IBNR Reserves Are an Estimate Of

question 17

Multiple Choice

IBNR reserves are an estimate of:

• A) losses that have been incurred but not reported to the insurer
• B) losses that have been incurred and reported to the insurer, but not yet settled
• C) unearned premiums the insurer owes policyholders
• D) agent commissions owed

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Definitions:

Brain

The complex organ located in the skull of vertebrates that is the center of the nervous system, responsible for controlling thought, memory, emotion, touch, motor skills, vision, breathing, temperature, hunger, and every process that regulates our body.

Adapt

To make suitable adjustments to new conditions or environments.

Action Potential

A temporary reversal of an electrical charge across a cell membrane resulting in the transmission of a nerve impulse.

Neurotransmitters

Chemical substances in the brain that transmit signals from one neuron to another, influencing mental and physical processes.