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"avg(C0, C1)",null,"/",{"$f":"\"( \" & 1+Q$12 & \" ) ^ 1\"","v":"( 1.04 ) ^ 1"},null,"=",{"$f":"AVERAGE(T24,T25)/(1+Q$12)^1","v":86.538461538461533},null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"avg(C1, C2)",null,"/",{"$f":"\"( \" & 1+Q$12 & \" ) ^ 2\"","v":"( 1.04 ) ^ 2"},null,"=",{"$f":"AVERAGE(T25,T26)/(1+Q$12)^2","v":30.04807692307692},null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"avg(C2, C3)",null,"/",{"$f":"\"( \" & 1+Q$12 & \" ) ^ 3\"","v":"( 1.04 ) ^ 3"},null,"=",{"$f":"AVERAGE(T26,T27)/(1+Q$12)^3","v":4.4449817933545743},null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"avg(C3, C4)",null,"/",{"$f":"\"( \" & 1+Q$12 & \" ) ^ 4\"","v":"( 1.04 ) ^ 4"},null,"=",{"$f":"AVERAGE(T27,T28)/(1+Q$12)^4","v":0},null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,{"$f":"SUM(T32:T35)","v":121.03152025489302},null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,"x",{"$f":"F18-Q12","v":7.9999999999999988E-2},"  = (R - i)",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,"risk margin component of FV(liabilities) ==>  ",{"$f":"T36*T37","v":9.6825216203914408},null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","solution continued on next page…",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"Now we have to calculate the discounted unpaid values using the same discount rate",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"Use the given incremental unpaid values.",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"Note that we use fractional exponents 0.5, 1.5, 2.5,… because payments are made mid-year.",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,{"$f":"G12","v":140},null,"/",{"$f":"\"( \" & 1+Q$12 & \" ) ^ 0.5\"","v":"( 1.04 ) ^ 0.5"},null,"=",{"$f":"N66/(1+Q$12)^0.5","v":137.28129459672883},null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,{"$f":"G13","v":90},null,"/",{"$f":"\"( \" & 1+Q$12 & \" ) ^ 1.5\"","v":"( 1.04 ) ^ 1.5"},null,"=",{"$f":"N67/(1+Q$12)^1.5","v":84.857943088637313},null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,{"$f":"G14","v":20},null,"/",{"$f":"\"( \" & 1+Q$12 & \" ) ^ 2.5\"","v":"( 1.04 ) ^ 2.5"},null,"=",{"$f":"N68/(1+Q$12)^2.5","v":18.132039121503698},null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,{"$f":"SUM(T66:T68)","v":240.27127680686985},null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"Now we have all the pieces of FV(liabilities)",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"  risk margin",null,null,{"$f":"T38","v":9.6825216203914408},null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"  unpaid loss & LAE:",null,null,{"$f":"T69","v":240.27127680686985},null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"  other than loss & LAE:",null,null,{"$f":"G8","v":100},"  <== given in the statement of the problem",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"  FV(liabilities)  =  ",{"$f":"SUM(Q73:Q75)","v":349.95379842726129},null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"We also know:",null,"   FV(assets) =   ",{"$f":"G6","v":430},"  <== given in the statement of the problem",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"P =   ",{"$f":"G9","v":61},"  <== given in the statement of the problem",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"Then:",null,null,null,"         (purchase price)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"goodwill","=","P","-","[","FV(assets)","-","FV(liabs)","]",null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"G9","v":61},"-","[",{"$f":"Q78","v":430},"-",{"$f":"Q76","v":349.95379842726129},"]",null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P83-(S83-U83)","v":-19.04620157273871},"  <== final answer",null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"SAP-assets","index":8,"n_rows":138,"n_cols":27,"rows_kept":138,"cut":false,"hidden":false,"merged":[]}
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{"sheet":"SAP-liabs","index":9,"n_rows":138,"n_cols":27,"rows_kept":138,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok - Chapter 22/23",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Model:",null,"2016.Spring #15b",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"SAP liabilities",null,null,null,null,null,null,null,null,"|","Step 1:","For direct & assumed unpaid loss & DCC:",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
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["Given",null,"item",null,null,null,null,"CY/AY-1","CY/AY",null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["random",null,"unpaid loss: Case direct & assumed",null,null,null,null,11000,13800,null,null,"|","Step 2:","For ceded unpaid loss & DCC",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"unpaid loss: Case ceded",null,null,null,null,1400,1500,null,null,"|",null,"  ==> subtract sum(AY-1, AY) for Case, Bulk & IBNR",null,null,null,null,"=",{"$f":"SUM(H7:I7)+SUM(H9:I9)+SUM(H11:I11)+SUM(H13:I13)","v":8100},null,null,null,null,null,null,"|"]
[null,null,"unpaid loss: Bulk & IBNR direct & assumed",null,null,null,null,13400,19900,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"unpaid loss: Bulk & IBNR ceded",null,null,null,null,900,2500,null,null,"|","Step 3:","For direct & assumed unpaid A&O:",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"unpaid DCC: Case direct & assumed",null,null,null,null,2600,2900,null,null,"|",null,"  ==> sum(AY-1, AY) for Case",null,null,null,null,"=",{"$f":"SUM(H14:I14)","v":3000},null,null,null,null,null,null,"|"]
[null,null,"unpaid DCC: Case ceded",null,null,null,null,600,300,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"unpaid DCC: Bulk & IBNR direct & assumed",null,null,null,null,3700,5000,null,null,"|","Step 4:","For ceded unpaid A&O",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"unpaid DCC: Bulk & IBNR ceded",null,null,null,null,200,700,null,null,"|",null,"  ==> subtract sum(AY-1, AY) for Case",null,null,null,null,"=",{"$f":"SUM(H15:I15)","v":40},null,null,null,null,null,null,"|"]
[null,null,"unpaid A&O: direct & assumed",null,null,null,null,1100,1900,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"unpaid A&O: ceded",null,null,null,null,10,30,null,null,"|","Step5:","Add current year net UEP",null,null,null,null,"=",{"$f":"I17","v":64900},null,null,null,null,null,null,"|"]
[null,null,"anticipated salvage & subrogation",null,null,null,null,1400,1800,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"net UEP",null,null,null,null,"n/a",64900,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Final answer",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,"H","net realized capital gains less tax",null,null,null,70,40,null,null,"|","+","net realized capital gains less tax",null,null,null,"----",null,"----"]
[null,null,"I","net unrealized capital gains less tax",null,null,null,440,550,null,null,"|","+ chg","net unrealized capital gains less tax",null,null,null,{"$f":"H14-I14","v":-110},null,null,null,{"$f":"R14","v":-110},null,{"$f":"N14","v":"net unrealized capital gains less tax"}]
[null,null,"J","other income",null,null,null,40,80,null,null,"|","+","other income",null,null,null,{"$f":"H15","v":40},null,{"$f":"R15","v":40}]
[null,null,"K","dividends to policyholders",null,null,null,40,40,null,null,"|","-","dividends to policyholders",null,null,null,{"$f":"-H16","v":-40},null,{"$f":"R16","v":-40}]
[null,null,"L","dividends to stockholders",null,null,null,150,110,null,null,"|","-","dividends to stockholders",null,null,null,{"$f":"-H17","v":-150},null,null,null,{"$f":"R17","v":-150},null,{"$f":"N17","v":"dividends to stockholders"}]
[null,null,"M","federal & foreign taxes",null,null,null,40,0,null,null,"|","-","federal & foreign taxes",null,null,null,{"$f":"-H18","v":-40},null,{"$f":"R18","v":-40}]
[null,null,"N","net deferred income tax",null,null,null,160,160,null,null,"|","+ chg","net deferred income tax",null,null,null,{"$f":"H19-I19","v":0},null,null,null,{"$f":"R19","v":0},null,{"$f":"N19","v":"net deferred income tax"}]
[null,null,"O","provision for reinsurance",null,null,null,40,70,null,null,"|","- chg","provision for reinsurance",null,null,null,{"$f":"H20-I20","v":-30},null,null,null,{"$f":"-R20","v":30},null,{"$f":"N20","v":"provision for reinsurance"}]
[null,null,"P","total assets",null,null,null,5780,4790,null,null,"|","--------","total assets"]
[null,null,"Q","non-admitted assets",null,null,null,690,400,null,null,"|","- chg","non-admitted assets",null,null,null,{"$f":"H22-I22","v":290},null,null,null,{"$f":"-R22","v":-290},null,{"$f":"N22","v":"non-admitted assets"}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,{"$f":"SUM(R6:R22)","v":3898},null,{"$f":"SUM(T6:T22)","v":-252},"+",{"$f":"SUM(V6:V22)","v":3630},"=",{"$f":"T23+V23","v":3378}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Find",null,"current year's policyholder's surplus",null,null,null,null,null,null,null,null,"|","Note:"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"net income",null,null,null,null,null,{"$f":"T23","v":-252}]
["Hint:",null,"It helps to figure out which items in the table count as income and which items",null,null,null,null,null,null,null,null,"|",null,"direct charges to surplus",null,null,null,null,null,{"$f":"SUM(V7:V22)","v":-520},null,"  <== sum(other) - prior surpus"]
[null,null,"count as direct charges to surplus.",null,null,null,null,null,null,null,null,"|",null,"change in surplus",null,null,null,null,null,{"$f":"SUM(T26:T27)","v":-772}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"That's because direct charges to surplus are treated differently. They do not flow",null,null,null,null,null,null,null,null,"|"]
[null,null,"through the income statement on their way to surplus. They go directly to surplus.",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",0,1]
[null,null,null,null,null,null,null,null,null,null,null,"|",1,0.76]
[null,null,null,null,null,null,null,null,null,null,null,"|",0.88,0.61]
[null,null,null,null,null,null,null,null,null,null,null,"|",0.64,0.38]
[null,null,null,null,null,null,null,null,null,null,null,"|",0.15,0.08]
[null,null,null,null,null,null,null,null,null,null,null,"|",0.19,0.16]
[null,null,null,null,null,null,null,null,null,null,null,"|",0.09,0.08]
[null,null,null,null,null,null,null,null,null,null,null,"|",0.02,0.01]
[null,null,null,null,null,null,null,null,null,null,null,"|",0.11,0.14000000000000001]
[null,null,null,null,null,null,null,null,null,null,null,"|",0.01,0.02]
[null,null,null,null,null,null,null,null,null,null,null,"|",0.01,0.01]
[null,null,null,null,null,null,null,null,null,null,null,"|",0.04,0.03]
[null,null,null,null,null,null,null,null,null,null,null,"|",0.01,0]
[null,null,null,null,null,null,null,null,null,null,null,"|",0.04,0.04]
[null,null,null,null,null,null,null,null,null,null,null,"|",0.01,0.02]
[null,null,null,null,null,null,null,null,null,null,null,"|",1.38,1.22]
[null,null,null,null,null,null,null,null,null,null,null,"|",0.18,0.11]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]

{"sheet":"IS3","index":12,"n_rows":148,"n_cols":27,"rows_kept":148,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok - Chapter 8/9",null,null,null,null,null,null,null,null,"|","NICY   =",{"$f":"P35","v":22064}]
["Model:",null,"2017.Spring #9",null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"statutory net income (version 2)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,"Liabilities, Surplus, and Other Funds",null,null,null,"current","prior",null,null,null,"|"]
["random",null,null,null,null,null,"year","year",null,null,null,"|","Apply the formula to find NICY:"]
[null,null,"* provision for reinsurance",null,null,null,359,387,null,null,null,"|"]
[null,null,"surplus notes",null,null,null,105,100,null,null,null,"|",null,"surplusCY   =   surplusCY-1   +   NICY   +   (direct charge to surplus)CY"]
[null,null,"gross paid-in & contributed surplus",null,null,null,7600,900,null,null,null,"|"]
[null,null,"PH surplus",null,null,null,69350,42450,null,null,null,"|","We know:"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,"current","prior",null,null,null,null,null,"|",null,"surplusCY","=",{"$f":"G10","v":69350}]
[null,null,null,null,"year","year","* change",null,null,null,null,"|",null,"surplusCY-1","=",{"$f":"H10","v":42450}]
[null,null,"Nonadmitted Assets",null,733,495,-238,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","The hard part is calculating:",null,null,"(direct charge to surplus)CY"]
[null,null,null,"* change = - [ (current year) - (prior year) ]",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","The componenets are:"]
[null,null,"Capital Gains/Losses",null,null,null,null,null,null,null,null,"|"]
[null,null,"realized gains on sales/maturity",null,null,null,53,null,null,null,null,"|",null,"other surplus changes:"]
[null,null,"other realized adjustments",null,null,null,1,null,null,null,null,"|",null,null,"changes in unrealized capital gains",null,null,null,null,"=",{"$f":"G22","v":21}]
[null,null,"    total capital gain",null,null,null,54,null,null,null,null,"|",null,null,"changes in unrealized foreign exchange",null,null,null,null,"=",{"$f":"G23","v":-10}]
[null,null,"* change in unrealized capital gain",null,null,null,21,null,null,null,null,"|",null,null,"changes in deferred income tax",null,null,null,null,"=",{"$f":"0","v":0}]
[null,null,"* change in unrealized foreign exchange",null,null,null,-10,null,null,null,null,"|",null,null,"changes in nonadmitted assets",null,null,null,null,"=",{"$f":"G14","v":-238},"  <== sign reversed"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"changes in provision for reinsurance",null,null,null,null,"=",{"$f":"-(G7-H7)","v":28},"  <== sign reversed"]
[null,null,null,"* change = + [ (current year) - (prior year) ]",null,null,null,null,null,null,null,"|",null,null,"cumulative effect of accounting principle change",null,null,null,null,"=",{"$f":"H29","v":1000}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"dividends to policyholders",null,null,null,null,40,null,null,null,"|",null,"additional capital contributions"]
[null,null,"dividends to stockholders",null,null,null,null,2670,null,null,null,"|",null,null,"change in surplus notes",null,null,"=",{"$f":"G8-H8","v":5}]
[null,null,"cumulative effect of accounting principle change",null,null,null,null,1000,null,null,null,"|",null,null,"change in paid-in surplus",null,null,"=",{"$f":"G9-H9","v":6700}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"stockholder dividends",null,"=",{"$f":"-H28","v":-2670},"  <== sign reversed"]
["Find",null,"statutory net income",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Finally:","(direct charge to surplus)CY",null,null,"=",{"$f":"SUM(U20:U25)+SUM(S28:S29)+Q31","v":4836},"   (sum the above items in blue)"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","It's now easy to solve for NICY:",null,null,{"$f":"P12-P13-R33","v":22064}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
