QUESTION: 49

Which practices will vary based on company claim procedures, the line of business and size of claim.

loss reserve
claim reporting
Loss reporting
portfolio reserve

Answer(s): B

QUESTION: 50

The claims that have occurred prior to the company's balance sheet date, were not reported, and therefore are not recorded by the company are known as:

Unknown losses
Unclaimed losses
Unrecorded losses
Long-tail losses

Answer(s): A

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QUESTION: 51

The development and payment patterns associated with reported claims can be used to estimate the other loss liability components commonly called:

Incurred and reported
Unclaimed and losses
Incurred but not reported
Uninsured and not reported

Answer(s): C

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QUESTION: 52

The formula to calculate Losses incurred for the accounting period is:

Incurred losses = (Losses paid to date) / (Loss reserve prior period) + (loss reserve final period)
Incurred losses = (Losses paid to date) _ (Loss reserve prior period) + (loss reserve current period)
Incurred losses = (Annual Losses) _ (Losses paid to date) + (loss reserve current period)
Incurred losses = (Losses paid to date) + (Loss reserve prior period) _ (loss reserve current period)

Answer(s): B

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Free CFE Exam Braindumps (page: 13)

QUESTION: 49

QUESTION: 50

QUESTION: 51

QUESTION: 52