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Category: IC47A-1 CASUALTY ACTUARIAL SCIENCE PART 1 – 11

IC47A-1 CASUALTY ACTUARIAL SCIENCE PART 1 – 11

Que. 1 : Q1) Which of the following is the result of the actuarial analysis of a reserve inventory as of a given accounting date conducted as of a certain valuation date and this is the analyst’s opinion of the amount of the required loss reserve?

   1.  a) Indicated loss reserve

   2.  b) Carried loss reserve

   3.  c) Required loss reserve

   4.  d) Loss reserve margin

Que. 2 : Q2) The term _________ is sometimes used to refer to the true unreported occurrences/claims reserve and the case reserve development.

   1.  a) ALAE

   2.  b) ULAE

   3.  c) IBNR

   4.  d) CPAM

Que. 3 : Q3) What risk retention refers to exposures to possible loss that are retained because they have not been identified or have been forgotten?

   1.  a) Active risk retention

   2.  b) Passive risk retention

   3.  

   4.  

Que. 4 : Q4) The date the insurer receives notice of the claim is known as_______.

   1.  a) Accident date

   2.  b) Report date

   3.  c) Claim date

   4.  d) Recovery date

Que. 5 : Q5) Risk theory is developed to deal with:

   1.  a) Speculative risk such as large scale gambling

   2.  b) Quantification of objective risk using mathematical models

   3.  c) Stochastic processes as applied to sciences and finances

   4.  d) All of the above