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["Reading:",null,"Odomirok",null,null,null,null,null,null,null,null,"|"]
["Model:",null,"original",null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"locating items in B/S and I/S",null,null,null,null,null,null,null,null,"|"]
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[null,null,"4.1 Real estate: Properties occupied by the company (less $ encumbrances)",null,null,null,null,null,null,null,null,"|",null,"a"]
[null,null,"21. Payable for securities",null,null,null,null,null,null,null,null,"|",null,"l"]
[null,null,"4.1 Real estate: Properties occupied by the company (less $ encumbrances)",null,null,null,null,null,null,null,null,"|",null,"a"]
[null,null,"10. Net realized capital gains (losses) less capital gains tax (Exhibit of Capital Gains (Losses))",null,null,null,null,null,null,null,null,"|",null,"i"]
[null,null,"15. Remittances and items not allocated",null,null,null,null,null,null,null,null,"|",null,"l"]
[null,null,"33. Surplus adjustments:",null,null,null,null,null,null,null,null,"|",null,"c"]
[null,null,"15.3 Premiums and considerations: Accrued retrospective premiums ($ ) and contracts subject to redetermination",null,null,null,null,null,null,null,null,"|",null,"a"]
[null,null,"9. Net investment income earned (Exhibit of Net Investment Income, Line 17)",null,null,null,null,null,null,null,null,"|",null,"i"]
[null,null,"2502. Other liabilities",null,null,null,null,null,null,null,null,"|",null,"d"]
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["Find",null,"Indicate the location of each item using the following letters:",null,null,null,null,null,null,null,null,"|"]
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[null,null,"a","B/S: asset side",null,null,null,null,null,null,null,"|"]
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[null,null,"s","B/S: liability side (surplus item)",null,null,null,null,null,null,null,"|"]
[null,null,"d","B/S exhibit: details of write-ins",null,null,null,null,null,null,null,"|"]
[null,null,"u","I/S exhibit: U/W income",null,null,null,null,null,null,null,"|"]
[null,null,"i","I/S exhibit: investment income",null,null,null,null,null,null,null,"|"]
[null,null,"o","I/S exhibit: other income",null,null,null,null,null,null,null,"|"]
[null,null,"c","I/S exhibit: capital & surplus account",null,null,null,null,null,null,null,"|"]
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{"sheet":"17F.11","index":14,"n_rows":113,"n_cols":27,"rows_kept":113,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok - Chapter 15",null,null,null,null,null,null,null,null,"|","(a) CY 2016 case incurred = ",null,{"$f":"N24","v":3780}]
["Model:",null,"2017.Fall #11",null,null,null,null,null,null,null,null,"|","(b) CY 2016 paid = ",null,{"$f":"Q23","v":3780}]
["Problem Type:",null,"Schedule P",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,"chg in"]
["Given",null,"Sch. P, Part 2 - Incurred Net Loss & DCC Expense Reported at Year-End",null,null,null,null,null,null,null,null,"|","case = (part 2) - (part 3) - (part 4)",null,null,null,null,null,null,"case"]
["random",null,"AY",2012,2013,2014,2015,2016,null,null,null,"|","AY",2012,{"$f":"N6+1","v":2013},{"$f":"O6+1","v":2014},{"$f":"P6+1","v":2015},{"$f":"Q6+1","v":2016},null,"2016"]
[null,null,2012,1000,1100,1400,1200,1200,null,null,null,"|",2012,null,null,null,{"$f":"G7-G15-G23","v":10},20,null,{"$f":"R7-Q7","v":10}]
[null,null,2013,null,1700,2800,3100,3100,null,null,null,"|",{"$f":"M7+1","v":2013},null,null,null,610,410,null,{"$f":"R8-Q8","v":-200}]
[null,null,2014,null,null,3600,2900,2600,null,null,null,"|",{"$f":"M8+1","v":2014},null,null,null,770,290,null,{"$f":"R9-Q9","v":-480}]
[null,null,2015,null,null,null,2900,3100,null,null,null,"|",{"$f":"M9+1","v":2015},null,null,null,170,560,null,{"$f":"R10-Q10","v":390}]
[null,null,2016,null,null,null,null,3500,null,null,null,"|",{"$f":"M10+1","v":2016},null,null,null,0,280,null,{"$f":"R11-Q11","v":280}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,{"$f":"SUM(T7:T11)","v":0}]
[null,null,"Sch. P, Part 3 - Cumulative Paid Net Loss & DCC Reported at Year-End",null,null,null,null,null,null,null,null,"|","paid in 2016 = (cum paid in 2016) - (cum paid in 2015)"]
[null,null,"AY",2012,2013,2014,2015,2016,null,null,null,"|","AY",2012,{"$f":"N14+1","v":2013},{"$f":"O14+1","v":2014},{"$f":"P14+1","v":2015},{"$f":"Q14+1","v":2016}]
[null,null,2012,180,580,1130,1180,1180,null,null,null,"|",2012,null,null,null,null,{"$f":"H15-G15","v":0}]
[null,null,2013,null,410,1530,2270,2540,null,null,null,"|",{"$f":"M15+1","v":2013},null,null,null,null,{"$f":"H16-G16","v":270}]
[null,null,2014,null,null,1190,1550,2180,null,null,null,"|",{"$f":"M16+1","v":2014},null,null,null,null,{"$f":"H17-G17","v":630}]
[null,null,2015,null,null,null,1130,2260,null,null,null,"|",{"$f":"M17+1","v":2015},null,null,null,null,{"$f":"H18-G18","v":1130}]
[null,null,2016,null,null,null,null,1750,null,null,null,"|",{"$f":"M18+1","v":2016},null,null,null,null,{"$f":"H19-G19","v":1750}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Sch. P, Part 4 - Bulk & IBNR Reserves on Net Loss & DCC Reported at Year-End",null,null,null,null,null,null,null,null,"|","case incurred 2016"]
[null,null,"AY",2012,2013,2014,2015,2016,null,null,null,"|","=","sum(chg in case 2016)",null,"+"," sum(paid in 2016)"]
[null,null,2012,540,260,130,10,0,null,null,null,"|","=",{"$f":"T12","v":0},null,"+",{"$f":"SUM(R15:R19)","v":3780}]
[null,null,2013,null,920,570,220,150,null,null,null,"|","=",{"$f":"N23+Q23","v":3780}]
[null,null,2014,null,null,1700,580,130,null,null,null,"|"]
[null,null,2015,null,null,null,1600,280,null,null,null,"|"]
[null,null,2016,null,null,null,null,1470,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Find","(a)","Calendar year 2016 case incurred net loss & DCC expense",null,null,null,null,null,null,null,null,"|"]
[null,"(b)","Calendar year 2016 paid net loss & DCC expense",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,"M = ",1,null,"Rand %:",85,115]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Sch. P, Part 2 - Incurred Net Loss & DCC Expense Reported at Year-End"]
[null,null,null,null,null,null,null,null,null,null,null,"|","AY",2012,{"$f":"N65+1","v":2013},{"$f":"O65+1","v":2014},{"$f":"P65+1","v":2015},{"$f":"Q65+1","v":2016},null,null,null,{"$f":"D65","v":0},{"$f":"E65","v":0},{"$f":"F65","v":0},{"$f":"G65","v":0},{"$f":"H65","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,"|",2012,{"$f":"ROUND(RANDBETWEEN($G$62,$H$62)/100*D66/$R$70,2)","v":0},{"$f":"ROUND(RANDBETWEEN($G$62,$H$62)/100*E66/$R$70,2)","v":0},0,0,0,null,null,null,{"$f":"D66*W62","v":0},{"$f":"E66/D66","v":{"$error":"#DIV/0!"}},{"$f":"F66/E66","v":{"$error":"#DIV/0!"}},{"$f":"G66/F66","v":{"$error":"#DIV/0!"}},{"$f":"H66/G66","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"M66+1","v":2013},null,0,0,0,0,null,null,null,null,{"$f":"E67/$D$66","v":{"$error":"#DIV/0!"}},{"$f":"F67/E67","v":{"$error":"#DIV/0!"}},{"$f":"G67/F67","v":{"$error":"#DIV/0!"}},{"$f":"H67/G67","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"M67+1","v":2014},null,null,0,0,0,null,null,null,null,null,{"$f":"F68/$D$66","v":{"$error":"#DIV/0!"}},{"$f":"G68/F68","v":{"$error":"#DIV/0!"}},{"$f":"H68/G68","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"M68+1","v":2015},null,null,null,0,0,null,null,null,null,null,null,{"$f":"G69/$D$66","v":{"$error":"#DIV/0!"}},{"$f":"H69/G69","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"M69+1","v":2016},null,null,null,null,3000,null,null,null,null,null,null,null,{"$f":"H70/$D$66","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Sch. P, Part 3 - Cumulative Paid Net Loss & DCC Reported at Year-End",null,null,null,null,null,null,null,null,"paid/ultimate"]
[null,null,null,null,null,null,null,null,null,null,null,"|","AY",2012,{"$f":"N73+1","v":2013},{"$f":"O73+1","v":2014},{"$f":"P73+1","v":2015},{"$f":"Q73+1","v":2016},null,null,null,{"$f":"D73","v":0},{"$f":"E73","v":0},{"$f":"F73","v":0},{"$f":"G73","v":0},{"$f":"H73","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,"|",2012,{"$f":"ROUND(RANDBETWEEN($G$62,$H$62)/100*D74/$R$70,2)","v":0},0,0,0,0,null,null,null,{"$f":"D74/D66","v":{"$error":"#DIV/0!"}},{"$f":"E74/E66","v":{"$error":"#DIV/0!"}},{"$f":"F74/F66","v":{"$error":"#DIV/0!"}},{"$f":"G74/G66","v":{"$error":"#DIV/0!"}},{"$f":"H74/H66","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"M74+1","v":2013},null,0,0,0,0,null,null,null,null,{"$f":"E75/E67","v":{"$error":"#DIV/0!"}},{"$f":"F75/F67","v":{"$error":"#DIV/0!"}},{"$f":"G75/G67","v":{"$error":"#DIV/0!"}},{"$f":"H75/H67","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"M75+1","v":2014},null,null,0,0,0,null,null,null,null,null,{"$f":"F76/F68","v":{"$error":"#DIV/0!"}},{"$f":"G76/G68","v":{"$error":"#DIV/0!"}},{"$f":"H76/H68","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"M76+1","v":2015},null,null,null,0,0,null,null,null,null,null,null,{"$f":"G77/G69","v":{"$error":"#DIV/0!"}},{"$f":"H77/H69","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"M77+1","v":2016},null,null,null,null,{"$f":"ROUND(RANDBETWEEN($G$62,$H$62)/100*H78/$R$70,2)","v":0},null,null,null,null,null,null,null,{"$f":"H78/H70","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Sch. P, Part 4 - Bulk & IBNR Reserves on Net Loss & DCC Reported at Year-End",null,null,null,null,null,null,null,null,"IBNR / (ult - pd)"]
[null,null,null,null,null,null,null,null,null,null,null,"|","AY",2012,{"$f":"N81+1","v":2013},{"$f":"O81+1","v":2014},{"$f":"P81+1","v":2015},{"$f":"Q81+1","v":2016},null,null,null,{"$f":"D81","v":0},{"$f":"E81","v":0},{"$f":"F81","v":0},{"$f":"G81","v":0},{"$f":"H81","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,"|",2012,{"$f":"ROUND(RANDBETWEEN($G$62,$H$62)/100*D82/$R$70,2)","v":0},0,0,0,0,null,null,null,0.6,0.55000000000000004,0.5,0.45,0]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"M82+1","v":2013},null,0,0,0,0,null,null,null,null,0.65,0.5,0.3,0.25]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"M83+1","v":2014},null,null,0,0,0,null,null,null,null,null,{"$f":"IF(F68-F76=0,0,F84/(F68-F76))","v":0},0.4,0.35]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"M84+1","v":2015},null,null,null,0,0,null,null,null,null,null,null,0.8,0.35]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"M85+1","v":2016},null,null,null,null,{"$f":"ROUND(RANDBETWEEN($G$62,$H$62)/100*H86/$R$70,2)","v":0},null,null,null,null,null,null,null,0.85]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]

{"sheet":"17F.13","index":15,"n_rows":86,"n_cols":27,"rows_kept":86,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok - Chapter 8/9",null,null,null,null,null,null,null,null,"|","carrying value =",null,{"$f":"R10","v":49500}]
["Model:",null,"2017.Fall #13",null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"carrying value of bonds under SAP",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,"Assume an insurer owns the following BOND portfolio:",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,"carrying"]
["random",null,null,null,null,null,null,null,null,null,null,"|","NAIC Rating","method",null,null,null,"value"]
[null,null,null,"Amortized","Fair","Actual",null,null,null,null,null,"|",1,"use amortized cost",null,null,null,{"$f":"D9","v":10000}]
[null,null,"NAIC Rating","Cost","Value","Cost",null,null,null,null,null,"|",3,"use min(amortized cost, fair value)",null,null,null,{"$f":"MIN(D10,E10)","v":35700}]
[null,null,1,10000,8600,9500,null,null,null,null,null,"|",6,"use min(amortized cost, fair value)",null,null,null,{"$f":"MIN(D11,E11)","v":3800}]
[null,null,3,37600,35700,33800,null,null,null,null,null,"|",null,null,null,null,null,{"$f":"SUM(R7:R9)","v":49500}]
[null,null,6,3800,4300,3300,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Find",null,"total adjusted carrying value of BONDS under SAP",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"Amortized","Fair","Actual"]
[null,null,null,null,null,null,null,null,null,null,null,"|","NAIC Rating","Cost","Value","Cost"]
[null,null,null,null,null,null,null,null,null,null,null,"|",1,21000,{"$f":"ROUND(RANDBETWEEN($G$62,$H$62)/100*E66/$N$66,2)","v":0},0]
[null,null,null,null,null,null,null,null,null,null,null,"|",3,{"$f":"ROUND(RANDBETWEEN($G$62,$H$62)/100*D67/$N$66,2)","v":0},0,0]
[null,null,null,null,null,null,null,null,null,null,null,"|",6,{"$f":"ROUND(RANDBETWEEN($G$62,$H$62)/100*D68/$N$66,2)","v":0},0,0]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]

{"sheet":"17F.14","index":16,"n_rows":210,"n_cols":26,"rows_kept":210,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok - Chapter 14",null,null,null,null,null,null,null,null,"|"]
["Model:",null,"2017.Fall #14",null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"restating balance sheet",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,"ceded loss & LAE reserves (Schedule P, Part 1 Summ., Cols 14+16+18+20+22)",null,null,null,null,null,null,1190,null,"|","Note:","The numeric labels for these items in the table DO NOT correspond to the labels"]
["random",null,"ceded unearned premium reserves (Schedule F, Part 3, Column 13)",null,null,null,null,null,null,90,null,"|",null,"in the annual statement. (See below table for more information)"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Schedule F, Part 9 for year 2016   (figures in 000's)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,"net of ",null,"|",null,null,null,null,null,null,null,"net of ",null,"gross of"]
[null,null,null,"Assets",null,null,null,null,null,"ceded",null,"|",null,"Assets",null,null,null,null,null,"ceded","Adj.","ceded"]
[null,null,1,"cash & invested assets",null,null,null,null,null,4390,null,"|",1,"cash & invested assets",null,null,null,null,null,{"$f":"J12","v":4390},null,{"$f":"T12+U12","v":4390}]
[null,null,2,"premiums & considerations",null,null,null,null,null,400,null,"|",{"$f":"M12+1","v":2},"premiums & considerations",null,null,null,null,null,400,null,400]
[null,null,3,"reinsurance recoverables on loss & LAE payments",null,null,null,null,null,220,null,"|",3,"reinsurance recoverables on loss & LAE payments",null,null,null,null,null,220,{"$f":"-T14","v":-220},0," <== reversal"]
[null,null,4,"funds held by OR deposited with reinsured companies",null,null,null,null,null,660,null,"|",4,"funds held by OR deposited with reinsured companies",null,null,null,null,null,660,null,660]
[null,null,5,"other assets",null,null,null,null,null,180,null,"|",5,"other assets",null,null,null,null,null,180,null,180]
[null,null,6,"net recoverable from reinsurers",null,null,null,null,null,90,null,"|",6,"net recoverable from reinsurers",null,null,null,null,null,90,{"$f":"N48","v":530},620," <== balances liabilites"]
