Que. 1 : Q1) Based on the following information:- Ending claim liability on 31.12.2009 – Rs.2 lakhs Incurred claim liability in 2009 – Rs.10 lakhs Paid losses in the year 2009 – Rs.9 lakhs The opening claim liability as on 1.1.2009 was
1. a) 3,00,000
2. b) 2,00,000
3. c) 1,00,000
4. d) 4,00,000
Que. 2 : Q2) Based on the following information:- Ending claim liability on 31.12.2009 – Rs.2 lakhs Paid losses in the year 2009 – Rs.9 lakhs opening claim liability as on 1.1.2009 – Rs.1 lakhs The Incurred Losses as on 2009 was
1. a) 5,00,000
2. b) 7,00,000
3. c) 8,00,000
4. d) 10,00,000
Que. 3 : Q3) Which is an period in which an occurrence occurs, regardless of when any policies covering it are written when the occurrence is reported, or when the associated claims are closed and losses and ALAE are paid?
1. a) Policy period
2. b) Accounting period
3. c) Claim period
4. d) Accident period
Que. 4 : Q4) Those loss adjustment expenses which can be directly related to a specific claim are called __________________.
1. a) Expenses
2. b) Allocated loss adjustment expenses
3. c) Unallocated loss adjustment expenses
4. d) Loss adjustment expenses
Que. 5 : Q5) If the premiums collected exceed the expenses and losses paid, the insurer makes what is called an ________.
1. a) Gain profit
2. b) Underwriting profit
3. c) Regular profit
4. d) Underwriting loss
