AIAF
Liberty University
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AIAF 114 2.0 QUESTIONS AND CORRECT ANSWERS 2024/2025 GRADED A+ BEST FOR REVISION.
- Exam (elaborations) • 24 pages • 2024
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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...
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AIAF 114: Assignment 1 QUESTIONS AND ANSWERS 2024 GRADED A+ BEST FOR REVISION.
- Exam (elaborations) • 4 pages • 2024
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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...
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