[null,null,7,"TOTAL",null,null,null,null,null,5940,null,"|",7,"TOTAL ASSETS (net & gross totals may be different)",null,null,null,null,null,{"$f":"SUM(T12:T17)","v":5940},null,{"$f":"SUM(V12:V17)","v":6250}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,"net of ",null,"|",null,null,null,null,null,null,null,"net of ",null,"gross of"]
[null,null,null,"Liabilities",null,null,null,null,null,"ceded",null,"|",null,"Liabilities",null,null,null,null,null,"ceded","Adj.","ceded"]
[null,null,8,"losses & LAE",null,null,null,null,null,2200,null,"|",8,"losses & LAE",null,null,null,null,null,{"$f":"J22","v":2200},{"$f":"J5","v":1190},{"$f":"T22+U22","v":3390}," <== Sched P ceded"]
[null,null,9,"unearned premiums",null,null,null,null,null,570,null,"|",{"$f":"M22+1","v":9},"unearned premiums",null,null,null,null,null,570,{"$f":"J6","v":90},660," <== Sched F ceded"]
[null,null,10,"advance premiums",null,null,null,null,null,90,null,"|",{"$f":"M23+1","v":10},"advance premiums",null,null,null,null,null,90,null,90]
[null,null,11,"dividends declared & unpaid",null,null,null,null,null,400,null,"|",11,"dividends declared & unpaid",null,null,null,null,null,400,null,400]
[null,null,12,"ceded reinsurance premiums payable",null,null,null,null,null,180,null,"|",12,"ceded reinsurance premiums payable",null,null,null,null,null,180,{"$f":"-T26","v":-180},0," <== reversal"]
[null,null,13,"funds held by company under reinsurance treaties",null,null,null,null,null,440,null,"|",13,"funds held by company under reinsurance treaties",null,null,null,null,null,440,{"$f":"-T27","v":-440},0," <== reversal"]
[null,null,14,"provision for reinsurance",null,null,null,null,null,350,null,"|",14,"provision for reinsurance",null,null,null,null,null,350,{"$f":"-T28","v":-350},0," <== reversal"]
[null,null,15,"TOTAL LIABILITIES",null,null,null,null,null,4230,null,"|",15,"TOTAL LIABILITIES (net & gross totals may be different)",null,null,null,null,null,{"$f":"SUM(T22:T28)","v":4230},null,{"$f":"SUM(V22:V28)","v":4540}]
[null,null,16,"SURPLUS",null,null,null,null,null,1710,null,"|",16,"SURPLUS (no change to surplus)",null,null,null,null,null,{"$f":"T18-T29","v":1710},null,{"$f":"V18-V29","v":1710}]
[null,null,17,"TOTAL",null,null,null,null,null,5940,null,"|",17,"TOTAL ASSETS (from above)",null,null,null,null,null,{"$f":"T18","v":5940},null,{"$f":"V18","v":6250}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Find",null,"restate the balance sheet to a gross of ceded basis",null,null,null,null,null,null,null,null,"|","gross of ceded",null,"=","(net of ceded) + (adjustment)"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","items 3,12,13,14: (corresponds to Schedule F, Part 8, lines 3,14,15,17)"]
[null,null,null,null,null,null,null,null,null,null,null,"|","    - simple reversals of the given ceded amounts."]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","items 8,9: (corresponds to Schedule F, Part 8, lines 9,11)"]
[null,null,null,null,null,null,null,null,null,null,null,"|","    - add the ceded amounts from Schedules P & F back into the corresponding net amounts"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","item 6: (corresponds to Schedule F, Part 8, line 6)"]
[null,null,null,null,null,null,null,null,null,null,null,"|","    - this is a balancing item that forces the total asset adjustments to equal the total liabilitiy adjustments"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","item 6 adjustment"]
[null,null,null,null,null,null,null,null,null,null,null,"|","=","(total liability adjustments)",null,null,"-","(adjustment to reinsurance recoverables on loss & LAE payments)"]
[null,null,null,null,null,null,null,null,null,null,null,"|","=",{"$f":"SUM(U22:U31)","v":310},null,null,"-",{"$f":"U14","v":-220}]
[null,null,null,null,null,null,null,null,null,null,null,"|","=",{"$f":"N47-R47","v":530}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|","multipliers"]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"J62/J$69","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"J63/J$69","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","BASE"]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"J70/J$69","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"J71/J$69","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"J72/J$69","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"J73/J$69","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"J74/J$69","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|","CALC",null,{"$f":"SUM(J69:J74)","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$f":"J79/J$69","v":{"$error":"#DIV/0!"}}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,"|",{"$error":"#DIV/0!"}]
[null,null,null,null,null,null,null,null,null,null,null,"|","CALC",null,{"$f":"SUM(J79:J85)","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,"|","CALC",null,{"$f":"O75-O86","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,"|","CALC",null,{"$f":"O87+O86","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","17F.14:","using Sched F as a solvency monitoring tool",null,null,null,null,"RP = Reinsurance Provision"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"strengths"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,1,"formulaic - easy to compare across years & companies"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,2,"formulaic - hard to manipulate"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,3,"identifies credit risk by highlighting slow-paying & unauthorized reinsurers"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,4,"identifies reinsurance recoverables in dispute (may indicate weak insurer desperate to over-collect)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,5,"shows impact on surplus if reinsurance contracts are canceled"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,6,"Sched F is retrospective (not prospective) - won't consider changes due to growth of cat risk"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"weaknesses"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,1,"formulaic - doesn't consider management input"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,2,"formulaic - complexity may give false sense of accuracy"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,3,"doesn't consider reinsurer's financial strength"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,4,"provision for reinsurance - penalizes unauthorized reinsurers (regardless of their financial strength)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,5,"provision for reinsurance - no statistical basis (may provide false sense of security regarding collectability risk)"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","16F.13","using Sched F as a solvency monitoring tool"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"weaknesses"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,1,"provision for reinsurance - formulaic - may mask management's true estimate of uncollectability"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,2,"provision for reinsurance - no statistical basis (may provide false sense of security regarding collectability risk)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,3,"provision for reinsurance - penalizes unauthorized reinsurers (regardless of their financial strength)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,4,"financially strong slow-payers are penalized BUT financially weak current-payers are not (financial strength of reinsurers not considered)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,5,"provision for reinsurance - formulaic - complexity may give false sense of accuracy"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,6,"collateral requirments?"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,7,"high penalty for unauthorized reinsurance can limit competition to U.S. market"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,8,"adequacy of reinsurance is not considered (Ex: for potential cat event)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,9,"Sched F is retrospective (not prospective) - doesn't consider collectability of reinsurance recoverables on a prospective basis"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,10,"a hard 20% threhold for slow-paying reinsurer's is arbitrary (no significant difference between 19.9% and 20.1% a sliding scale would be better)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,11,"history of uncollectability for a reinsurer is not available (BUT this is clearly a credit risk factor)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,12,"20% threshold for slow-paying reinsurer may motivate disputes because disputres are EXCLUDED from reinsurance provision formula"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,13,"provision for reinsurance - riskiness of line of business is not considered in the formula"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,14,"provision for reinsurance - booking paid recoverables too quickly may mask a slow-paying reinsurer and lower the associated charge"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","12F.19","using the reinsurance provision to monitor solvency"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"weaknesses"]
[null,null,null,null,null,null,null,null,null,null,null,"|","best ==>",1,"doesn't measure the most serious & controllable risk - poor reinsurance arangements"]
[null,null,null,null,null,null,null,null,null,null,null,"|","best ==>",2,"ignores major risk factors for uncollectability - financial weakness of reinsurer or extent of liabilities in an adverse scenario"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,3,"discourages use of unauthorized reinsurers (that may be cheaper BUT just as reliable)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,4,"reinsurance provision - can be manipulated (must provide example)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,5,"20% threshold for slow-payer charge is arbitray"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,6,"encourages use of collateral to lower reinsurance provision (which increases expenses in other ways)"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Text","using Sched F as a solvency monitoring tool"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"weaknesses"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,1,"RP is formulaic - may mask management's better informed estimate of collectability risk"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,2,"RP is formulaic - but no statistical basis for formula  - may not represent true collectability risk"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,3,"RP penalizes unauthorized reinsurers (regardless of their financial strength)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,4,"RP penalizes slow-paying reinsurers (regardless of their financial strength) & 20% threshold is arbitrary"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,5,"Sched F doesn't directly measure reinsurer's solvency which is the true source of uncollectability risk"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,6,"Sched F doesn't measure the quality of an insurer's reinsurance"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]

{"sheet":"17F.27b","index":17,"n_rows":95,"n_cols":24,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Klann.ReinsComm",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["Model:",null,"2017.Fall #27b",null,null,null,null,null,null,null,null,"|","Note:","gross pd","=","ceded pd","/","qs%",null,null,null,null,null,"|"]
["Problem Type:",null,"restate triangles after commutation",null,null,null,null,null,null,null,null,"|",null,"net pd","=","gross pd","x","(1 - qs%)",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,"Primary Insurer",null,null,null,null,null,null,null,null,"|","==>","net pd","=","ceded pd","x","(1 - qs%)","/","qs%",null,null,null,"|"]
["random",null,"Ceded Paid Losses without Commutation",null,null,null,null,"In the exam problem, PY = 2016",null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"policy year",12,24,36,null,null,null,null,null,"|",null,"Primary Insurer",null,null,null,null,null,null,null,null,null,"|"]
[null,null,"PY-2",900,1190,1210,null,null,null,null,null,"|",null,"Net Paid Losses without Commutation",null,null,null,null,"Step 1:",null,null,null,null,"|"]
[null,null,"PY-1",1000,1270,null,null,null,null,null,null,"|",null,"policy year",12,24,36,null," - use the above formula to create the net paid",null,null,null,null,"|"]
[null,null,"PY",1100,null,null,null,null,null,null,null,"|",null,"PY-2",{"$f":"D8*(1-$E$19)/$E$19","v":484.61538461538458},{"$f":"E8*(1-$E$19)/$E$19","v":640.76923076923072},{"$f":"F8*(1-$E$19)/$E$19","v":651.53846153846155},null,"   triangle without commutation (on left)",null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"PY-1",{"$f":"D9*(1-$E$19)/$E$19","v":538.46153846153845},{"$f":"E9*(1-$E$19)/$E$19","v":683.84615384615381},null,null,null,null,null,null,null,"|"]
[null,null,"Primary Insurer",null,null,null,null,null,null,null,null,"|",null,"PY",{"$f":"D10*(1-$E$19)/$E$19","v":592.30769230769226},null,null,null,"Step 2:",null,null,null,null,"|"]
[null,null,"Net Reserves without Commutation",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null," - adjust the appropriate entry from Step 1 (see below)",null,null,null,null,"|"]
[null,null,"policy year",12,24,36,null,null,null,null,null,"|",null,"Primary Insurer (this is the answer to part i)",null,null,null,null,null,null,null,null,null,"|"]
[null,null,"PY-2",1400,1030,710,null,null,null,null,null,"|",null,"Net Paid Losses with Commutation",null,null,null,null,null,null,"commutation",null,null,"|"]
[null,null,"PY-1",500,400,null,null,null,null,null,null,"|",null,"policy year",12,24,36,null,null,null,"price",null,null,"|"]
[null,null,"PY",1500,null,null,null,null,null,null,null,"|",null,"PY-2",{"$f":"O10","v":484.61538461538458},{"$f":"P10","v":640.76923076923072},{"$f":"Q10-E20","v":151.53846153846155},"=",{"$f":"Q10","v":651.53846153846155},"-",{"$f":"E20","v":500},null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"PY-1",{"$f":"O11","v":538.46153846153845},{"$f":"P11","v":683.84615384615381},null,null,null,null,null,null,null,"|"]
[null,null,"quota-share %",null,0.65,null,null,null,null,null,null,"|",null,"PY",{"$f":"O12","v":592.30769230769226},null,null,null,null,null,null,null,null,"|"]
[null,null,"commutation price:",null,500,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","For part ii, proceed as follows:",null,null,null,null,null,null,null,null,null,null,"|"]
["Problem",null,"The insurer has decided to commute this contract for PY-2 within the latest calendar year.",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,"Step 1:",null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"Primary Insurer",null,null,null,null," - compute net ultimate loss triangle without",null,null,null,null,"|"]
