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Category: IC47A-1 CASUALTY ACTUARIAL SCIENCE PART 1 – 12

IC47A-1 CASUALTY ACTUARIAL SCIENCE PART 1 – 12

Que. 1 : Q1) Loss ratio method cannot be used for:

   1.  a) Existing fire class of business

   2.  b) New line of business

   3.  c) Commercial lines of business

   4.  d) Household lines of business

Que. 2 : Q2) The date on which the loss is first reported to an insurer?

   1.  a) Accident Date

   2.  b) Accounting Date

   3.  c) Valuation Date

   4.  d) Report Date

Que. 3 : Q3) Actuarial criteria is also be called as ______________.

   1.  a) Mathematical criteria

   2.  b) Financial criteria

   3.  c) Statistical criteria

   4.  d) Management Criteria

Que. 4 : Q4) Given that : Pure premium = Rs. 75.00 Fixed expenses per exposure = Rs. 12.50 Variable expense factor = 17.5% Profit and contingency factor = 5.0% The rate per unit exposure will be

   1.  a) Rs.98.26

   2.  b) Rs.112.90

   3.  c) Rs.130.54

   4.  d) Rs.142.25

Que. 5 : Q5) The most well-known form of ________ is gambling.

   1.  a) Speculative risk

   2.  b) Objective risk

   3.  c) Subjective risk

   4.  d) Pure risk