Aiaf - Study guides, Class notes & Summaries

Five basic assertions of accounting - Answer-complete, valued correctly, exists, belongs to the company, and is properly classified, described, and disclosed Accounting information criteria - Answer-Understandability, Relevance, Reliability, Comparability and Consistency, Lack of Bias, and Cost-Benefit Effectiveness Understandability - Answer-Must be transparent, intelligible, and clearly disclosed Relevance - Answer-Must be timely, have predictive value, and provide useful feedback about ...

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...

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. - Answer-Loss reserve The expense that an insurer incurs to investigate, defend, and settle claims according to the terms specified in the insurance policy. - Answer-Loss adjustment expense (LAE) The expense an insurer incurs to investigate, defend, and settle claims that are associated with a specific claim. - Answer-Allocated loss ad...

AIAF 114 2.0 Questions With Correct Answers_well updated 2024

AIAF 114 - CHAPTER 4 PRACTICE EXAM QUESTIONS QUIZZES & ANS!!

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...

5 basic assertions of accounting - Answer--complete, valuation, existence, ownership, classification, described and disclosed Required accounting criteria from a set of rules or requirements: - Answer--understandability, relevance, reliability, comparability/consistency, lack of bias, and cost-benefit effectiveness Understandability Criteria - Answer--Must be transparent, intelligible, and clearly disclosed Relevance Criteria - Answer--Must be timely, have predictive value, provide useful f...

Who considered risk as a choice - Answer-Bernstein; "Risk is uncertainty about outcomes that can be either negative or positive" Definitions of Risk - Answer-ISO: effect of uncertainty on objects COSO: possibility that an event will occur and adversely affect achievement of outcomes RIMS: uncertain future outcome can be pos/neg RMI: Probable freq and probable magnitude of future loss CFA: Exposure to a proposition of which one is uncertain Definitions of Risk Management - Answer-ISO: Co...

AIAF 114- Chapter 5 Practice Exam | Actual Exam Questions | 100% Correct Answers | Verified 2024 Version