[null,null,"i","Restate the primary insurer's net paid loss triangle after commutation.",null,null,null,null,null,null,null,"|",null,"Net Ultimate Losses without Commutation",null,null,null,null,"   commutation by summing net paid loss",null,null,null,null,"|"]
[null,null,"ii","Restate the primary insurer's net ultimate loss triangle after commutation.",null,null,null,null,null,null,null,"|",null,"policy year",12,24,36,null,"   & net reserve (on left)",null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"PY-2",{"$f":"O10+D15","v":1884.6153846153845},{"$f":"P10+E15","v":1670.7692307692307},{"$f":"Q10+F15","v":1361.5384615384614},null,null,null,null,null,null,"|"]
["Hint 1:",null,"State the desired triangles without commutation, then make the appropriate adjustments.",null,null,null,null,null,null,null,null,"|",null,"PY-1",{"$f":"O11+D16","v":1038.4615384615386},{"$f":"P11+E16","v":1083.8461538461538},null,null,"Step 2:",null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"PY",{"$f":"O12+D17","v":2092.3076923076924},null,null,null," - adjust the appropriate entry from Step 1 (see below)",null,null,null,null,"|"]
["Hint 2:",null,"Identify that cells in the triangle that are impacted by the commutation:",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null," ==> the only cell that is impacted is PY-2 & 36 months",null,null,null,null,null,null,null,null,"|",null,"Primary Insurer",null,null,null,null,"paid loss",null,"net resv",null,"ceded resv","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"Net Ultimate Losses with Commutation",null,null,null,null,"with",null,"without",null,"without","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"policy year",12,24,36,null,"commutation",null,"commutation",null,"commutation","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"PY-2",{"$f":"O26","v":1884.6153846153845},{"$f":"P26","v":1670.7692307692307},{"$f":"S33+U33+W33","v":2180.1098901098903},"=",{"$f":"Q17","v":151.53846153846155},"+",{"$f":"F15","v":710},"+",{"$f":"F15*E19/(1-E19)","v":1318.5714285714287},"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"PY-1",{"$f":"O27","v":1038.4615384615386},{"$f":"P27","v":1083.8461538461538},null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"PY",{"$f":"O28","v":2092.3076923076924},null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Note:","gross resv","=","net resv","/","(1 - qs%)",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"ceded resv","=","gross resv","x","qs%",null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","==>","ceded resv","=","net resv","x","qs%","/","(1 - qs%)",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","----","----","----","----","----","----","----","----","----","----","----","|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","----","----","----","----","----","----","----","----","----","----","----","|"]

{"sheet":"RBC(ratio)","index":18,"n_rows":148,"n_cols":27,"rows_kept":148,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok.19-RBC",null,null,null,null,null,null,null,null,"|"]
["Model:",null,"Basic RBC problem",null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"Calculating the RBC ratio",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,"company net loss & LAE ratio",null,null,0.75,null,null,null,null,null,"|","RBC Capital Required:",null,null,{"$f":"F9+SQRT(F10^2+F11^2+F12^2+F13^2+F14^2)","v":11607.194992737002}]
["random",null,"company expense ratio",null,null,0.35,null,null,null,null,null,"|","ACL:",null,null,{"$f":"0.5*P5","v":5803.5974963685012}]
[null,null,"policyholder dividend ratio",null,null,9.9999999999999867E-2,null,null,null,null,null,"|"]
[null,null,"Total Adjusted Capital",null,null,15000,null,null,null,null,null,"|","TAC:",null,null,{"$f":"F8","v":15000}]
[null,null,"R0 charge",null,null,40,null,null,null,null,null,"|"]
[null,null,"R1 charge",null,null,900,null,null,null,null,null,"|","RBC ratio:",{"$f":"P8/P6","v":2.5846037753972402},{"$f":"IF(AND(N10>=200%,N10<300%),\" <== trend test required\",\" <== no trend test required\")","v":" <== trend test required"}]
[null,null,"R2 charge",null,null,1700,null,null,null,null,null,"|"]
[null,null,"R3 charge",null,null,500,null,null,null,null,null,"|","COR:",{"$f":"IF(AND(N10>=200%,N10<300%),SUM(F5:F7),\"\")","v":1.2}," <== need this only if trend test is required"]
[null,null,"R4 charge",null,null,11200,null,null,null,null,null,"|"]
[null,null,"R5 charge",null,null,2100,null,null,null,null,null,"|","level","threshhold","action",{"$f":"IF(AND(O15=\"\",O16=\"\",O17=\"\",O18=\"\"),\" no action required\",\"\")","v":" no action required"}]
[null,null,null,null,null,null,null,null,null,null,null,"|","CAL",2,{"$f":"IF(OR(AND(N10>=150%,N10<200%),AND(N10>=200%,N10<300%,N12>120%)),\" <==\",\"\")","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,"|","RAL",1.5,{"$f":"IF(AND(N10>=100%,N10<150%),\" <==\",\"\")","v":""}]
["Formulas",null,null,null,null,null,null,null,null,null,null,"|","ACL",1,{"$f":"IF(AND(N10>=70%,N10<100%),\" <==\",\"\")","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,"|","MCL",0.7,{"$f":"IF(N10<70%,\" <==\",\"\")","v":""}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]

{"sheet":"RBC(charge)","index":19,"n_rows":142,"n_cols":27,"rows_kept":142,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok.19-RBC",null,null,null,null,null,null,null,null,"|"]
["Model:",null,"2017.Spring #19",null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"Calculating the RBC charges (not the ratio)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,"A","F","E","C","reserve","NWP"]
["Given",null,"item",null,null,null,null,"RBC charge",null,null,null,"|","item",null,null,null,null,"RBC charge","R0","R1","R2","R3","R4","R5"]
["random",null,"Investment income due and accrued",null,null,null,null,2500,null,null,null,"|","Investment income due and accrued",null,null,null,null,{"$f":"H6","v":2500},null,null,null,1]
[null,null,"Federal income tax recoverable",null,null,null,null,4300,null,null,null,"|","Federal income tax recoverable",null,null,null,null,{"$f":"H7","v":4300},null,null,null,1]
[null,null,"Recoverable from parent, subsidiaries, or affiliates",null,null,null,null,7300,null,null,null,"|","Recoverable from parent, subsidiaries, or affiliates",null,null,null,null,7300,null,null,null,1]
[null,null,"Reinsurance recoverable",null,null,null,null,7900,null,null,null,"|","Reinsurance recoverable",null,null,null,null,7900,null,null,null,0.5,0.5]
[null,null,"Reserve",null,null,null,null,58300,null,null,null,"|","Reserve",null,null,null,null,58300,null,null,null,null,1]
[null,null,"Written premium",null,null,null,null,39000,null,null,null,"|","Written premium",null,null,null,null,39000,null,null,null,null,null,1]
[null,null,"Cash and cash equivalents",null,null,null,null,7600,null,null,null,"|","Cash and cash equivalents",null,null,null,null,7600,null,1]
[null,null,"Unaffiliated bond",null,null,null,null,13500,null,null,null,"|","Unaffiliated bond",null,null,null,null,13500,null,1]
[null,null,"Unaffiliated stocks",null,null,null,null,17800,null,null,null,"|","Unaffiliated stocks",null,null,null,null,17800,null,null,1]
[null,null,"Real estate",null,null,null,null,4500,null,null,null,"|","Real estate",null,null,null,null,4500,null,null,1]
[null,null,"Asset concentration",null,null,null,null,11300,null,null,null,"|","Asset concentration",null,null,null,null,11300,null,null,1]
[null,null,"Other non-insurance subsidiaries",null,null,null,null,16400,null,null,null,"|","Other non-insurance subsidiaries",null,null,null,null,16400,null,1]
[null,null,"Investments in insurance affiliates",null,null,null,null,700,null,null,null,"|","Investments in insurance affiliates",null,null,null,null,700,1]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,"reasoning from Sample 2 from examiner's report ==> ",{"$f":"SUMPRODUCT($R6:$R18,S6:S18)","v":700},37500,33600,18050,62250,39000]
[null,null,"Non-Tabular Discount",null,null,null,null,15200,null,null,null,"|"]
[null,null,"Tabular Discount in Reserves",null,null,null,null,4400,null,null,null,"|",null,null,null,null,"sum check:",{"$f":"SUM(R6:R18)","v":191100}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"sum check:",{"$f":"SUM(S19:X19)","v":191100}]
["Find","(a)","RBC total risk charge",null,null,null,null,null,null,null,null,"|",null,null,null,null,"difference:",{"$f":"R21-R22","v":0}]
[null,"(b)","range of surplus corresponding to RAL (Regulatory Action Level)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","RBC charge = R0 + [ R12+ R22 + R32 + R42 + R52 ] 0.5   = ",null,null,null,null,{"$f":"S19+SQRT(T19^2+U19^2+V19^2+W19^2+X19^2)","v":91568.448869780972},"  <== final answer (part a)"]
["Note",null,"This question was ambiguous and many different solutions were accepted. My",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,"         (sample answer #7 in examiner's report)"]
[null,null,"answer corresponds to Sample Answer 2 because that seemed the simplest. (It might be",null,null,null,null,null,null,null,null,"|","(part b)"]
[null,null,"helpful also to spend a moment looking over the answers in the examiner's report.)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Let NTB","= Non-Tabular DIscount",null,null,"=",{"$f":"H20","v":15200},"  (given)"]
["Concept",null,"You just have to figure out which risk category each RBC charge goes into. Then apply",null,null,null,null,null,null,null,null,"|","Let TB","= Tabular Dicsount",null,null,"=",{"$f":"H21","v":4400},"  (given)"]
[null,null,"the basic formula for the RBC charge.",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Required Facts:"]
["Concept",null,"It's straightforward except for 3 items:",null,null,null,null,null,null,null,null,"|",null,"* RAL corresponds to a range of 100-150% for the RBC ratio"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"* RBC Ratio = TAC  / ACL",null,null,"=",{"$f":"\"TAC / \" & ROUND(0.5*R25,0)","v":"TAC / 45784"},"  (ACL = 50% of the RBC charge from part a)"]
[null,null,"i","Reinsurance recoverable is split 50/50 between R3 and R4.",null,null,null,null,null,null,null,"|",null,"* TAC = PHS - NTB - TB",null,null,"=",{"$f":"\"PHS - \" & SUM(R29:R30)","v":"PHS - 19600"}]
[null,null,"ii","Asset concentration factor can be split in any proportion between R1 and R2.",null,null,null,null,null,null,null,"|","Then"]
[null,null,null,"(I chose 100% for R2.)",null,null,null,null,null,null,null,"|",1,"=",{"$f":"\"(PHS - \"&SUM(R29:R30)&\") / \"&ROUND(R25/2,0)","v":"(PHS - 19600) / 45784"},null,null,"==>","PHS","=",{"$f":"M37*R$25/2+SUM(R$29:R$30)","v":65384.224434890486},"  <== low end of range"]
[null,null,"iii","Other non-insurance subsidiaries can go into either R1 or R2, depending on",null,null,null,null,null,null,null,"|",1.5,"=",{"$f":"\"(PHS - \" & SUM(R29:R30)&\") / \"&ROUND(R25/2,0)","v":"(PHS - 19600) / 45784"},null,null,"==>","PHS","=",{"$f":"M38*R$25/2+SUM(R$29:R$30)","v":88276.336652335725},"  <== high end of range"]
[null,null,null,"whether it is considered a fixed-income or equity investment.",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["RBC Ratio",null,"You cannot calculate the RBC Ratio because they don't provide TAC (Total Adjusted Capital)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]

{"sheet":"RBC(1a)","index":20,"n_rows":138,"n_cols":27,"rows_kept":138,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok.19-RBC",null,null,null,null,null,null,null,null,"|"]
["Model:",null,"2015.Fall #17",null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"Calculate RBC charge R1.",null,null,null,null,null,null,null,null,"|","R1","=","basic","+","BSC","+","ACC"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"=",{"$f":"O12","v":543},"+",{"$f":"O16","v":814.5},"+",{"$f":"O22","v":538}]
["Given",null,null,null,null,"Assets",null,"Notation",null,null,null,"|",null,"=",{"$f":"O4+Q4+S4","v":1895.5},"  <== final answer"]
["random",null,null,"Unaffiliated","Unaffiliated","subject to",null,"basic","basic R1 charge",null,null,"|"]
[null,null,null,"Bonds NAIC","Common","Asset",null,"BSC","Bond Size Charge",null,null,"|","----","----","----","----","----","----","----","----","----"]
[null,null,"#","Class 02","Stock","Concentration",null,"    BSF","    Bond Size Factor",null,null,"|"]
[null,null,1,0,28000,28000,null,"ACC","Asset Contentration Charge",null,null,"|","basic","=","SUM over n: [ (total fixed income assets of category i) x (RBC factor for category i) ]"]
[null,null,2,20200,0,20200,null,"    R1   =","basic + BSC + ACC",null,null,"|",null,"=","(total bonds of class 02)",null,null,"x","(RBC factor for class 02)"]
[null,null,3,16800,0,16800,null,null,null,null,null,"|",null,"=",{"$f":"SUM(D9:D20)","v":54300},null,null,"x",{"$f":"F34","v":0.01}]
[null,null,4,0,12800,12800,null,null,null,null,null,"|",null,"=",{"$f":"O11*S11","v":543}]
[null,null,5,10200,0,10200,null,null,null,null,null,"|"]
[null,null,6,5100,0,5100,null,null,null,null,null,"|","BSC","=","BSF","x","basic"]
[null,null,7,1500,1100,2600,null,null,null,null,null,"|",null,"=",{"$f":"SUMPRODUCT(E26:E29,F26:F29)/SUM(E26:E29)-1","v":1.5},"x",{"$f":"O12","v":543}]
[null,null,8,0,2100,2100,null,null,null,null,null,"|",null,"=",{"$f":"O15*Q15","v":814.5}]
[null,null,9,0,1400,1400,null,null,null,null,null,"|"]
[null,null,10,0,700,700,null,null,null,null,null,"|","----","----","----","----","----","----","----","----","----"]
[null,null,11,0,500,500,null,null,null,null,null,"|"]
[null,null,12,500,0,500,null,null,null,null,null,"|","ACC","=","(total bonds from TOP 10 issuers)",null,null,null,"x","(RBC factor)"]
[null,null,null,54300,46600,100900,"  * Issuers are sorted from largest to smallest.",null,null,null,null,"|",null,"=",{"$f":"SUM(D9:D18)","v":53800},null,null,null,"x",{"$f":"F34","v":0.01}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"=",{"$f":"O21*T21","v":538}]
[null,null,"Bond Size Adjustment Factor WEIGHTS",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","----","----","----","----","----","----","----","----","----"]
[null,null,null,"bond count","# issuers","weights","  * BSF = sumproduct(issuers, weights) / sum(issuers)",null,null,null,null,"|"]
[null,null,null,"1-50",12,2.5,null,null,null,null,null,"|","Notes on the BSF term (Bond Size Factor)"]
[null,null,null,"51-100",0,1.3,null,null,null,null,null,"|"]
[null,null,null,"101-400",0,1,null,null,null,null,null,"|","  ==> Since we have at most 12 issuers in this problem, BSF always equals 1.5"]
[null,null,null,"> 400",0,0.9,null,null,null,null,null,"|","  ==> In general BSF = sumproduct(# issuers, weights) / sum(# issuers) - 1"]
[null,null,null,null,null,null,null,null,null,null,null,"|","  ==> if (bond count) > 1300 then BSF is set to 0."]
