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Question 1 of 10
1. Question
What are the two major functions performed by an actuary in property/casualty insurance?
Correct
Actuary finds out the present liability linked with future claim payments.
Incorrect
Actuary finds out the present liability linked with future claim payments.
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Question 2 of 10
2. Question
What does a reserving actuary do?
Correct
Incurred claims transform into primary building blocks for rate-making actuary in setting up rates for future periods of exposure.
Incorrect
Incurred claims transform into primary building blocks for rate-making actuary in setting up rates for future periods of exposure.
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Question 3 of 10
3. Question
Larger claims settle last for more than 10 to 20 years, What does this lead to?
Correct
Uncertainty in the estimation of loss reserve liability.
Incorrect
Uncertainty in the estimation of loss reserve liability.
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Question 4 of 10
4. Question
How will you define an average claim frequency?
Correct
Note that a loss will occur without a lawsuit being filed by the policyholder.
Incorrect
Note that a loss will occur without a lawsuit being filed by the policyholder.
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Question 5 of 10
5. Question
How is a payout pattern(the times at which payments are carried out)derived?
Correct
Aggregate loss distribution is a combination of the frequency and severity allocation.
Incorrect
Aggregate loss distribution is a combination of the frequency and severity allocation.
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Question 6 of 10
6. Question
Which of the following best describes Loss Cost?
Correct
Loss Cost=Average Claim Frequency ✕ Average Loss Severity
Incorrect
Loss Cost=Average Claim Frequency ✕ Average Loss Severity
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Question 7 of 10
7. Question
In a claim file, the adjuster will take into account
Correct
The aggregate of individual claim estimates of the file is called case reserves.
Incorrect
The aggregate of individual claim estimates of the file is called case reserves.
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Question 8 of 10
8. Question
Which of the following is a part of total reserves?
Correct
Adjustments of case reserves come under known claims.
Incorrect
Adjustments of case reserves come under known claims.
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Question 9 of 10
9. Question
What is an Incurred Loss Development?
Correct
Incurred claims must be paid to date plus should have outstanding estimates of the reserve.
Incorrect
Incurred claims must be paid to date plus should have outstanding estimates of the reserve.
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Question 10 of 10
10. Question
There are broad variations in the format of data necessary for loss reservations between insurers. However, the following details should usually be included in files:
Correct
The actuary must have knowledge of all the definitions used by the insurer.
Incorrect
The actuary must have knowledge of all the definitions used by the insurer.