CCIR.INSTRUCTIONS Flashcards

1
Q

Formules for Equity @X (3 methods)

A

E(X) = E(X-1) + NI(X) + OCI(X) - dividends
E(X) = A(X) - L(X)
E(X) = PHE(X) + SHE(X) + nci(X)

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2
Q

Components of Shareholder’s Equity (SHE) (7)

A

Common Shares
Preferred Shares
Contributed Surplus
Other Capital
Retained Earnings
Nuclear and Other Reserves
AOCI

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3
Q

Formula for Net Income

A

Net Income = (Insurance Service Result)
+ (Net Investment Result)
+ (Other Income & Expenses)
- Taxes
+ Discontinued Operations

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4
Q

Formula for Insurance Service Result

A

Insurance Service Result = (Total Insurance Revenue)
+ (Net Expenses from reinsurance contracts held)
- (insurance service expenses)

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5
Q

Formula Investment Return

A

IR = (Net investment income) - (Provision for credit losses)

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6
Q

Formula Net investment income (NII)

A

NII = Realized gains on Sale
+ Fair Value Gains (Losses)
+ Dividends
+ Rental income
+ Other investment income from derivative assets
+ Gross investment income
- Investment expenses
- Investment taxes

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7
Q

Formula Net expense from reinsurance contracts held (NRE)

A

NRE = (Allocation of reinsurance premiums)
+ (Amounts recoverable from reinsurers for Incurred claims)
+ (Effect of changes in non-performance risk of reinsurers)

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8
Q

Formula Insurance Service Expense (ISE) (4)

A

ISE = (Incurred claims and other insurance service expenses)
+ (Amortization of insurance acquisition cash flows)
+ (Losses and reversal of losses on onerous contracts)
+ (Adjustment to liabilities for incurred claims)

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9
Q

Formula for Adjusted Equity

A

Adjusted Equity = Total Equity - nci - catastrophe reserves - reinsurance held with unregistered reinsurers

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10
Q

Formula for Investment Yield

A

Yield = [2 x (IR + PI) x 100]/[Vb + Ve - IR - PI]

IR: Investment Return
PI: Share of net income (loss) of equity accounted investees
V: cash et cash equivalents, accrued investment income, and investments at the beginning and end of the year
Ve = current year
vb = prior year

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11
Q

Formula Return on Equity

A

[2 x NI x 100]/[Eb + Ee]

NI: Net income (loss) for the year
E: total equity at the beginning and end of the year

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12
Q

Formula Agents and Brokers Balances and Amounts due from Subsidiaries and Associates as a Percentage of Adjusted Equity

A

= [(Receivables - unaffiliated agents and brokers) + (Receivables - subsidiaries, associates and joint ventures)]/(Adjusted Equity)

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13
Q

Formula Claims Development as a Percentage of Adjusted Equity

A

= (Amount: excess or (deficiency))/(Adjusted Equity)

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14
Q

Formula Number of direct claims reported during the current fiscal year

A

= (number of direct claims incurred and reported during the current fiscal year) + (number of direct claims incurred in previous year and reported during the current fiscal year)

= (incurred CY, reported CY) + (incurred PY, reported CY)

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15
Q

Formula Amount: excess of (deficiency)

A

= (Undiscounted Liabilities for incurred claims - prior year end) - (Net amount paid during the year for claims and AE of prior years) - (Undiscounted Liabilited for incurred claims for Prior years)

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