[null,null,"RBC Factors by Asset Category",null,null,null,null,null,null,null,null,"|","  ==> BSF decreases as bond count increases"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"Asset Category",null,"RBC Factor",null,null,null,null,null,"|"]
[null,null,null,"Unaffiliated Bonds Class 02",null,0.01,null,null,null,null,null,"|"]
[null,null,null,"Unaffiliated Common Stock",null,0.15,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Find",null,"Calculate the RBC charge R1.",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]

{"sheet":"RBC(1b)","index":21,"n_rows":128,"n_cols":27,"rows_kept":128,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok.19-RBC",null,null,null,null,null,null,null,null,"|"]
["Model:",null,"mixture of 2 examples from Odomirok text (tables 86, 87, 88)",null,null,null,null,null,null,null,null,"|","R1","=","basic charge","+","BSC","+","ACC"]
["Problem Type:",null,"Calculate RBC charge R1.",null,null,null,null,null,null,null,null,"|",null,"=",{"$f":"R9","v":2164.08},"+",{"$f":"P31","v":3060.6000000000004},"+",{"$f":"S57","v":467.83333333333337}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"=",{"$f":"O3+Q3+S3","v":5692.5133333333333}," <== final answer"]
["Given",null,"data for R1 calculation",null,null,null,null,null,null,null,null,"|"]
["random",null,"item",null,null,"amount","RBC factor",null,null,null,null,"|","step 1:","calculate the basic R1 RBC charge"]
[null,null,null,"cash & equivalents",null,1330,3.0000000000000001E-3,null,null,null,null,"|",null,"(multiply amounts by RBC factors for each item in the table)"]
[null,null,null,"other short-term investmemts",null,5730,3.0000000000000001E-3,null,null,null,null,"|"]
[null,null,null,"mortgage bonds",null,2050,0.05,null,null,null,null,"|",null,"basic R1 charge = orange + blue highlights =",null,null,null,{"$f":"SUM(Q12:Q15)+SUM(Q18:Q24)","v":2164.08}]
[null,null,null,"net admitted collateral loans",null,0,0.05,null,null,null,null,"|"]
[null,null,"bonds",null,null,"amount","RBC factor",null,null,null,null,"|",null,"item",null,null,"RBC charge"]
[null,null,null,"U.S. government",null,66300,0,null,null,null,null,"|",null,null,"cash & equivalents",null,{"$f":"F7*G7","v":3.99}]
[null,null,null,"Class 01 U.S. govt. bonds",null,0,3.0000000000000001E-3,null,null,null,null,"|",null,null,"other short-term investmemts",null,{"$f":"F8*G8","v":17.190000000000001}]
[null,null,null,"Class 01 non-govt bonds",null,385900,3.0000000000000001E-3,null,null,null,null,"|",null,null,"mortgage bonds",null,{"$f":"F9*G9","v":102.5}]
[null,null,null,"Class 02 unaffiliated bonds",null,38300,0.01,null,null,null,null,"|",null,null,"net admitted collateral loans",null,{"$f":"F10*G10","v":0}]
[null,null,null,"Class 03 unaffiliated bonds",null,6510,0.02,null,null,null,null,"|",null,"bonds",null,null,"RBC charge"]
[null,null,null,"Class 04 unaffiliated bonds",null,3500,4.4999999999999998E-2,null,null,null,null,"|",null,null,"U.S. government",null,{"$f":"F12*G12","v":0},"  <== NOT subject to bond size charge"]
[null,null,null,"Class 05 unaffiliated bonds",null,860,0.1,null,null,null,null,"|",null,null,"Class 01 U.S. govt. bonds",null,0,"  <== NOT subject to bond size charge"]
[null,null,null,"Class 06 unaffiliated bonds",null,420,0.3,null,null,null,null,"|",null,null,"Class 01 non-govt bonds",null,1157.7]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Class 02 unaffiliated bonds",null,383]
[null,null,"# of bonds issuers",null,null,null,30,null,null,null,null,"|",null,null,"Class 03 unaffiliated bonds",null,130.19999999999999]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Class 04 unaffiliated bonds",null,157.5]
[null,null,"assets subject to asset concentration charge",null,null,null,null,null,null,null,null,"|",null,null,"Class 05 unaffiliated bonds",null,86]
[null,null,null,"fixed income investments",null,"equity investments",null,null,null,null,null,"|",null,null,"Class 06 unaffiliated bonds",null,126]
[null,null,null,null,null,"class 03",null,null,null,null,null,"|",null,"bonds subject to bond size factor",null,null,{"$f":"SUM(Q19:Q24)","v":2040.4},"  <== sum blue highlighted values"]
[null,null,null,"class 02",null,"unaffiliated","unaffiliated",null,null,null,null,"|"]
[null,null,null,"unaffiliated","mortgage","preferred","common",null,null,null,null,"|","step 2:","calculate BSC (Bond Size Charge)"]
[null,null,null,"bonds","bonds","stocks","stock","real estate","total *",null,null,"|"]
[null,null,1,0,2433.3333333333335,0,2433.3333333333335,2433.3333333333335,7300,null,null,"|",null,"BSC","=","BSF","x","(assets subject to BSF)"]
[null,null,2,0,0,0,3600,3600,7200,null,null,"|",null,null,"=",{"$f":"P42","v":1.5},"x",{"$f":"Q25","v":2040.4}]
[null,null,3,0,3300,0,3300,0,6600,null,null,"|",null,null,"=",{"$f":"P30*R30","v":3060.6000000000004}]
[null,null,4,6000,0,0,0,0,6000,null,null,"|"]
[null,null,5,1500,0,0,1500,0,3000,null,null,"|","BSF calc:","# issuers","# issuers","weights"]
[null,null,6,2900,0,0,0,0,2900,null,null,"|",null,{"$f":"\"= \" &G21","v":"= 30"},"(1)","(2)","(3)=(2)x(1)"]
[null,null,7,750,0,750,0,0,1500,null,null,"|",null,"first 50",{"$f":"MIN(50,G21)","v":30},2.5,{"$f":"O35*P35","v":75}]
[null,null,8,466.66666666666669,0,466.66666666666669,0,466.66666666666669,1400,null,null,"|",null,"next 50",{"$f":"MAX(0,MIN(50,G21-50))","v":0},1.3,{"$f":"O36*P36","v":0}]
[null,null,9,0,0,1300,0,0,1300,null,null,"|",null,"next 300",{"$f":"MAX(0,MIN(300,G21-100))","v":0},1,{"$f":"O37*P37","v":0}]
[null,null,10,0,1300,0,0,0,1300,null,null,"|",null,"> 400",{"$f":"MAX(0,G21-400)","v":0},0.9,{"$f":"O38*P38","v":0}]
[null,null,11,433.33333333333331,0,433.33333333333331,0,433.33333333333331,1300,null,null,"|",null,"total",{"$f":"SUM(O35:O38)","v":30},null,{"$f":"SUM(Q35:Q38)","v":75}]
[null,null,12,{"$f":"$I40*N79/$S79","v":0},{"$f":"$I40*O79/$S79","v":0},{"$f":"$I40*P79/$S79","v":0},{"$f":"$I40*Q79/$S79","v":1200},{"$f":"$I40*R79/$S79","v":0},{"$f":"ROUND(I39*IF(RAND()<0.15,0.5,RANDBETWEEN(90,100)/100),-2)","v":1200},null,null,"|"]
[null,null,13,600,0,600,0,0,1200,null,null,"|",null,"BSF","=",{"$f":"Q39","v":75},"/",{"$f":"O39","v":30},"-",1]
[null,null,14,1100,0,0,0,0,1100,null,null,"|",null,null,"=",{"$f":"MAX(0,P41/R41-T41)","v":1.5},"  <== substitute this value above as shown"]
[null,null,15,550,0,0,0,550,1100,null,null,"|"]
[null,null,"total",{"$f":"SUM(D29:D43)","v":14300},7033.3333333333339,3550.0000000000005,12033.333333333334,7483.3333333333339,44400,null,null,"|","step 3:","calculate ACC (Asset Concentration Charge) for R1"]
[null,null,"* represents total assets subject to asset concentration charge",null,null,null,null,null,null,null,null,"|",null,"(the 5-step procedure from the wiki is: gather, sort, truncate, sum, multiply)"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"gather:","this is already done for you"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"sort:","this is already done for you"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"truncate:","cut the list off at the TOP 10"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"sum:","sum the TOP 10 amounts for each fixed income asset:"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  class 02 unaffiliated bonds",null,"=",{"$f":"SUM(D29:D38)","v":11616.666666666666}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"  mortgage bonds",null,"=",{"$f":"SUM(E29:E38)","v":7033.3333333333339}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"multiply:","multiply the above sums by the appropriate RBC factor"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,{"$f":"R51","v":11616.666666666666},"x",{"$f":"G15","v":0.01},"=",{"$f":"O55*Q55","v":116.16666666666666}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,{"$f":"R52","v":7033.3333333333339},"x",{"$f":"G9","v":0.05},"=",{"$f":"O56*Q56","v":351.66666666666674}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,{"$f":"SUM(S55:S56)","v":467.83333333333337}," <== ACC"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","GRID for creating ASSET VALUES"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"fixed income investments",null,"equity investments"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"class 03"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"class 02",null,"unaffiliated","unaffiliated"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"unaffiliated","mortgage","preferred","common"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"bonds","bonds","stocks","stock","real estate","total *"]
[null,null,null,null,null,null,null,null,null,null,null,"|",1,{"$f":"IF(RAND()<$U68,1,0)","v":0},{"$f":"IF($N68=1,0,IF(RAND()<U68,1,0))","v":0},{"$f":"IF(RAND()<$V68,1,0)","v":0},0,{"$f":"IF(RAND()<$V68,1,IF(SUM(N68:Q68)=0,1,0))","v":1},{"$f":"SUM(N68:R68)","v":1},null,0.5,0.3]
[null,null,null,null,null,null,null,null,null,null,null,"|",2,0,0,0,0,1,{"$f":"SUM(N69:R69)","v":1},null,0.5,0.3]
[null,null,null,null,null,null,null,null,null,null,null,"|",3,0,1,1,1,1,4,null,0.5,0.3]
[null,null,null,null,null,null,null,null,null,null,null,"|",4,0,0,0,0,1,1,null,0.5,0.3]
[null,null,null,null,null,null,null,null,null,null,null,"|",5,0,0,0,0,1,1,null,0.5,0.3]
[null,null,null,null,null,null,null,null,null,null,null,"|",6,1,0,1,0,0,2,null,0.5,0.3]
[null,null,null,null,null,null,null,null,null,null,null,"|",7,0,0,0,1,0,1,null,0.5,0.3]
[null,null,null,null,null,null,null,null,null,null,null,"|",8,1,0,0,0,0,1,null,0.5,0.3]
[null,null,null,null,null,null,null,null,null,null,null,"|",9,1,0,1,0,0,2,null,0.5,0.3]
[null,null,null,null,null,null,null,null,null,null,null,"|",10,1,0,1,0,0,2,null,0.5,0.3]
[null,null,null,null,null,null,null,null,null,null,null,"|",11,1,0,0,0,0,1,null,0.5,0.3]
[null,null,null,null,null,null,null,null,null,null,null,"|",12,0,0,0,1,0,1,null,0.5,0.3]
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{"sheet":"RBC(3)","index":23,"n_rows":128,"n_cols":27,"rows_kept":128,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok.19-RBC",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Model:",null,"n/a",null,null,null,null,null,null,null,null,"|","R3 =",{"$f":"O6","v":2295.5},null,null,null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"Calculate the RBC charge for R3",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","R3","=","charge for non-invested assets",null,null,"+","charge for reins. recov.",null,null,"+ charge for health credit risk",null,null,"|"]
["Given",null,"Credit-Related Assets",null,null,null,null,null,null,null,null,"|",null,"=",{"$f":"S15","v":850.5},null,null,"+",{"$f":"Q26","v":1445},null,null,"+ 0",null,null,"|"]
["random",null,null,null,null,null,null,null,null,null,null,"|",null,"=",{"$f":"O5+S5+0","v":2295.5},null,null,null,null,null,null,null,null,null,"|"]
[null,null,"NON-INVESTED ASSETS",null,null,null,null,null,"amount","RBC factor",null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"investment income due & accrued",null,null,null,null,0,0.01,null,"|","charges for NON-INVESTED ASSETS",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,"amounts receivable related to uninsured plans",null,null,null,null,0,0.05,null,"|",null,"investment income due & accrued",null,null,null,null,{"$f":"I8*J8","v":0},null,null,null,null,null,"|"]
[null,null,null,"federal income tax recoverable",null,null,null,null,11000,0.05,null,"|",null,"amounts receivable related to uninsured plans",null,null,null,null,0,null,null,null,null,null,"|"]
[null,null,null,"guaranty funds receivable or on deposit",null,null,null,null,0,0.05,null,"|",null,"federal income tax recoverable",null,null,null,null,550,null,null,null,null,null,"|"]
[null,null,null,"recoverable (parents/subs/affiliates)",null,null,null,null,3300,0.05,null,"|",null,"guaranty funds receivable or on deposit",null,null,null,null,0,null,null,null,null,null,"|"]
[null,null,null,"aggregate write-ins for other than invested assets",null,null,null,null,2710,0.05,null,"|",null,"recoverable (parents/subs/affiliates)",null,null,null,null,165,null,null,null,null,null,"|"]
[null,null,"REINSURANCE RECOVERABLES",null,null,null,null,null,"amount","RBC factor",null,"|",null,"aggregate write-ins for other than invested assets",null,null,null,null,135.5,null,null,null,null,null,"|"]
[null,null,null,"amount subject to RBC (gross of reins provision)",null,null,null,null,29700,0.1,null,"|",null,null,null,null,null,null,{"$f":"SUM(S9:S14)","v":850.5},"  <== charge for non-invested assets",null,null,null,null,"|"]
[null,null,null,"provision for reinsurance (allocated)",null,null,null,null,800,"n/a",null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","pre-allocation charges for REINSURANCE RECOVERABLES",null,null,null,null,null,{"$f":"(I15-I16)*J15","v":2890},"  (subtract reinsurance provision",null,null,null,null,"|"]
[null,null,"* assume this P&C insurer has no health credit risk",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,"   before applying RBC factor)",null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Check R3/R4 allocation of RBC for reinsurance recoverables",null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"U/W risk (you need this to finish the R3 calculation)",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","  RBC charge for R4",null,null,null,null,null,null,null,"=",{"$f":"H22","v":3400},null,null,"|"]
[null,null,"RBC charge for R4",null,null,null,null,3400,null,null,null,"|","  (RBC charge for NON-INVESTED ASSETS) + (1/2)x(RBC charge for reins recoverables)",null,null,null,null,null,null,null,"=",{"$f":"S15+0.5*S17","v":2295.5},null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Since R4",{"$f":"IF(V21>V22,\"is greater\",\"less than or equal\")","v":"is greater"},null,"==>",{"$f":"IF(V21>V22,\"put 50% of \",\"put 100%\")","v":"put 50% of "},null,{"$f":"S17","v":2890},"into R3",null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|","final R3 charge for reins recovs",null,null,"=",{"$f":"IF(V21>V22,0.5*S17,S17)","v":1445},"  <== charge for reinsurance recoverables",null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]

{"sheet":"RBC4","index":24,"n_rows":128,"n_cols":27,"rows_kept":128,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok.19-RBC",null,null,null,null,null,null,null,null,"|","Total R4 RBC for all lines   = ",null,null,{"$f":"Q65","v":2370.2758959387943},"  <== final answer"]
["Model:",null,"n/a",null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"Calculate RBC charge R4 (reserve risk)",null,null,null,null,null,null,null,null,"|","Apply equations 1, 2, 3 in succession to arrive at the final answer."]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,null,null,null,null,"Line of Business",null,null,null,null,"|","Equation 1: Base RBC"]
["random",null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"R4 Base RBC","=","[[ (C+1) x A ] -1 ] x (Reserves)"]
[null,null,null,null,null,null,"LOB 1","LOB 2","LOB 3",null,null,"|"]
[null,null,"industry average L+LAE LDF (9 prior AYs)",null,null,null,null,null,0.96199999999999997,null,null,"|",null,"where"]
[null,null,"company average L+LAE LDF (9 prior AYs)",null,null,null,null,null,1.1200000000000001,null,null,"|",null,"C","=","Company L+LAE RBC%",null,null,null,"=",{"$f":"0.5*Q16+0.5*O21","v":0.23806652806652812},"<== see weighting below"]
[null,null,"industry L+LAE RBC %",null,null,null,null,null,0.22,null,null,"|",null,"A","=","Adjustment for investment income",null,null,null,"=",{"$f":"I12","v":0.88},"<== given"]
[null,null,"adjustment for investment income",null,null,null,null,null,0.88,null,null,"|"]
[null,null,"company L+LAE Reserves (gross of NTD)",null,null,null,6300,11700,7000,null,null,"|"]
[null,null,"  (NTD = Non-Tabular Discount)",null,null,null,null,null,null,null,null,"|",null,"C is a 50/50 weighting between:"]
[null,null,"portion of reserves on retro-rated plan",null,null,null,null,null,null,null,null,"|"]
