The origin period for a claim is the period when the claim department first learns of the claim.
A. True
B. false
___________________are often organized with the origin period set to the period in which the contract incepted.
A. Loss liability triangles
B. Loss development triangles
C. Non-admitted triangles
D. Accident period triangles
Loss development triangles conveniently display the combination of:
A. development period and a future period
B. present period and a future period
C. past period and a development period
D. origin period and a development period
Estimation of the industry total losses and of the percentage covered by this particular insurance company is called:
A. market share approach
B. advance analysis approach
C. spotlight analysis approach
D. court judgment approach
What involves multiplying the company's recent annual average payments by a factor, typically based on industry sources and judgment?
A. seasonal share approach
B. advance analysis approach
C. survival ratio approach
D. social inflation approach
What involves analysis of the company's contact on an account-by-account (policyholder) basis?
A. revelation approach
B. exposure analysis approach
C. spotlight analysis approach
D. limelight approach
Interest rates affect loss liabilities directly where these liabilities can be: A. subrogated
B. discounted
C. socially inflated
D. catastrophic
The number of open claims per claims adjuster can affect the average time it takes to settle a claim.
A. True
B. False
Changes in the guidelines insurance companies give their claims adjusters for setting what will affect development patterns of insured losses?
A. loss reserve liabilities
B. confirming coverage
C. case loss liabilities
D. litigated liabilities
What function within an insurance organization determines the standards, policies, and procedures for managing data?
A. data administration
B. processing system
C. completeness
D. system development
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