IC47A-1 CASUALTY ACTUARIAL SCIENCE PART 1 – 07

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Que. 1 : Q1) Based on the following information:- Ending
claim liability on 31.12.2009 – Rs.2 lakhs Incurred claim liability in 2009 –
Rs.10 lakhs Paid losses in the year 2009 – Rs.9 lakhs The opening claim
liability as on 1.1.2009 was

   1.  a) 3,00,000

   2.  b) 2,00,000

   3.  c) 1,00,000

   4.  d) 4,00,000

Que. 2 : Q2) Based on the following information:- Ending
claim liability on 31.12.2009 – Rs.2 lakhs Paid losses in the year 2009 – Rs.9
lakhs opening claim liability as on 1.1.2009 – Rs.1 lakhs The Incurred Losses
as on 2009 was

   1.  a) 5,00,000

   2.  b) 7,00,000

   3.  c) 8,00,000

   4.  d) 10,00,000

Que. 3 : Q3) Which is an period in which an occurrence
occurs, regardless of when any policies covering it are written when the
occurrence is reported, or when the associated claims are closed and losses and
ALAE are paid?

   1.  a) Policy period

   2.  b) Accounting period

   3.  c) Claim period

   4.  d) Accident period

Que. 4 : Q4) Those loss adjustment expenses which can be
directly related to a specific claim are called __________________.

   1.  a) Expenses

   2.  b) Allocated loss adjustment expenses

   3.  c) Unallocated loss adjustment expenses

   4.  d) Loss adjustment expenses

Que. 5 : Q5) If the premiums collected exceed the expenses
and losses paid, the insurer makes what is called an ________.

   1.  a) Gain profit

   2.  b) Underwriting profit

   3.  c) Regular profit

   4.  d) Underwriting loss

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