Property and Casualty Insurance - quiz 18 - Amrit Karki
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Question 1 of 10
1. Question
The dwelling coverage is limited by?
Correct
The contents coverage limit is a percentage of the dwelling limit
Incorrect
The contents coverage limit is a percentage of the dwelling limit
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Question 2 of 10
2. Question
Loss reserving is the function used to determine
Correct
This function is so important that most jurisdictions now require by law that a qualified actuary attest.
Incorrect
This function is so important that most jurisdictions now require by law that a qualified actuary attest.
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Question 3 of 10
3. Question
The criterion that is advantageous for an exposure base, especially in times of rapid inflation, is?
Correct
The criterion that is advantageous for an exposure base, especially in times of rapid inflation, is that it should automatically adjust to changes in the cost of settling claims
Incorrect
The criterion that is advantageous for an exposure base, especially in times of rapid inflation, is that it should automatically adjust to changes in the cost of settling claims
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Question 4 of 10
4. Question
The remaking actuary must set rates in such a way that?
Correct
Based on past information. The actuary will have data from a historic experience period
Incorrect
Based on past information. The actuary will have data from a historic experience period
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Question 5 of 10
5. Question
Generally, calendar year data are not used in ratemaking the region behind this is?
Correct
Thus the actuary normally chooses between policy year and accident year data, each with its own advantages and dis advantages.
Incorrect
Thus the actuary normally chooses between policy year and accident year data, each with its own advantages and dis advantages.
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Question 6 of 10
6. Question
The actuary, pursuing the rate-making objective of responsiveness should use?
Correct
Unfortunately, much of the latest data used will be incomplete or immature in the sense that the final claim cost will not be known and a claim cost estimate must be used.
Incorrect
Unfortunately, much of the latest data used will be incomplete or immature in the sense that the final claim cost will not be known and a claim cost estimate must be used.
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Question 7 of 10
7. Question
The actuary could use regression analysis to predict?
Correct
Depending on the method used, this predicted value could be estimated using a procedure that implicitly assigns equal weight to each year in the experience period
Incorrect
Depending on the method used, this predicted value could be estimated using a procedure that implicitly assigns equal weight to each year in the experience period
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Question 8 of 10
8. Question
What can be considered as the single most important input parameter in the ratemaking?
Correct
The trend factor is normally the single most important input parameter in the ratemaking process and one of the few that allows for significant subjective modification
Incorrect
The trend factor is normally the single most important input parameter in the ratemaking process and one of the few that allows for significant subjective modification
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Question 9 of 10
9. Question
If the actuary wishes to emphasize responsiveness what kind of data must be used?
Correct
If, however, these data are sparse, the actuary may prefer a greater volume, which may require using older data.
Incorrect
If, however, these data are sparse, the actuary may prefer a greater volume, which may require using older data.
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Question 10 of 10
10. Question
In the case of the credibility factor, the credibility of data is a function of?
Correct
The credibility of data is a function of the uncertainty associated with the underlying frequency and severity distributions
Incorrect
The credibility of data is a function of the uncertainty associated with the underlying frequency and severity distributions