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AIAF 114- Chapter 5 Practice Exam With Questions And 100% SURE ANSWERS
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JACKLINEAIAF 114- Chapter 5 Practice Exam With Questions And 100% SURE ANSWERS
Terms in this set (31)
A reserve change in 20X7 for a loss that occurred in 20X6
Correct. When accounting for accident-year losses for year 20X6, a reserve change in 20X7 for a
When accounting for accident-year losses for year
loss that occurred in 20X6 would be included. An accident-year method aggregates incurred
20X6, which one of the following would be
losses for a given period (such as twelve months) using all incurred losses for insured events that
included?
occurred during that period. Any losses that occurred in previous or later periods are not
included.
The case reserving method that establishes an Tabular method
average amount for all claims that have similar
characteristics in terms of the claimant's age,
health, and marital status is known as the
Both primary insurers and reinsurers must maintain Amounts obligated in the future to pay to primary insurers
reserves for expected future loss payments. Which
one of the following best describes the reserves
that a reinsurer must maintain?
are
1/4
, The average method of case reserving is most Reported and paid promptly
suitable for those types of insurance where claims
AIAF 114- Chapter 5 Practice Exam
2/4
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