Part 1
If the LOBs have different yearly reporting convention (such as RY, AY, PY); then what is the convention used for Part1 summary ?
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If the LOBs have different yearly reporting convention (such as RY, AY, PY); then what is the convention used for Part1 summary ?
Comments
The main sources are silent on this question. Yes, the different bases are added together. Schedule P years are "year in which premium was earned and loss was incurred." For occurrence policies, this is the year when the accident occurred. For claims-made policies, this when the claim was made. So, you are adding up incurral years, which are defined differently for policy types of different lines.