AIAF

AIAF 114 2.0 QUESTIONS AND CORRECT ANSWERS 2024/2025 GRADED A+ BEST FOR REVISION. 2 / 24 1. Loss reserve: An estimate of the amount of money the insurer expects to pay in the future for losses that have already occurred and been reported, but are not yet settled. 2. Loss adjustment expense (LAE): The expense that an insurer incurs to inves- tigate, defend, and settle claims according to the terms specified in the insurance policy. 3. Allocated loss adjustment expense (ALAE): The expen...

AIAF 114: Assignment 1 QUESTIONS AND ANSWERS 2024 GRADED A+ BEST FOR REVISION. 1. Generally Accepted Accounting Principles (GAAP): A common set of ac- counting standards and procedures used in the preparation of financial statementsto ensure consistency of presentation and reported results. 2. Statutory Accounting Principles (SAP): The accounting principles and prac-tices that are prescribed or permitted by an insurer's domiciliary state and that insurers must follow. 3. Mark-to-model...