Aiaf 114 20 - Study guides, Class notes & Summaries

AIAF 114 2.0 QUESTIONS AND CORRECT ANSWERS 2024/2025 GRADED A+ BEST FOR REVISION. 2 / 24 1. Loss reserve: An estimate of the amount of money the insurer expects to pay in the future for losses that have already occurred and been reported, but are not yet settled. 2. Loss adjustment expense (LAE): The expense that an insurer incurs to inves- tigate, defend, and settle claims according to the terms specified in the insurance policy. 3. Allocated loss adjustment expense (ALAE): The expen...

AIAF 114 2.0 Questions With Correct Answers_well updated 2024

An estimate of the amount of money the insurer expects to pay in the future for losses that have already occurred and been reported, but are not yet settled. - Answer-Loss reserve The expense that an insurer incurs to investigate, defend, and settle claims according to the terms specified in the insurance policy. - Answer-Loss adjustment expense (LAE) The expense an insurer incurs to investigate, defend, and settle claims that are associated with a specific claim. - Answer-Allocated loss ad...

Loss reserve - ANSWER-An estimate of the amount of money the insurer expects to pay in the future for losses that have already occurred and been reported, but are not yet settled. Loss adjustment expense (LAE) - ANSWER-The expense that an insurer incurs to investigate, defend, and settle claims according to the terms specified in the insurance policy. Allocated loss adjustment expense (ALAE) - ANSWER-The expense an insurer incurs to investigate, defend, and settle claims that are associate...

AIAF 114- Chapter 5 Practice Exam | Actual Exam Questions | 100% Correct Answers | Verified 2024 Version When accounting for accident-year losses for year 20X6, which one of the following would be included? - A reserve change in 20X7 for a loss that occurred in 20X6 Correct. When accounting for accident-year losses for year 20X6, a reserve change in 20X7 for a loss that occurred in 20X6 would be included. An accident-year method aggregates incurred losses for a given period (such as twe...

AIAF 114 2.0 With 100% ACCURATE QUESTIONS AND ANSWERS ALREADY GRADED A+

AIAF 114- Chapter 5 Practice Exam | Actual Exam Questions | 100% Correct Answers | Verified 2024 Version When accounting for accident-year losses for year 20X6, which one of the following would be included? - A reserve change in 20X7 for a loss that occurred in 20X6 Correct. When accounting for accident-year losses for year 20X6, a reserve change in 20X7 for a loss that occurred in 20X6 would be included. An accident-year method aggregates incurred losses for a given period (such as twelv...