Difference between revisions of "Friedland02.ClmsProcess"
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====Case outstanding==== | ====Case outstanding==== | ||
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| + | Case outstanding ''(also called case reserves)'' is estimated by the claims adjuster. It is: | ||
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| + | * the estimated amount the claimant will be paid to settle this particular claim | ||
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| + | This amount is rarely accurate for individual claims. | ||
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====Provision For Future Development on Known Claims==== | ====Provision For Future Development on Known Claims==== | ||
====Estimate for Reopened Claims==== | ====Estimate for Reopened Claims==== | ||
Revision as of 16:00, 1 June 2020
Reading: Friedland, J.F., Estimating Unpaid Claims Using Basic Techniques, Casualty Actuarial Society, Third Version, July 2010. The Appendices are excluded.
Chapter 2: The Claims Process
Contents
Pop Quiz
Study Tips
If you've been working at an insurance company for a few years then much of this chapter covers material you already know. The 2 items to pay close attention to are:
- 5 elements of the unpaid claim/loss estimate
- formula for reported claims/losses
Aside from that, the wiki provides a brief summary of each subsection with the chapter. If you want more detail, you can use the source text for bedtime reading.
Estimated study time: 1 hour (not including subsequent review time)
BattleTable
- this reading has not been tested on any exam from the year 2012 and subsequent
reference part (a) part (b) part (c) part (d) no prior questions
In Plain English!
5 components of the total unpaid claim estimate
Case outstanding
Case outstanding (also called case reserves) is estimated by the claims adjuster. It is:
- the estimated amount the claimant will be paid to settle this particular claim
This amount is rarely accurate for individual claims.
