IC47A-1 CASUALTY ACTUARIAL SCIENCE PART 1 - 16
| Q1.Which triangle chars the change in the average open reserve between accident periods as of each development age and this is useful for determining if case reserves are keeping up with reasonable inflationary increases? |
| a) Change in Average Open claims |
| b) Average Open Claim Amount |
| c) Average Closed Claim |
| d) Open Claim Counts |
| Q2.Under which of the following claims closed with no payment could easily account for over half or more of all claims reported for some lines such as medical malpractice? |
| a) Closed with No payment Claim Counts |
| b) Closed with Payment Claim Counts |
| c) Closed Claims as Percent of Reported Claims |
| d) Reported Claim Counts |
| Q3.Property loss is divided into how many classes? |
| a) One |
| b) Two |
| c) Three |
| d) Four |
| Q4.What is used to describe the changes that take place in the value of a claim over time and once the claim is settled and no further payments are expected, the claim is closed? |
| a) Subrogation |
| b) Salvage |
| c) Loss Development |
| d) None of these |
| Q5.The date on which the loss is first recorded in the insurer's statistical information? |
| a) Valuation Date |
| b) Report Date |
| c) Recorded Date |
| d) Accident Date |
| Q6.Which of the following dates is not one of the key dates defined for the loss reserve estimation process? |
| a) Accident date |
| b) Date of first Information Report (F I R) |
| c) Accounting date. |
| d) Valuation date |
| Q7.In ____, the use of risk theory allows mathematical determination of an appropriate risk loading. |
| a) Ratemaking |
| b) Financial solvency |
| Q8.The methods of risk control are as under. Which of the above, if any. is untrue? |
| a) Exposure Avoidance |
| b) Loss Prevention |
| c) Loss Reduction |
| d) Aggregation of Exposure Units. |
| Q9.Which alternatives are exposure avoidance, loss prevention, loss reduction, segregation of exposure units, and contractual transfer to a non-insurer in which the legal risk is transferred? |
| a) Ratemaking |
| b) Risk control |
| c) Risk Financing |
| d) Credibility |
| Q10.The following are the actuarial criteria for selecting rating variables;- Which of the above, if any, is not an actuarial criterion? |
| a) Homogeneity |
| b) Credibility |
| c) Reliability |
| d) None of the above |