Description of terms and procedure Sample Clauses

Description of terms and procedure. In order to accomplish this task, the assembly months starting from February 2007 till December 2012 (71 months in total) have been taken into account. An important parameter in this approach is the value of actual approved claims per vehicle. This value is calculated as a function of time for each of the 71 assembly months mentioned previously. An observation is made as to how many months after the assembly does this value reach at least 95% of the final value in at least 95% of the cases. The final value hereafter refers to where all the delivered vehicles and approved claims from a particular assembly month have been taken into account. And for this to happen, even the latest month used here i.e. Dec. 2012 is in fact more than two years old. Given that the basic warranty period of vehicles is one year, the time period of two years has been observed historically to receive most of the claims. Other key parameters of this database are as follows on the next page:  Assembly month refers to the month of vehicle assembly.  Check month that refers to the month in which analysis is done and includes the vehicles delivered within this month and the corresponding claims.  Number of months after assembly period  Number of vehicles assembled in a particular assembly month.  Number of vehicles delivered  Percentage of warranty finished/elapsed. It is calculated by summing over the number of days in use for all vehicles and dividing by 365 times the number of vehicles (because 365 days is the basic warranty limit.)  Number and amount(SEK) of settled claims  Number and amount(SEK) of registered claims that are not yet settled  Actual value of claims per vehicle which is calculated as number of settled claims divided by the number of delivered vehicles  Actual value of claims per vehicle expressed as a percentage of the final value.
Sample 1
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