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ABA CTFA Practice Test - Questions Answers, Page 81

Question list

List of questions

Question 801

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___________ is contractual right of recovery that entitles the insurer to any proceeds from the disposal of damaged property for which the claim has been made.

Question 802

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Subrogation is:

Question 803

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For purposes of establishing an appropriate financial statement reserve, the most important factors to consider are:

Question 804

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What allows an entity to eliminate the reserve that was recorded for the claim, even if it exceeded the amount paid for the settlement?

Question 805

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Changes in payment procedures or changes in the definition of payment date for coding purposes may or may not affect loss reserve developments.

Question 806

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The sum of values assigned by claims adjusters to specific known claims that were recorded by the insurance entity but not yet paid at the financial statement date is called:

Question 807

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The difference between the case-basis reserves and the estimated ultimate cost of such recorded claims is known as:

Question 808

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Reduction for salvage is:

Question 809

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The estimated amount receivable from third parties from whom the insured may have the right to recover damages is known as:

Question 810

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Which of the following is NOT the date that is the key to classify the chronology of the data?

Question 801

___________ is contractual right of recovery that entitles the insurer to any proceeds from the disposal of damaged property for which the claim has been made.

Claim adjustment

Claim recovery

Subrogation

Salvage

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Question 802

Subrogation is:

legal right of the distributer to recover from vendors who may be wholly responsible for the loss paid under the terms of the agreement.

legal right of the insurer to recover from a third party who may be wholly or partly responsible for the loss paid under the terms of the policy.

legal right of the claimer to recover from the organization that may be wholly or partly responsible for the loss paid under the terms of the company's policy.

legal right of the business to recover from a third party who may be wholly responsible for the loss paid under the terms of the policy.

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Question 803

For purposes of establishing an appropriate financial statement reserve, the most important factors to consider are:

the historical adequacy

consistency in the reserving approach

availability of statistical analysis of reserves

All of the above

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Question 804

What allows an entity to eliminate the reserve that was recorded for the claim, even if it exceeded the amount paid for the settlement?

ethical act

controlled procedure

structured settlement

None of the above

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Question 805

Changes in payment procedures or changes in the definition of payment date for coding purposes may or may not affect loss reserve developments.

True

False

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Question 806

The sum of values assigned by claims adjusters to specific known claims that were recorded by the insurance entity but not yet paid at the financial statement date is called:

case-basis reserves

computing reserves

aggregate reserves

None of the above

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