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Category: IC47A-1 CASUALTY ACTUARIAL SCIENCE PART 1 – 01

IC47A-1 CASUALTY ACTUARIAL SCIENCE PART 1 – 01

Que. 1 Q1) If : Exposure Units = 50,524
Claim Count = 565, and
Scale Factor = 2,000;
Then : find Frequency per ‘k’ Exposure Units?

   1.  a) 15.65

   2.  b) 18.65

   3.  c) 22.36

   4.  d) 26.35

Que. 2 : Q2) 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.

   1.  a) Accident year case-incurred losses

   2.  b) Case-incurred losses

   3.  c) Ultimate Incurred losses

   4.  d) Paid losses

Que. 3 : Q3) 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 development factors in each layer?

   1.  a) Trending Individual Losses

   2.  b) Loss Development by Layer

   3.  c) Fitted Size-Loss Distribution

   4.  d) None of these

Que. 4 : Q4) This is not an actuarial criterion for relecting rating variables:

   1.  a) Credibility

   2.  b) Reliability

   3.  c) Homogeneity

   4.  d) None of the above

Que. 5 : Q5) 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?

   1.  a) Controllability

   2.  b) Considerations

   3.  c) Causality

   4.  d) None of these