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AIDA 182 Risk and Insurance Analysis Techniques Latest Update Actual Exam with Questions and 100% Verified Correct Answers Guaranteed A+ At First Attempt Verified By Professor
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AIDA 182 Risk and Insurance Analysis Techniques
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AIDA 182 Risk And Insurance Analysis Techniques
AIDA 182 Risk and Insurance Analysis Techniques Latest Update Actual Exam with Questions and 100% Verified Correct Answers Guaranteed A+ At First Attempt Verified By Professor
AIDA 182 Risk and Insurance Analysis
Techniques Latest Update 2024-2025 Actual
Exam with Questions and 100% Verified Correct
Answers Guaranteed A+ At First Attempt Verified
By Professor
Accident-year method - CORRECT ANSWER: A method of organizing ratemaking
statistics that uses
incurred losses for an accident year, which consist
of all losses related to claims arising from accidents
that occur during the year, and that estimates earned
premiums by formulas from accounting records.
Advisory organization - CORRECT ANSWER: An independent organization that works
with and
on behalf of insurers that purchase or subscribe to its
services.
Allocated loss adjustment expense (ALAE) - CORRECT ANSWER: The expense an
insurer incurs to investigate, defend,
and settle claims that are associated with a specific
claim.
Average method - CORRECT ANSWER: A method to establish a case reserve by using
an
average amount for specific categories of claims.
Balance sheet - CORRECT ANSWER: The financial statement that reports the assets,
liabilities, and owners' equity of an organization as of
,a specific date.
Bulk reserves - CORRECT ANSWER: Reserves established for the settlement of an
entire
group of claims.
Calendar-year method - CORRECT ANSWER: A method of collecting ratemaking data
that
estimates both earned premiums and incurred losses
by formulas from accounting records.
Case reserve - CORRECT ANSWER: A loss reserve assigned to an individual claim.
Causality - CORRECT ANSWER: The relationship between two events, where the
second is brought about by the first
Conditional value at risk (CVaR) - CORRECT ANSWER: A technique to quantify the
likelihood of losing
a specific dollar amount that exceeds the VaR
threshold.
Consequences - CORRECT ANSWER: The effects, positive or negative, of an
occurrence
Correlation - CORRECT ANSWER: A relationship between variables
Covariance - CORRECT ANSWER: The relative association between variables to move
in
tandem or independently of each other
, Credibility - CORRECT ANSWER: The level of confidence an actuary has in projected
losses; increases as the number of exposure units
increases.
Credit risk - CORRECT ANSWER: The risk that customers or other creditors will fail to
make promised payments as they come due
Delphi technique - CORRECT ANSWER: A collaborative estimating strategy using
expert
input to reach consensus by continuously refining
individual responses.
Diversifiable risk - CORRECT ANSWER: A risk that affects only some individuals,
businesses,
or small groups
Earnings at risk (EaR) - CORRECT ANSWER: A technique to assess earnings volatility
by measuring
the likelihood that earnings will be below a specific
dollar amount over a specific period of time.
Empirical probability (a posteriori probability) - CORRECT ANSWER: A probability
measure that is based on actual
experience through historical data or from the
observation of facts.
Expense provision - CORRECT ANSWER: The amount that is included in an insurance
rate
to cover the insurer's expenses and that might
include loss adjustment expenses but that excludes
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