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Question 1 of 10
1. Question
In the gross INBR reserve, the sum of four items must be estimated. What are the four items?
Correct
Historically, this approach was not used/applied consistently.
Incorrect
Historically, this approach was not used/applied consistently.
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Question 2 of 10
2. Question
The chain-ladder method develops loss reserve in a
Correct
The main assumption is that the past shows enough for the future.
Incorrect
The main assumption is that the past shows enough for the future.
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Question 3 of 10
3. Question
The BORNHUETTER FERGUSON METHOD Successfully combines
Correct
It is meant to be a stabilizer for long-tail lines or immature data.
Incorrect
It is meant to be a stabilizer for long-tail lines or immature data.
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Question 4 of 10
4. Question
The Bornhuetter Ferguson method has the advantage of
Correct
Its example can be arriving at an expected loss ratio
Incorrect
Its example can be arriving at an expected loss ratio
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Question 5 of 10
5. Question
The process of reconciling differences in the results is often the key to
Correct
The final reserve estimate can meet the expectations or even surpass them with the help of this process.
Incorrect
The final reserve estimate can meet the expectations or even surpass them with the help of this process.
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Question 6 of 10
6. Question
A reason given for using undiscounted loss reserves is
Correct
In some jurisdictions, an implied allowance for adverse variance is seen as the difference between unexpressed and discounted reserves.
Incorrect
In some jurisdictions, an implied allowance for adverse variance is seen as the difference between unexpressed and discounted reserves.
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Question 7 of 10
7. Question
In loss reserving, What is a closure method?
Correct
This procedure analyzes the rate at which claims are made, the rate of reimbursement, and the rate at which damages are increased.
Incorrect
This procedure analyzes the rate at which claims are made, the rate of reimbursement, and the rate at which damages are increased.
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Question 8 of 10
8. Question
The estimated claim payments to be made on known claims
Correct
It is one of the sources of uncertainty regarding unpaid claims.
Incorrect
It is one of the sources of uncertainty regarding unpaid claims.
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Question 9 of 10
9. Question
The loss reserving techniques are based on the assumption
Correct
The actuary should review the details to ensure that loss payment trends are consistent over the years.
Incorrect
The actuary should review the details to ensure that loss payment trends are consistent over the years.
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Question 10 of 10
10. Question
Which of the following is not a basic element for loss reserving?
Correct
Earned Exposure Units and Collected Earned Premium are the basic elements in rate making.
Incorrect
Earned Exposure Units and Collected Earned Premium are the basic elements in rate making.