One Liability on a Property and Liability Insurance Company's Balance

question 28

Multiple Choice

One liability on a property and liability insurance company's balance sheet is for the costs associated with settling and paying reserved claims.This liability is the

• A)pre-paid expense reserve.
• B)loss reserve.
• C)unearned premium reserve.
• D)loss adjustment expense reserve.

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Definitions:

Expression

A combination of symbols, numbers, and operations (such as addition and multiplication) that represent a mathematical object or quantity.

Simplify

To reduce a complex mathematical expression or equation to a simpler form by performing operations and combining like terms.

Expression

In mathematics, an arrangement of numbers, symbols, and operators (such as + and ×) that represents a quantity or procedure. Expressions do not have equality signs.

Simplify

The process of making an expression or equation easier to understand or solve by reducing complexity.