Question

What is Burning Cost?What are Incurred But Not Reported (I.B.N.R.) claims?

The cost at which claims would equal the excess of loss reinsurance premiumClaims that have already been reported by the reinsured

The amount paid by the reinsurer for each claim made by the reinsuredClaims that are still outstanding and could be settled at a higher cost

The percentage of the insurer's gross premium incomeClaims that have not yet been reported by the reinsured

The cost of paying all claims during the yearClaims that are not covered by the reinsurance treaty

Posted under IC85 Reinsurance Management

Answer: The cost at which claims would equal the excess of loss reinsurance premiumClaims that are still outstanding and could be settled at a higher cost Explanation:Burning Cost refers to the cost at which claims would equal the excess of loss reinsurance premium.Incurred But Not Reported (I.B.N.R.) claims are those claims that are still outstanding and could be settled at a higher cost.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What is Burning Cost?What are Incurred But Not Reported (I.B.N.R.) claims?

Add Comment

Recommended Subjects

Are you eager to expand your knowledge beyond IC85 Reinsurance Management? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!

Enzyme Technology

Unlock the power of enzymes with our Enzyme Technology category. Explore enzyme...

Fluid Mechanics

Unlock the mysteries of fluids and their behavior with our Fluid Mechanics category....

Engineering Materials

Discover the building blocks of engineering with our Engineering Materials category....

Genetic Engineering

Unlock the potential of Genetic Engineering with our dedicated category. Explore gene...

Microbiology

Uncover the fascinating world of microbes with our Microbiology category. Delve into...

Business Statistics

Uncover the power of data analysis with our Business Statistics category. Explore...

IC22 Life Insurance Underwriting

Prepare for success in the Insurance Institute of India (III) examination with IC22...

IC85 Reinsurance Management

Gear up for success in the Insurance Institute of India (III) examination with IC85...

Marketing and Marketing Management

Uncover the strategies and tactics of marketing with our Marketing and Marketing...