[null,null,"    % direct loss-sensitive",null,null,null,null,null,0.06,null,null,"|",null," industry L+LAE RBC%",null,"=",{"$f":"$I$11","v":0.22},"<== given (weight = 50%)"]
[null,null,"    % assumed loss-sensitive",null,null,null,null,null,0.02,null,null,"|"]
[null,null,"Reserve RBC charge after discounts",null,null,null,756,1170,"?",null,null,"|",null," industry L+LAE RBC% adjusted for company experience"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"="," industry L+LAE RBC%",null,"x","(company average LDF) / (industry average LDF)"]
[null,null,"Excessive Premium Growth Charge (add to total RBC)",null,null,null,null,null,208,null,null,"|",null,"=",{"$f":"I11","v":0.22},null,"x",{"$f":"I10","v":1.1200000000000001},"/",{"$f":"I9","v":0.96199999999999997}]
[null,null,"RBC for reinsurance recoverables (part of R3 calc)",null,null,null,null,null,56.440000000000005,null,null,"|",null,"=",{"$f":"O20*R20/T20","v":0.2561330561330562},"<== weight = 50%"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"Assume:",null,null,null,null,null,null,null,null,"|","Putting this all together gives:"]
[null,null,"R4 >","  (RBC charge for NON-INVESTED ASSETS) + (1/2)x(RBC charge for reins recoverables)",null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"R4 Base RBC","=",{"$f":"\"[ ( \" & ROUND(U10+1,4)","v":"[ ( 1.2381"},"x",{"$f":"ROUND(U11,3) & \" )\"","v":"0.88 )"},"-",{"$f":"1 & \" ]\"","v":"1 ]"},"x",{"$f":"I13","v":7000}]
["Find",null,"Calculate the total R4 RBC charge for all 3 lines combined",null,null,null,null,null,null,null,null,"|",null,"R4 Base RBC","=",{"$f":"((U10+1)*U11-1)*(I13+I14)","v":626.48981288981349}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["TRICK",null,"Don't forget to add 1/2 of RBC for reinsurance recoverables at the very end.",null,null,null,null,null,null,null,null,"|","Equation 2: Subtract Loss-Sensitive Discount (LSD)"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"R4 RBC after discount"," = ","Base RBC","-","LSD"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"where"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"LSD","=","Base RBC","x","(D%","+","A%)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P26","v":626.48981288981349},"x",{"$f":"P39+P43","v":2.0999999999999998E-2}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P34*R34","v":13.156286070686082}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"D%","=",0.3,"x","(% direct loss sensitive)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",0.3,"x",{"$f":"I16","v":0.06}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P38*R38","v":1.7999999999999999E-2}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"A%","=",0.15,"x","(% assumed loss sensitive)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",0.15,"x",{"$f":"I17","v":0.02}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P42*R42","v":3.0000000000000001E-3}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Putting this together gives:"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"R4 RBC after discount"," = ","Base RBC","-","LSD"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"R4 RBC after discount"," = ",{"$f":"P26","v":626.48981288981349},"-",{"$f":"P35","v":13.156286070686082}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"R4 RBC after discount"," = ",{"$f":"Q48-S48","v":613.33352681912743}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Equation 3: Final RBC after applying Loss Concentration Factor (LCF)"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Calculate LCF and apply it to all lines of business"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"LCF","=",0.7,"+",0.3,"x","(max reserve)",null,"/","(total reserve)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",0.7,"+",0.3,"x",{"$f":"MAX(G13:I13)","v":11700},null,"/",{"$f":"SUM(G13:I13)","v":25000}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P56+R56*T56/W56","v":0.84039999999999992}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Putting this together gives the final answer: (RR = Reinsurance Recoverables RBC calc'd as part of R3)"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Total R4 RBC (all lines)","=","pre-LCF total",null,"x","LCF","+","growth","+","1/2(RR)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Total R4 RBC (all lines)","=",{"$f":"\"( \" & G18 & \" + \" & H18 & \" + \" & ROUND(Q49,1) & \" )\"","v":"( 756 + 1170 + 613.3 )"},null,"x",{"$f":"P57","v":0.84039999999999992},"+",{"$f":"I20","v":208},"+",{"$f":"0.5*I21","v":28.220000000000002}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Total R4 RBC (all lines)","=",{"$f":"(G18+H18+Q49)*T64+V64+X64","v":2370.2758959387943},"  <== final answer"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]

{"sheet":"RBC5","index":25,"n_rows":128,"n_cols":27,"rows_kept":128,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok.19-RBC",null,null,null,null,null,null,null,null,"|","Total R5 RBC for all lines   = ",null,null,{"$f":"Q65","v":2950.5812578509867},"  <== final answer"]
["Model:",null,"2014.Fall #18",null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"Calculate RBC charge R5 (NWP risk)",null,null,null,null,null,null,null,null,"|","Apply equations 4, 5, 6 in succession to arrive at the final answer."]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,null,null,null,null,"Line of Business",null,null,null,null,"|","Equation 4: Base RBC"]
["random",null,null,null,null,null,"Comm",null,null,null,null,"|"]
[null,null,null,null,null,null,"Auto",null,null,null,null,"|",null,"R5 Base RBC","=","(current yr NWP)",null,"x","[ (C x A) + U - 1 ]"]
[null,null,null,null,null,null,"Liab","G/L","WC",null,null,"|"]
[null,null,"industry average L+LAE ratio (10 yrs)",null,null,null,null,null,1.032,null,null,"|",null,"where"]
[null,null,"company average L+LAE ratio (10 yrs)",null,null,null,null,null,1.091,null,null,"|",null,"C","=","Company RBC L+LAE ratio",null,null,null,"=",{"$f":"0.5*Q16+0.5*O21","v":0.93292684108527135},"<== see weighting below"]
[null,null,"industry L+LAE ratio",null,null,null,null,null,0.90700000000000003,null,null,"|",null,"A","=","Adjustment for investment income",null,null,null,"=",{"$f":"I12","v":0.83},"<== given"]
[null,null,"adjustment for investment income",null,null,null,null,null,0.83,null,null,"|",null,"U","=","company U/W expense ratio",null,null,null,"=",{"$f":"I14","v":0.35},"<== given"]
[null,null,"company NWP (current yr)",null,null,null,5400,11400,12500,null,null,"|"]
[null,null,"company U/W expense ratio (current yr)",null,null,null,null,null,0.35,null,null,"|",null,"C is a 50/50 weighting between:"]
[null,null,"portion of reserves on retro-rated plan",null,null,null,null,null,null,null,null,"|"]
[null,null,"    % direct loss-sensitive",null,null,null,null,null,0.1,null,null,"|",null,"  industry L+LAE ratio",null,"=",{"$f":"$I$11","v":0.90700000000000003},"<== given (weight = 50%)"]
[null,null,"    % assumed loss-sensitive",null,null,null,null,null,0.04,null,null,"|"]
[null,null,"R5 RBC charge after discounts",null,null,null,594,1254,"?",null,null,"|",null,"  industry L+LAE ratio adjusted for company experience"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"=","  industry L+LAE ratio",null,"x","(company average L+LAE) / (industry average L+LAE ratio)"]
[null,null,"Excessive Premium Growth Charge (add to total RBC):",null,null,null,null,null,180,null,null,"|",null,"=",{"$f":"I11","v":0.90700000000000003},null,"x",{"$f":"I10","v":1.091},"/",{"$f":"I9","v":1.032}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"=",{"$f":"O20*R20/T20","v":0.95885368217054257},"<== weight = 50%"]
["Find",null,"Calculate the total R5 RBC charge for all 3 lines combined",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Putting this all together gives:"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"R5 Base RBC","=",{"$f":"I13","v":12500},"x",{"$f":"\"( \"&ROUND(U10,3)","v":"( 0.933"},"x",{"$f":"U11","v":0.83},"+",{"$f":"U12","v":0.35},"-",{"$f":"\"1\"&\" )\"","v":"1 )"}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"R5 Base RBC","=",{"$f":"MAX(0,P25*(U10*U11+U12-1))","v":1554.1159762596901}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Equation 5: Subtract Loss-Sensitive Discount (LSD)"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"R5 RBC after discount"," = ","Base RBC","-","LSD"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"where"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"LSD","=","Base RBC","x","(D%","+","A%)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P26","v":1554.1159762596901},"x",{"$f":"P39+P43","v":3.5999999999999997E-2}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P34*R34","v":55.948175145348841}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"D%","=",0.3,"x","(% direct loss sensitive)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",0.3,"x",{"$f":"I16","v":0.1}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P38*R38","v":0.03}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"A%","=",0.15,"x","(% assumed loss sensitive)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",0.15,"x",{"$f":"I17","v":0.04}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P42*R42","v":6.0000000000000001E-3}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Putting this together gives:"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"R5 RBC after discount"," = ","Base RBC","-","LSD"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"R5 RBC after discount"," = ",{"$f":"P26","v":1554.1159762596901},"-",{"$f":"P35","v":55.948175145348841}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"R5 RBC after discount"," = ",{"$f":"Q48-S48","v":1498.1678011143413}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Equation 6: Final RBC after applying Premium Concentration Factor (PCF)"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Calculate PCF and apply it to all lines of business"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"PCF","=",0.7,"+",0.3,"x","(max NWP by line)",null,"/","(total NWP)"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",0.7,"+",0.3,"x",{"$f":"MAX(G13:I13)","v":12500},null,"/",{"$f":"SUM(G13:I13)","v":29300}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P56+R56*T56/W56","v":0.82798634812286687}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Putting this together gives the final answer:"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Total R5 RBC (all lines)","=","pre-PCF total",null,null,"x","PCF","+","growth charge"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Total R5 RBC (all lines)","=",{"$f":"\"( \" & G18 & \" + \" & H18 & \" + \" & ROUND(Q49,1) & \" )\"","v":"( 594 + 1254 + 1498.2 )"},null,null,"x",{"$f":"P57","v":0.82798634812286687},"+",{"$f":"I20","v":180}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"Total R5 RBC (all lines)","=",{"$f":"(G18+H18+Q49)*U64+W64","v":2950.5812578509867},"  <== final answer"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]

{"sheet":"17S.13","index":26,"n_rows":148,"n_cols":27,"rows_kept":148,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok.15-P",null,null,null,null,null,null,null,null,"|"]
["Model:",null,"Text Example of Intercompany Pooling from p186 (similar to 2017.Spring #13ab)",null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"Schedule P (& non-Schedule P) losses & premiums for INTERCOMPANY POOLING",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,"In this problem, net refers to amounts net of outside reinsurance",null,null,null,null,null,null,null,null,"|",null,"Schedule P",null,"non-Schedule P"]
["random",null,"(versus net of internally ceded amounts based on pool %)",null,null,null,null,null,null,null,null,"|",null,"gross","net","gross","net"]
[null,null,null,null,null,null,null,null,null,null,null,"|","company","loss & LAE","loss & LAE","loss & LAE","loss & LAE"]
[null,null,null,null,null,"ceded to",null,null,null,null,null,"|","A (lead)",{"$f":"D11*E$14","v":605},{"$f":"D11*(E$14-F$14)","v":605},{"$f":"E11+G12+G13","v":1210},{"$f":"O8","v":605}]
[null,null,null,null,"direct","outside","net",null,null,null,null,"|","B",{"$f":"D12*E$14","v":242},{"$f":"D12*(E$14-F$14)","v":242},{"$f":"E12+O9","v":582},{"$f":"O9","v":242}]
[null,null,"company","pool %","loss & LAE","insurers","loss & LAE",null,null,null,null,"|","C",{"$f":"D13*E$14","v":363.00000000000006},{"$f":"D13*(E$14-F$14)","v":363.00000000000006},{"$f":"E13+O10","v":533},{"$f":"O10","v":363.00000000000006}]
[null,null,"A (lead)",0.5,700,0,700,null,null,null,null,"|","total",{"$f":"SUM(N8:N10)","v":1210},{"$f":"SUM(O8:O10)","v":1210},{"$f":"SUM(P8:P10)","v":2325},{"$f":"SUM(Q8:Q10)","v":1210}]
[null,null,"B",0.2,340,0,340,null,null,null,null,"|"]
[null,null,"C",0.30000000000000004,170,0,170,null,null,null,null,"|"]
[null,null,"total",1,1210,0,1210,null,null,null,null,"|","The non-Schedule P gross column looks wrong. It isn't! According to Odomirok:"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,"no cession to outside reinsurers",null,null,null,null,"|","Lead A internally assumes everything from non-lead companies (that wasn't ceded to outside reinsurers)"]
["Find",null,"(a)","Schedule P gross reserves",null,null,null,null,null,null,null,"|"]
[null,null,"(b)","Schedule P net reserves",null,null,null,null,null,null,null,"|","A gross","=","A (direct)","+","B (net)","+","C (net)"]
[null,null,"(c)","non-Schedule P gross reserves",null,null,null,null,null,null,null,"|",null,"=",{"$f":"E11","v":700},"+",{"$f":"G12","v":340},"+",{"$f":"G13","v":170}]
[null,null,"(d)","non-Schedule P net reserves",null,null,null,null,null,null,null,"|",null,"=",{"$f":"O19+Q19+S19","v":1210}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,"ceded internally to A"]
["Concept","*","It doesn't matter whether you're dealing with losses or premiums.",null,null,null,null,null,null,null,null,"|"]
[null,"*","The key is whether it's a Schedule P exhibit or a non-Schedule P exhibit",null,null,null,null,null,null,null,null,"|","Non-lead B & C internally re-assume their pool % from A's gross amount above"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Schedule P:",null,"GROSS reserves for each company:",null,null,"  (total direct loss & LAE) x (pool %)",null,null,null,null,null,"|","B gross","=","B (direct)","+","(total net)","x","(B pool %)"]
[null,null,"NET reserves for each company:",null,null,"  (total net loss & LAE) x (pool %)",null,null,null,null,null,"|",null,"=",{"$f":"E12","v":340},"+",{"$f":"G14","v":1210},"x",{"$f":"D12","v":0.2}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"=",{"$f":"O26","v":340},"+",{"$f":"Q26*S26","v":242},"            assumed internally from A"]
["non-Schedule P:",null,"GROSS reserves for each company:",null,null,null,null,null,null,null,null,"|",null,"=",{"$f":"O26+Q26*S26","v":582}]
[null,null,"A (lead):","  A (direct) + B (net) + C (net)",null,null,null,null,null,null,null,"|"]
[null,null,"B (non-lead):","  B (direct) + (total net) x (B pool %)",null,null,null,"<-- this one is tricky",null,null,null,"|","C gross","=","C (direct)","+","(total net)","x","(C pool %)"]
[null,null,"C (non-lead):","  C (direct) + (total net) x (C pool %)",null,null,null,"<-- this one is tricky",null,null,null,"|",null,"=",{"$f":"E13","v":170},"+",{"$f":"G14","v":1210},"x",{"$f":"D13","v":0.30000000000000004}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"=",{"$f":"O31","v":170},"+",{"$f":"Q31*S31","v":363.00000000000006},"            assumed internally from A"]
[null,null,"NET reserves for each company:",null,null,"  same as for Schedule P",null,null,null,null,null,"|",null,"=",{"$f":"O31+Q31*S31","v":533}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","The gross amounts for all companies double-count the internally ceded amounts."]
