IC47A-1 CASUALTY ACTUARIAL SCIENCE PART 1 – 05

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Que. 1 : Q1) Accounting Date is ….

   1.  a) The Date on Which the Loss is First
Reported

   2.  b) The Date on Which the Loss is First
Recorded in the insurer’s statistical information.

   3.  c) The Date used to define the Group of
Claims to be included in the Liability Estimate.

   4.  d) The Date as of which the Evaluation
of the Loss Liability is made.

Que. 2 : Q2) Which system use past experience to determine
costs for the future?

   1.  a) Prospective systems

   2.  b) Retrospective systems

   3.  

   4.  

Que. 3 : Q3) Objective risk can be explained as:

   1.  a) There is a chance of loss as well as
gain

   2.  b) It is the exposure to possible loss

   3.  c) It is the risk that is same for all
persons and entities facing the same situation

   4.  d) It is the risk that is same for all
persons and entities facing different situation

Que. 4 : Q4) Which of the following formula is correct?

   1.  a) S = L/C

   2.  b) S = L+C

   3.  c) S = L*C

   4.  d) S = L-C

Que. 5 : Q5) Generally insurers maintain claim data
according to following dates:- Which of the above dates, if any, is least
relevant?

   1.  a) Policy issue date

   2.  b) Accident date

   3.  c) Report date

   4.  

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