Question

What is meant by "Incurred But Not Reported (IBNR)" in reinsurance?

a.

Claims that have been reported but not yet paid by the reinsurer

b.

Claims that have occurred but not yet reported to the reinsurer

c.

Future liability for losses that have already occurred but not reported

d.

Expected future development of reported claims in the reinsurer's records

Posted under IC85 Reinsurance Management

Answer: (c).Future liability for losses that have already occurred but not reported Explanation:IBNR refers to the liability for future payments on losses that have already occurred but have not yet been reported in the reinsurer's records. It may also include expected future development on claims that have been reported.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What is meant by "Incurred But Not Reported (IBNR)" in reinsurance?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What does the insolvency clause in reinsurance contracts ensure?

View solution

Q. What does an intermediary clause in a reinsurance contract specify?

View solution

Q. What is the purpose of a jurisdiction clause in a reinsurance treaty wording?

View solution

Q. What does the "Law of Large Numbers" postulate in insurance?

View solution

Q. What is a "layer" in the context of excess of loss reinsurance?

View solution

Q. Who is a "Lead Underwriter" in reinsurance?

View solution

Q. What does the term "Limits" refer to in reinsurance?

View solution

Q. How is the term "Line" used in the context of reinsurance?

View solution

Q. What is meant by "Long-Tail Liability" in insurance and reinsurance?

View solution

Q. What are "Losses Outstanding" in reinsurance?

View solution

Q. What does the "Losses occurring basis" refer to in excess of loss insurance?

View solution

Q. What do "Losses Paid" refer to in insurance?

View solution

Q. How is the "Loss Ratio" calculated in insurance?

View solution

Q. What is the purpose of a "Loss Ratio Stabilising Clause"?

View solution

Q. What does the "Net Line" represent in insurance?

View solution

Q. What is an "Obligatory Treaty" in reinsurance?

View solution

Q. How is "occurrence" defined in insurance?

View solution

Q. What does "offset" mean in the context of agreements or transactions?

View solution

Q. What are "Original Conditions" in reinsurance?

View solution

Q. What is an "Original Insurer" in the context of reinsurance?

View solution
View All MCQs on IC85 Reinsurance Management

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!

Mechatronics

Enter the world of integrated engineering systems with our Mechatronics category....

IC38 Life Insurance Agent Exam

Prepare for success in the Insurance Institute of India (III) IC38 IRDA examination...

Basic Chemical Engineering

Get a solid foundation in Chemical Engineering with our Basic Chemical Engineering...

Tissue Engineering

Delve into the cutting-edge field of Tissue Engineering with our specialized...

Avionics Engineering

Soar into the world of aviation technology with our Avionics Engineering category....

Bioinformatics

Unlock the power of data analysis in biology with our Bioinformatics category....

UIDAI Aadhaar Supervisor Certification

Prepare for the UIDAI Aadhaar Supervisor Certification with our specialized category....

Power Plant Engineering

Embark on a journey through the fascinating domain of Power Plant Engineering, where...

Total Quality Management

Enhance your understanding of quality management with our Total Quality Management...