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Category: IC47A-1 CASUALTY ACTUARIAL SCIENCE PART 1 – 06

IC47A-1 CASUALTY ACTUARIAL SCIENCE PART 1 – 06

Que. 1 : Q1) The correlation coefficient between two variables x and y is r. which of the following statements is true?

   1.  a) 0 < r < 1

   2.  b) 0 < = r < = 1

   3.  c) -1 < r < 1

   4.  d) -1 < = r < = 1

Que. 2 : Q2) Another limitation on classification is _____________ and a number of key issues, such as “causality”, “controllability”, and “affordability” have been the subject of public debate.

   1.  a) Actuarial criteria

   2.  b) Social criteria

   3.  c) Operational criteria

   4.  d) None of these

Que. 3 : Q3) The objective of this review is to understand the date in terms of:

   1.  a) rate of development

   2.  b) Presence of large losses

   3.  c) volume of data

   4.  d) All of the above

Que. 4 : Q4) The attributes of a good rating system are as under:- Which of the above, if any, is incorrect?

   1.  a) Serves the need of the organization using

   2.  b) Need not balance risk sharing and risk bearing.

   3.  c) It is simple to administer.

   4.  d) It is easy to understand

Que. 5 : Q5) What can be on a pure loss basis, excluding all loss adjustment expenses, or they can include allocated or total loss adjustment expenses?

   1.  a) Frequency

   2.  b) Severity

   3.  c) Claim

   4.  d) Occurrence