Financial SOFA-CFE Dumps PDF Free Download - Page: 7

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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QUESTION: 53

What is the total amount of checks, wire transfers or drafts issued in settlement of claims for the risks insured by the company?

Traditional settlements
Losses paid
Secured claims payment
Short-tail claims payment

Answer(s): B

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QUESTION: 54

Since the periodic payments agreed to by the parties are scheduled into the future, the arrangement is often referred to as:

Traditional claim settlement
Losses paid settlement
Secured claims settlement
structured claims settlement

Answer(s): D

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QUESTION: 55

The purpose of the ______________ is to provide equitable settlements with claimants as well as to control the insurer's claim costs from economic and social inflation.

Annuity method
Casualty control method
periodic payment method
Loss reserves

Answer(s): A

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QUESTION: 56

Which of the following is the component of loss and loss adjustment liabilities are used in meeting the challenge?

case reserves
supplement reserves
reopened claim reserves
All of the above

Answer(s): D

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Financial Certified iner SOFA-CFE Exam Questions in PDF

Free Financial SOFA-CFE Dumps Questions (page: 7)

QUESTION: 49

QUESTION: 50

QUESTION: 51

QUESTION: 52

QUESTION: 53

QUESTION: 54

QUESTION: 55

QUESTION: 56