[null,null,null,null,null,null,null,null,null,null,null,"|","  - A's gross amount includes the internal cession from the non-lead companies B & C"]
[null,null,null,null,null,null,null,null,null,null,null,"|","  - But B & C's gross amounts also include the internal cession BACK from A"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"17S.26-easy","index":27,"n_rows":148,"n_cols":27,"rows_kept":148,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Klann.ReinsComm",null,null,null,null,null,null,null,null,"|","insurer","=",{"$f":"T15","v":104996.5},{"$f":"U15","v":"  (increase)"}]
["Model:",null,"2017.Spring #26b",null,null,null,null,null,null,null,null,"|","reinsurer","=",{"$f":"T16","v":-104569.15000000002},{"$f":"U16","v":"  (decrease)"}]
["Problem Type:",null,"change in taxable income - easy version",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,"The following pertains to a reinsurance contract that was commuted:",null,null,null,null,null,null,null,null,"|",{"$f":"G7*100 & \"% quota-share reinsurance means that \" &  G7*100 & \"% is CEDED to reinsurer:\"","v":"35% quota-share reinsurance means that 35% is CEDED to reinsurer:"}]
["random",null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"quota-share percentage",null,null,null,0.35,null,null,null,null,"|",null,"pR-ceded","=","pR-gross","x","qs%"]
[null,null,"primary insurer RESERVE direct (gross)",null,null,null,1110000,"=","pR-gross",null,null,"|",null,null,"=",{"$f":"G8","v":1110000},"x",{"$f":"G7","v":0.35},"=",{"$f":"P8*R8","v":388500}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"discount factor for primary insurer",null,null,null,0.88,null,null,null,null,"|",null,"reR-gross","=","pR-ceded","x",{"$f":"1+H14","v":0.99}]
[null,null,"discount factor for reinsurer",null,null,null,0.89,null,null,null,null,"|",null,null,null,{"$f":"T8","v":388500},"x",{"$f":"1+H14","v":0.99},"=",{"$f":"P11*R11","v":384615}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"REINSURER'S carried loss reserves (prior to commutation)",null,null,null,null,null,null,null,null,"|","We now have what we need to substitute into the formulas for change in taxable income:"]
[null,null,"are higher than the INSURED'S carried reserves by:",null,null,null,null,-0.01,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"change in taxable income for primary insurer",null,null,null,null,"=",{"$f":"E16-T8*G10","v":104996.5},{"$f":"IF(T15>0,\"  (increase)\", IF(T15<0,\"  (decrease)\",\"  (no change)\"))","v":"  (increase)"}]
[null,null,"commutation price",null,446876.5,null,null,null,null,null,null,"|",null,"change in taxable income for reinsurer",null,null,null,null,"=",{"$f":"T11*G11-E16","v":-104569.15000000002},{"$f":"IF(T16>0,\"  (increase)\", IF(T16<0,\"  (decrease)\",\"  (no change)\"))","v":"  (decrease)"}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Find",null,"change in taxable income for both insurer and reinsurer due to the commutation",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Notation",null,"price","=","commutation price",null,null,null,null,null,null,"|"]
[null,null,"pR-ceded","=","CEDED carried reserve for primary insurer",null,null,null,null,null,null,"|"]
[null,null,"reR-gross","=","GROSS carried reserve for reinsurer",null,null,null,null,null,null,"|"]
[null,null,"d1","=","discount factor for primary insurer",null,null,null,null,null,null,"|"]
[null,null,"d2","=","discount factor for reinsurer",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Formulas",null,"change in taxable income for primary insurer",null,null,null,null,"=","price - (pR-ceded) x d1",null,null,"|"]
[null,null,"change in taxable income for reinsurer",null,null,null,null,"=","(reR-gross) x d2 - price",null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","work area:",null,"use price P as input instead of the increase in ultimate"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","primary insurer DIRECT ultimate loss",null,null,null,{"$f":"G8+RANDBETWEEN(50,80)*10000","v":1820000}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","REINSURER'S ultimate loss reserves, as a result of"]
[null,null,null,null,null,null,null,null,null,null,null,"|","commutation, increased by:",null,null,0.1]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","The hard part of this problem is calculating the commutation price P:"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"primary insurer DIRECT pd loss",null,null,"=",{"$f":"Q64","v":1820000},"-",{"$f":"G8","v":1110000}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",{"$f":"R71-T71","v":710000}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"primary insurer CEDED pd loss",null,null,"=",{"$f":"R72","v":710000},"x",{"$f":"G7","v":0.35}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",{"$f":"R74*T74","v":248499.99999999997}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"=","reinsurer GROSS pd loss"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"reinsurer GROSS ultimate loss",null,null,"=","pd loss","+","R2"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",{"$f":"R75","v":248499.99999999997},"+",{"$f":"T11","v":384615}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",{"$f":"R79+T79","v":633115}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","But this is the GROSS ultimate loss PRIOR to commutation. AFTER commutation, we have:"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"reinsurer GROSS ultimate loss",null,null,"=",{"$f":"R80","v":633115},"x",{"$f":"1+P67","v":1.1000000000000001}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",{"$f":"R84*T84","v":696426.5}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"now, reinsurer's reserve goes to 0, and the \"extra\" money in the ultimate must be the commutation price P:"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"P","=",{"$f":"R85","v":696426.5},"-",{"$f":"R75","v":248499.99999999997}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",{"$f":"R88-T88","v":447926.5}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]

{"sheet":"17S.26","index":28,"n_rows":140,"n_cols":27,"rows_kept":140,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Klann.ReinsComm",null,null,null,null,null,null,null,null,"|","insurer","=",{"$f":"T40","v":113957.99999999994},{"$f":"U40","v":"  (increase)"}]
["Model:",null,"2017.Spring #26b",null,null,null,null,null,null,null,null,"|","reinsurer","=",{"$f":"T41","v":-92525.999999999913},{"$f":"U41","v":"  (decrease)"}]
["Problem Type:",null,"change in taxable income",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,"The following pertains to a reinsurance contract that was commuted:",null,null,null,null,null,null,null,null,"|",{"$f":"G7*100 & \"% quota-share reinsurance means that \" &  G7*100 & \"% is CEDED to reinsurer:\"","v":"25% quota-share reinsurance means that 25% is CEDED to reinsurer:"}]
["random",null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"quota-share percentage",null,null,null,0.25,null,null,null,null,"|",null,"pR-ceded","=","pR-gross","x","qs%"]
[null,null,"primary insurer RESERVE direct(net)",null,null,null,940000,"=","pR-gross",null,null,"|",null,null,"=",{"$f":"G8","v":940000},"x",{"$f":"G7","v":0.25},"=",{"$f":"P8*R8","v":235000}]
[null,null,"primary insurer ULTIMATE direct(net)",null,null,null,1540000,"=","pU-gross",null,null,"|"]
[null,null,"discount factor for primary insurer",null,null,null,0.87,null,null,null,null,"|",null,"reR-gross","=","pR-ceded","x",{"$f":"1+H14","v":1.08}]
[null,null,"discount factor for reinsurer",null,null,null,0.89,null,null,null,null,"|",null,null,null,{"$f":"T8","v":235000},"x",{"$f":"1+H14","v":1.08},"=",{"$f":"P11*R11","v":253800.00000000003}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"REINSURER'S carried loss reserves (prior to commutation)",null,null,null,null,null,null,null,null,"|","The hard part of this problem is calculating the commutation price P:"]
[null,null,"are higher than the INSURED'S carried reserves by:",null,null,null,null,0.08,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","pP-gross =","primary insurer PAID LOSS direct",null,null,"=","pU-gross","-","pR-gross"]
[null,null,"REINSURER'S ultimate loss, as a result of",null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",{"$f":"G9","v":1540000},"-",{"$f":"G8","v":940000}]
[null,null,"commutation, increased by:",null,null,0.16,null,null,null,null,null,"|",null,null,null,null,"=",{"$f":"R16-T16","v":600000}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Find",null,"change in taxable income for both insurer and reinsurer",null,null,null,null,null,null,null,null,"|","pP-ceded =","primary insurer PAID LOSS ceded",null,null,"=","pP-gross","x","qs%"]
[null,null,null,null,null,null,null,null,null,null,null,"|","(also equals reP-gross)",null,null,null,null,{"$f":"R17","v":600000},"x",{"$f":"G7","v":0.25}]
["Notation",null,"P","=","commutation price",null,null,null,null,null,null,"|",null,null,null,null,"=",{"$f":"R20*T20","v":150000}]
[null,null,"pR-ceded","=","CEDED carried reserve for primary insurer",null,null,null,null,null,null,"|",null,null,null,null,"=","reP-gross","(reinsurer PAID LOSS gross)"]
[null,null,"reR-gross","=","GROSS carried reserve for reinsurer",null,null,null,null,null,null,"|"]
[null,null,"d1","=","discount factor for primary insurer",null,null,null,null,null,null,"|","reU-gross =","reinsurer ULTIMATE LOSS gross",null,null,"=","reP-gross","+","reR-gross"]
[null,null,"d2","=","discount factor for reinsurer",null,null,null,null,null,null,"|",null,null,null,null,"=",{"$f":"R21","v":150000},"+",{"$f":"T11","v":253800.00000000003}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",{"$f":"R25+T25","v":403800}]
["Formulas",null,"change in taxable income for primary insurer",null,null,null,null,"=","price - (pR-ceded) x d1",null,null,"|"]
[null,null,"change in taxable income for reinsurer",null,null,null,null,"=","(reR-gross) x d2 - price",null,null,"|","But this is the GROSS ultimate loss PRIOR to commutation. AFTER commutation, we have:"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","reU+gross =","reinsurer ULTIMATE LOSS gross",null,null,"=","reU-gross","x",{"$f":"1+F17","v":1.1599999999999999}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,{"$f":"R26","v":403800},"x",{"$f":"1+F17","v":1.1599999999999999}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",{"$f":"R31*T31","v":468407.99999999994}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"now, reinsurer's reserve goes to 0, and the \"extra\" money in the ultimate must be the commutation price:"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,"price","=",{"$f":"R32","v":468407.99999999994},"-",{"$f":"R25","v":150000}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,"=",{"$f":"R35-T35","v":318407.99999999994}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","We now have what we need to substitute into the given formulas for change in taxable income:"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"change in taxable income for primary insurer",null,null,null,null,"=",{"$f":"R36-T8*G10","v":113957.99999999994},{"$f":"IF(T40>0,\"  (increase)\", IF(T40<0,\"  (decrease)\",\"  (no change)\"))","v":"  (increase)"}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"change in taxable income for reinsurer",null,null,null,null,"=",{"$f":"T11*G11-R36","v":-92525.999999999913},{"$f":"IF(T41>0,\"  (increase)\", IF(T41<0,\"  (decrease)\",\"  (no change)\"))","v":"  (decrease)"}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"16S.27","index":29,"n_rows":138,"n_cols":26,"rows_kept":138,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Klann.ReinsComm",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Model:",null,"2016.Spring #27",null,null,null,null,null,null,null,null,"|","We need to solve these 2 inequalities for 'price' and HOPE that the solution ranges overlap.",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"mutually beneficial commutation price",null,null,null,null,null,null,null,null,"|","(If the solution ranges do NOT overlap then there is no MUTUALLY beneficial commutation price)",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,"gross paid loss",null,null,null,4.0999999999999996,null,null,null,null,"|","(A)","price","-","pR-c","+","pT",">",0,"  <== for primary insurer",null,null,null,null,"|"]
["random",null,"gross reserves (case + IBNR)",null,null,null,4.5999999999999996,null,null,null,null,"|","(B)","- price","+","reR-g","+","reT",">",0,"  <== for reinsurer",null,null,null,null,"|"]
[null,null,"gross discounted reserves (case + IBNR)",null,null,null,3.4," <== economic discount",null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"ceded paid loss",null,null,null,0.7,null,null,null,null,"|","Now:",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"ceded  reserves (case + IBNR)",null,null,null,3,null,null,null,null,"|",null,"pR-c","=",{"$f":"G10","v":1.5},"  <== use company discounted reserves (economic value)",null,null,null,null,null,null,null,null,"|"]
[null,null,"ceded discounted reserves (case + IBNR)",null,null,null,1.5," <== economic discount",null,null,null,"|",null,"reR-g","=",{"$f":"G10","v":1.5},"  <== use company discounted reserves (economic value)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"The following discount factors are for tax purposes:",null,null,null,null,null,null,null,null,"|","For the primary insurer:",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"pT","=","tax rate","x","(decrease in taxable income for primary insurer)",null,null,null,null,")",null,null,"|"]
[null,null,null,null,null,"primary",null,null,null,null,null,"|",null,null,"=","tax rate","x","(","reserves commuted",null,"-","price",")",null,null,"|"]
[null,null,null,null,null,"insurer","reinsurer",null,null,null,null,"|",null,null,"=",{"$f":"F17","v":0.31},"x","(",{"$f":"P20","v":2.46},null,"-","price",")",null,null,"|"]
[null,null,"average discount factor",null,null,0.82,0.85," <== for statutory discounting",null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"tax rate",null,null,0.31,0.18,null,null,null,null,"|",null,"where:","reserves commuted",null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=","undiscounted ceded reserves",null,null,"x","discount factor",null," <== tax discounting",null,null,null,"|"]
