Chap 4 Claims Info And Reserving

Question 0

Setting appropriate claims reserves (uses)

Answer 0

For uw
By the mgment
Accounting
Acturial

Question 1

Information relevant to the contract

Answer 1

The identity of the insured
The policy period
What conditions have been complied with
That The cause of the loss/peril is covered
Answer questions as to whether there has been a breach of warranty

Question 2

Reserves may change for the following reasons

Answer 2

New info learned
New evidence emerges on insureds culpability
A personal injury claimants med condition deteriorates
Long tail liab claim which takes years to defend and settle, must watch inflation does not erode claims value