Q 1. If : Exposure Units = 50,524
Claim Count = 565, and
Scale Factor = 2,000;
Then : find Frequency per k Exposure Units?
Q 2. The term case-incurred is used to distinguish the statistic from ____________, which include losses that have not yet been reported to the insurance company as of the case-incurred evaluation date.
Q 3. Which method that can be used to analyze increased limits experience is to look at loss development patterns by layer and this process involves segregating case-incurred loss data by policy limit and loss layer and then tracking the observed loss dev
Q 4. This is not an actuarial criterion for relecting rating variables:
Q 5. What implies an intuitive relationship to insurance costs and the rating variable is correlated with costs if the mean costs for the various groups are significantly different?
Q 6. A non - life insurer is planning to develop a new product. To produce appreciate premium rates which of the following method is likely to be used?
Q 7. Which of the following is not a broad goal of the manual rate making process?
Q 9. Which of the following statements is incorrect?
Q 10. What is a measure of the accuracy of the classification system and this concept is important to the public debate concerning restrictions on the use of classification variables?
Q 11. Probably the single most widely used statistic in the analysis of insurance losses is the ____or losses divided by premium.
Q 12. Which triangle shows the ____________ in each successive period and it is useful for the analyst to gauge the reasonability of yearly aggregate loss accumulations on an accident year.
Q 13. Q13) If:
Pure Premium = Rupees 7,500/-,
Fixed Expense for Exposure = Rupees 1,250/-
Variable Expense Factor: 17.5%, and
Pro?t and Contingency Factor = 5%;
the Rate per Unit of Exposure is :
Q 14. Unreported Losses :-
Q 15. Which of the following formula is correct?
Q 16. A Risk-Financing Technique is not :
Q 17. Which of the following formula is correct?
Q 18. Under loss ratio method of the ratemaking process the following information is available:
Target Loss ratio= 0.65
Total premium related expense factor = 0.25
Pro?t and contingency factor= 0.05
Calculate the Ratio of non-premium related expenses t
Q 19. In __________, the use of risk theory allows mathematical determination of an appropriate risk loading.
Q 20. The calculation performed to determine the experience credit/(debit) is as :
Q 21. What is the preferred risk management strategy where exposures to potential loss have been carefully evaluated, and a conscious decision has been made to retain them?
Q 22. Carried loss reserves in the book of insurer are:
Q 23. Pure Premium Equals the Product of Frequency per unit of exposure and number of exposures
Q 24. The purpose of _________ is to reduce the size of any one loss by dividing up an entity's exposure into smaller pieces.
Q 25. Given that:
Income = Rs. 4,000
Change in assets = Rs. 10,000
Change in contributed Capital = Rs. 2,000 .
Dividend to owners = Rs. 1,000
Which of the following will be the Change in liabilities under the Income statement that documents the ?nanci
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