IC47A-1 CASUALTY ACTUARIAL SCIENCE PART 1 -03
| Q1.Based on the following information:- Paid losses in the year 2009 - Rs.9 lakhs Incurred claim liability in 2009 - Rs.10 lakhs opening claim liability as of 1.1.2009 - Rs.1 lakhs The Ending claim liability as of 31.12.2009 was |
| a) 2,00,000 |
| b) 4,00,000 |
| c) 6,00,000 |
| d) 8,00,000 |
| Q2.Which rating system is an administrative tool to facilitate the rating of large, complex risks upon audit, and Instead of rating different coverage using different exposure bases, all applicable coverages are rated using one, composite, exposure base? |
| a) Schedule rating |
| b) Experience rating |
| c) Composite rating |
| d) None of the above |
| Q3.____ projection of reserve development over subsequent calendar periods. Deviations of actual development from the projected development of counts or amounts are one of the most useful diagnostic tools in evaluating the accuracy of reserve estimates. |
| a) Evaluation |
| b) Exploratory analysis of the data |
| c) Monitor |
| d) Reserve estimation technique |
| Q4.Rink must meet or exceed the industry safety standard of one-floor supervisor per ____ skaters at all times. |
| a) 50 |
| b) 100 |
| c) 150 |
| d) 200 |
| Q5.Which of the following formulas is correct? |
| a) Incurred losses = Paid Losses + Ending Claim Liability / Beginning Claim Liability |
| b) Incurred losses = Paid Losses + Ending Claim Liability - Beginning Claim Liability |
| c) Incurred losses = Paid Losses - Ending Claim Liability - Beginning Claim Liability |
| d) Incurred losses = Paid Losses - Ending Claim Liability + Beginning Claim Liability |
| Q6.The fourth actuarial criterion is __. Based on a given set of loss data, the apparent cost of different groups may be different. |
| a) Reliability |
| b) Homogeneity |
| c) Accuracy |
| d) Credibility |
| Q7.Which method involves the application of severity trend to a body of individual loss data and generally, closed claim data are used in order to avoid the problems associated with projecting loss development on individual claims? |
| a) Trending individual losses |
| b) Underwriting losses |
| c) Exposure year earned premium |
| d) Trended projected Ultimate Losses |
| Q8.The date on which the loss occurred is called? |
| a) Accident Date |
| b) Report Date |
| c) Accounting Date |
| d) Valuation Date |
| Q9.Which pattern is related to the length of time between loss report and settlements? |
| a) Loss settlement patterns |
| b) Loss emergence patterns |
| Q10.Given that: Income = Rs. 4,000 Change in assets = Rs. 10,000 Change in liabilities = Rs. 5,000 Change in contributed Capital = Rs. 2,000. Which of the following will be the Dividend to owners under the Income statement that documents the financial performance of the firm? |
| a) 1,000 |
| b) 3,000 |
| c) 5,000 |
| d) 7,000 |