ABA CTFA Practice Test - Questions Answers, Page 83
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The loss reserve estimate is a significant estimate in the financial statements of an uninsured entity.
Procedures for ensuring that the data used by the loss reserve specialist is completed and accurate due to:
In which of the following, Internal entity experience or information from published sources concerning recent trends in socioeconomic factors affecting claim payments:
What method assumes that an entity's historical experience relating to the timeliness of settlement will be predictive of future results?
The method which assumes that an entity's experience in estimating case-basis reserves will be repeated in the future is called:
A basic premise underlying the application of ____________ is that it is reasonable to assume that plausible relationships among data exist and continue in the absence of known conditions to the contrary.
An entity's practices concerning loss settlement, such as a practice of vigorously defending suits or of quickly settling suits, can have a significant effect on an entity's loss experience.
For reinsurance assumed, the concepts analogous to __________ are referred to as attachment points and limits.
A lower net retention level typically would translate into a higher v\variability of reserves.
An increase in loss reserves may lead to offset by a reduction in premiums and a decrease in loss reserves may be a receivable for additional premiums.
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