[null,null,"The reinsurer's assumed losses equal the primary insurer's ceded losses",null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"G9","v":3},null,null,"x",{"$f":"F16","v":0.82},null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P19*T19","v":2.46},null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Calculate",null,"range of the mutually beneficial commutation price (if possible)",null,null,null,null,null,null,null,null,"|",null,"Using these values to solve inequality (A) gives:",null,null,null,null,"price",">",{"$f":"(P9-G9*F16*F17)/(1-F17)","v":1.0686956521739133}," <== for insurer's benefit",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","And a similar calculation for the reinsurer is as follows:",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"reT","=","tax rate","x","(decrease in taxable income for primary insurer)",null,null,null,null,")",null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=","tax rate","x","(","-reserves commuted",null,"+","price",")",null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"G17","v":0.18},"x","(",{"$f":"P32","v":-2.5499999999999998},null,"+","price",")",null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"where:","-reserves commuted",null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=","- undiscounted ceded reserves",null,null,"x","discount factor",null," <== tax discounting",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"-G9","v":-3},null,null,"x",{"$f":"G16","v":0.85},null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P31*T31","v":-2.5499999999999998},null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"Using these values to solve inequality (B) gives:",null,null,null,null,"price","<",{"$f":"(G10-G9*G16*G17)/(1-G17)","v":1.269512195121951}," <== for reinsurer's benefit",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Final price range:",null,"(",{"$f":"IF(U22>U34,\"no overlap\",U22)","v":1.0686956521739133},",",{"$f":"IF(U22>U34,\"no overlap\",U34)","v":1.269512195121951},")",null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|",null,0.85,0.8,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,0.35,0.2,null,null,null,null,null,null,null,null,null,null,"|"]
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[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"10-10","index":30,"n_rows":148,"n_cols":27,"rows_kept":148,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Freihaut.Reins",null,null,null,null,null,null,null,null,"|"]
["Model:",null,"none",null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"10-10 rule for assessing risk transfer",null,null,null,null,null,null,null,null,"|","10-10 rule:"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,"type of treaty:",null,"excess-of-loss",null,null,null,null,null,null,"|",null,"Calculate the reinsurer's NPV(loss) at the 90% percentile since this corresponds "]
["random",null,"primary retention:",null,9,"million",null,null,null,null,null,"|",null,"to a 10% probability of loss FOR THE REINSURER"]
[null,null,"excess coverage:",null,8,"million beyond retention",null,null,null,null,null,"|"]
[null,null,"discount rate:",null,0.04,null,null,null,null,null,null,"|",null,"Risk transfer has occurred if:"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"reinsurance premium",null,null,3.2,"million","* premiums are paid at start of year",null,null,null,"|",null,null,"NPV(loss) at 90th percentile > 110% x (reinsurance premium)"]
[null,null,"losses paid in full after:",null,null,3,"years","* not a predetermined payment schedule",null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"CDF (Cumulative Probability Distribution) for primary insurer losses:",null,null,null,null,null,null,null,null,"|",null,"NPV(loss) @ 90th","=","PV(","gross loss","-","retention",")"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=","PV(",{"$f":"MIN(E16,SUM(E6:E7))","v":15},"-",{"$f":"E6","v":9},")"]
[null,null,null,"prob.","gross loss",null,null,null,null,null,null,"|",null,null,"=","PV(",{"$f":"Q14-S14","v":6},")"]
[null,null,null,0.9,15,null,null,null,null,null,null,"|",null,null,"=",{"$f":"Q15/(1+E8)^F11","v":5.3339781520254892}]
[null,null,null,0.95,23,null,null,null,null,null,null,"|"]
[null,null,null,0.99,64,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"110% x premium","=",{"$f":"1.1*F10","v":3.5200000000000005}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Find",null,"Use the 10-10 rule for risk transfer to assess whether risk transfer has occurred.",null,null,null,null,null,null,null,null,"|",null,"Conclusion:",{"$f":"IF(P16>P19,\"  risk transfer occurred\",\"  no risk transfer\")","v":"  risk transfer occurred"}]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Side note: Discounting calculation"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,{"$f":"\"PV(\" &Q15&\".0)\"","v":"PV(6.0)"},"=",{"$f":"Q15","v":6},"/",{"$f":"1+E8 & \"^\" & F11","v":"1.04^3"}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"=",{"$f":"P26/(1+E8)^F11","v":5.3339781520254892}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","TIP:","Don't forget to check whether the (gross loss) is larger than (primary retention) + (excess coverage)"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"  gross loss @ 90th percentile:",null,null,{"$f":"E16","v":15}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"  retention + excess:",null,null,{"$f":"E6+E7","v":17}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"gross loss @90th",null,{"$f":"IF(Q32<=Q33,\"is less than/equal\",\"is greater than\")","v":"is less than/equal"},null,"  retention + excess",null,"==>",{"$f":"IF(Q32>Q33,\"must cap gross loss\",\"no capping required\")","v":"no capping required"}]
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[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
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{"sheet":"IEE.SA","index":31,"n_rows":138,"n_cols":27,"rows_kept":138,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok.18-IEE",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Model:",null,"2015.Fall #13",null,null,null,null,null,null,null,null,"|","Let m(x)","=","mean value of ( prior CY value of x , current CY value of x )",null,null,null,null,null,null,null,null,null,null,null,"|"]
["Problem Type:",null,"Allocation of surplus to line of business",null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,"All LOBs",null,null,"notation","prior CY","current CY",null,null,null,"|","Step 1:","calculate the Surplus Ratio (SR) using the All Lines data",null,null,null,null,null,null,null,null,null,null,null,null,"|"]
["random",null,"policyholders' surplus",null,null,"S",10000,11900,null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"  net loss & LAE reserve",null,null,"L + LAE",18900,23600,null,null,null,"|",null,"SR","=","m(S) / [ m(L) + m(LAE) + m(UEP) + NEPCY ]",null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"  net UEP reserve",null,null,"UEP",5400,7000,null,null,null,"|","where:",null,null,null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,"  net EP",null,null,"NEP",8800,10740,null,null,null,"|",null,"m(S)","=","(",{"$f":"G6","v":10000},"+",{"$f":"H6","v":11900},")","/",2,"=",{"$f":"(Q9+S9)/2","v":10950},null,null,"|"]
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{"sheet":"IEE.TIA","index":32,"n_rows":138,"n_cols":27,"rows_kept":138,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok.18-IEE",null,null,null,null,null,null,null,null,"|"]
["Model:",null,"not based on an exam problem",null,null,null,null,null,null,null,null,"|","Let m(x)","=","mean value of ( prior CY value of x , current CY value of x )"]
["Problem Type:",null,"Calculation of basic IEE quantities: FAIT & TIA",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
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["random",null,"Financial Statement Item",null,null,"notation","all lines","all lines",null,null,null,"|",null,null,null,null,null,null,null,null,null,null,null,null,"TIA"]
[null,null,"PH surplus",null,null,"S",15000,18300,null,null,null,"|","where:",null,null,null,null,null,null,null,null,null,null,null,"operation"]
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[null,null,"net UEP reserve",null,null,"UEP",6300,6900,null,null,null,"|",null,"m(UEP)","=","(",{"$f":"G9","v":6300},"+",{"$f":"H9","v":6900},")","/",2,"=",{"$f":"(Q9+S9)/2","v":6600},"(+)"]
[null,null,"net EP",null,null,"NEP",14100,14950,null,null,null,"|",null,"m(re)","=","(",{"$f":"G11","v":1720},"+",{"$f":"H11","v":2050},")","/",2,"=",{"$f":"(Q10+S10)/2","v":1885},"(+)"]
[null,null,"ceded reins. premium payable",null,null,"re",1720,2050,null,null,null,"|",null,"m(S)","=","(",{"$f":"G7","v":15000},"+",{"$f":"H7","v":18300},")","/",2,"=",{"$f":"(Q11+S11)/2","v":16650},"(+)"]
[null,null,"agents' balances",null,null,"AB",1130,1390,null,null,null,"|",null,"m(AB)","=","(",{"$f":"G12","v":1130},"+",{"$f":"H12","v":1390},")","/",2,"=",{"$f":"(Q12+S12)/2","v":1260},"(-)"]
[null,null,null,null,null,null,null,null,null,null,null,"|","then:"]
[null,null,"PrePaid Expense Ratio (PPER)",null,null,0.36,null,null,null,null,null,"|",null,"TIA","=",{"$f":"SUM(X8:X11)-X12","v":48625}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Find:",null,"TIA & FAIT  (Total Investable Assets & Funds Attributable to Insurance Transactions)",null,null,null,null,null,null,null,null,"|","FAIT","FAIT","=","m(L) + m(LAE) + m(UEP) + m(re) - m(AB) - (PPE for UEP)"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"The only term we don't have from the calculation of TIA is (PPE for UEP)"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"(PPE for UEP)",null,"=","PPER","x","m(UEP)"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"and we're given PPER =",null,null,{"$f":"F14","v":0.36}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"therefore"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,null,"(PPE for UEP)",null,"=",{"$f":"Q23","v":0.36},"x",{"$f":"X9","v":6600},"=",{"$f":"ROUND(R26*T26,0)","v":2376}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","and:"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"FAIT","=",{"$f":"SUM(X8:X10)-X12-V26","v":29599}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Aside:","If you aren't given PPER, you can calculate it using this formula:"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"PPER","=","(net acquisition expense) / NWP"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]

{"sheet":"IEE.PL","index":33,"n_rows":138,"n_cols":27,"rows_kept":138,"cut":false,"hidden":false,"merged":[]}
["Reading:",null,"Odomirok.18-IEE",null,null,null,null,null,null,null,null,"|"]
["Model:",null,"2015.Spring #13",null,null,null,null,null,null,null,null,"|","Let m(x)","=","mean value of ( prior CY value of x , current CY value of x )"]
["Problem Type:",null,"Pre-tax profit (loss)",null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Given",null,null,null,null,null,null,"prior CY","current CY",null,null,"|","Step 1:","Calculate: pre-tax profit (loss) excluding investment gain"]
["random",null,"TOTAL net investmemt earned",null,null,null,"Inv",1800,3200,null,null,"|"]
[null,null,"TOTAL net realized capital gains",null,null,null,"CapG",17900,21100,null,null,"|",null,"According to the formula provided in Odomirok, these are the components:"]
[null,null,"TOTAL policyholders' surplus",null,null,null,"S",136800,132700,null,null,"|"]
[null,null,"HOMEOWNERS total investment gain",null,null,null,"NIGH",10200,9200,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"(+)","earned premium",null,null,{"$f":"I18","v":74400}]
[null,null,null,null,null,null,null,"homeowners",null,"TOTAL",null,"|",null,"(-)","dividends to policyholders",null,null,"not given"]
[null,null,null,null,null,null,null,"prior CY","current CY","prior CY","current CY","|",null,"-","incurred loss",null,null,{"$f":"I22","v":38600}]
[null,null,"commission",null,null,null,"C",13900,13200,24300,26100,"|",null,"-","DCC incurred",null,null,"not given"]
[null,null,"taxes, licenses, fees",null,null,null,"TLF",1500,1500,2900,3300,"|",null,"-","A&O incurred",null,null,"not given"]
[null,null,"other acquisition expenses",null,null,null,"Other",2800,3600,7500,6500,"|",null,"-","C",null,null,{"$f":"I13","v":13200}]
[null,null,"general expenses",null,null,null,"Gen",4600,6500,9500,12200,"|",null,"-","TLF",null,null,{"$f":"I14","v":1500}]
[null,null,"written premium",null,null,null,"WP",58000,64700,155600,153600,"|",null,"-","Other",null,null,{"$f":"I15","v":3600}]
[null,null,"earned premium",null,null,null,"EP",61100,74400,132400,124700,"|",null,"-","Gen",null,null,{"$f":"I16","v":6500}]
[null,null,"loss & LAE reserves",null,null,null,"L + LAE",28400,31600,52500,50400,"|",null,"(+)","other income less expenses",null,null,{"$f":"I23-I24","v":1300},"=",{"$f":"I23","v":2100},"-",{"$f":"I24","v":800}]
[null,null,"unearned premium reserves",null,null,null,"UEP",27500,26500,54100,54100,"|",null,null,null,null,null,{"$f":"R10-SUM(R11:R18)+R19","v":12300}," <== pretax profit (loss) excluding InvGain"]
[null,null,"agents' balances",null,null,null,"AB",5900,6500,12900,15000,"|"]
[null,null,"net loss & LAE incurred",null,null,null,"IL",43200,38600,87500,72500,"|","Step 2:","Calculate TOTAL profit (loss) by adding the investment gain (given)"]
[null,null,"finance charges not included in premium",null,null,null,"charges",1800,2100,4700,5000,"|"]
[null,null,"fine & penalties of regulatory authorities",null,null,null,"penalties",600,800,1100,1500,"|",null,"=",{"$f":"R20","v":12300},"+",{"$f":"I9","v":9200}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"=",{"$f":"O24+Q24","v":21500}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
["Find",null,"Current CY pre-tax profit (loss) as a percentage of policyholders' surplus for homeowners.",null,null,null,null,null,null,null,null,"|","Step 3:","Calculate Surplus Ratio (because we need to allocate surplus to homeowners)"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"SR","=","m(S) / [ m(L) + m(LAE) + m(UEP) + NEPCY ]"]
[null,null,null,null,null,null,null,null,null,null,null,"|","where:"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"m(S)","=","(",{"$f":"H8","v":136800},"+",{"$f":"I8","v":132700},")","/",2,"=",{"$f":"(Q31+S31)/2","v":134750}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"m(L+LAE)","=","(",{"$f":"J19","v":52500},"+",{"$f":"K19","v":50400},")","/",2,"=",{"$f":"(Q32+S32)/2","v":51450}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"m(UEP)","=","(",{"$f":"J20","v":54100},"+",{"$f":"K20","v":54100},")","/",2,"=",{"$f":"(Q33+S33)/2","v":54100}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"NEPCY","=",{"$f":"K18","v":124700}]
[null,null,null,null,null,null,null,null,null,null,null,"|","then:"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"SR","=",{"$f":"X31","v":134750},"/",{"$f":"SUM(X32:X33)+P34","v":230250},"=",{"$f":"P36/R36","v":0.58523344191096638}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Step 4:","Allocate surplus to homeowners"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"SH","=","SR x [ m(LH) + m(LAEH) + m(UEPH) + NEPH(CY) ]"]
[null,null,null,null,null,null,null,null,null,null,null,"|","where:"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"m(L+LAE)","=","(",{"$f":"H19","v":28400},"+",{"$f":"I19","v":31600},")","/",2,"=",{"$f":"(Q42+S42)/2","v":30000}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"m(UEP)","=","(",{"$f":"H20","v":27500},"+",{"$f":"I20","v":26500},")","/",2,"=",{"$f":"(Q43+S43)/2","v":27000}]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"NEPCY","=",{"$f":"I18","v":74400}]
[null,null,null,null,null,null,null,null,null,null,null,"|","then:"]
[null,null,null,null,null,null,null,null,null,null,null,"|",null,"SH","=",{"$f":"T36","v":0.58523344191096638},"x",{"$f":"SUM(X42:X43)+P44","v":131400},null,"=",{"$f":"P46*R46","v":76899.674267100985}]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|","Step 5:","Final Ratio",null,"=","Step 2","/","Step 4","=",{"$f":"O25/U46","v":0.27958505942850365}," <== final answer"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"----","----","----","----","----","----","----","----","----","----","----","----","----","----","----","----"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
[null,null,null,null,null,null,null,null,null,null,null,"|"]
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