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Category: IC47A-1 CASUALTY ACTUARIAL SCIENCE PART 1 – 05

IC47A-1 CASUALTY ACTUARIAL SCIENCE PART 1 – 05

Que. 1 : Q1) Accounting Date is ….

   1.  a) The Date on Which the Loss is First Reported

   2.  b) The Date on Which the Loss is First Recorded in the insurer’s statistical information.

   3.  c) The Date used to define the Group of Claims to be included in the Liability Estimate.

   4.  d) The Date as of which the Evaluation of the Loss Liability is made.

Que. 2 : Q2) Which system use past experience to determine costs for the future?

   1.  a) Prospective systems

   2.  b) Retrospective systems

   3.  

   4.  

Que. 3 : Q3) Objective risk can be explained as:

   1.  a) There is a chance of loss as well as gain

   2.  b) It is the exposure to possible loss

   3.  c) It is the risk that is same for all persons and entities facing the same situation

   4.  d) It is the risk that is same for all persons and entities facing different situation

Que. 4 : Q4) Which of the following formula is correct?

   1.  a) S = L/C

   2.  b) S = L+C

   3.  c) S = L*C

   4.  d) S = L-C

Que. 5 : Q5) Generally insurers maintain claim data according to following dates:- Which of the above dates, if any, is least relevant?

   1.  a) Policy issue date

   2.  b) Accident date

   3.  c) Report date

   4.