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Category: IC47A-1 CASUALTY ACTUARIAL SCIENCE PART 1 – 16

IC47A-1 CASUALTY ACTUARIAL SCIENCE PART 1 – 16

Que. 1 : Q1) Which triangle chars the change in the average open reserve between accident periods as of each development age and this is useful for determine if case reserves are keeping up with reasonable inflationary increases?

   1.  a) Change in Average Open claims

   2.  b) Average Open Claim Amount

   3.  c) Average Closed Claim

   4.  d) Open Claim Counts

Que. 2 : Q2) Under which of the following claims closed with no payment could easily account for over half or more of all claims reported for some lines such as medical malpractice?

   1.  a) Closed with No payment Claim Counts

   2.  b) Closed with Payment Claim Counts

   3.  c) Closed Claims as Percent of Reported Claims

   4.  d) Reported Claim Counts

Que. 3 : Q3) Property loss is divided into how many classes?

   1.  a) One

   2.  b) Two

   3.  c) Three

   4.  d) Four

Que. 4 : Q4) What is used to describe the changes that take place in the value of a claim over time and once the claim is settled and no further payments are expected, the claim is closed?

   1.  a) Subrogation

   2.  b) Salvage

   3.  c) Loss Development

   4.  d) None of these

Que. 5 : Q5) The date on which the loss is first recorded in the insurer’s statistical information?

   1.  a) Valuation Date

   2.  b) Report Date

   3.  c) Recorded Date

   4.  d) Accident Date