In this video, Jianyu Chen walks through the essential terms and definitions that form the backbone of property and casualty ratemaking. She explains core concepts such as premium, exposure, loss, and loss ratio, illustrating each with clear examples. Jianyu also covers advanced ideas like credibility, trending, and on-leveling, showing how actuaries apply them to ensure accurate pricing.
Contributors: Jianyu Chen, FCAS; Jon Forster, ASA, MAAA