Financial Certified iner SOFA-CFE Dumps in PDF

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

Which practices will vary based on company claim procedures, the line of business and size of claim.

  1. loss reserve
  2. claim reporting
  3. Loss reporting
  4. portfolio reserve

Answer(s): B



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:

  1. Unknown losses
  2. Unclaimed losses
  3. Unrecorded losses
  4. Long-tail losses

Answer(s): A



The development and payment patterns associated with reported claims can be used to estimate the other loss liability components commonly called:

  1. Incurred and reported
  2. Unclaimed and losses
  3. Incurred but not reported
  4. Uninsured and not reported

Answer(s): C



The formula to calculate Losses incurred for the accounting period is:

  1. Incurred losses = (Losses paid to date) / (Loss reserve prior period) + (loss reserve final period)
  2. Incurred losses = (Losses paid to date) _ (Loss reserve prior period) + (loss reserve current period)
  3. Incurred losses = (Annual Losses) _ (Losses paid to date) + (loss reserve current period)
  4. Incurred losses = (Losses paid to date) + (Loss reserve prior period) _ (loss reserve current period)

Answer(s): B



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

  1. Traditional settlements
  2. Losses paid
  3. Secured claims payment
  4. Short-tail claims payment

Answer(s): B



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

  1. Traditional claim settlement
  2. Losses paid settlement
  3. Secured claims settlement
  4. structured claims settlement

Answer(s): D



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.

  1. Annuity method
  2. Casualty control method
  3. periodic payment method
  4. Loss reserves

Answer(s): A



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

  1. case reserves
  2. supplement reserves
  3. reopened claim reserves
  4. All of the above

Answer(s): D



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12/27/2023 12:47:00 AM

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