Question

What is the definition of "Unearned Premium Reserve"?

a.

The sum of all premiums written in a specific period

b.

The amount of premium remaining after deducting expenses

c.

The reserve set aside for unpaid claims and losses

d.

The total of premiums representing unexpired policy periods

Posted under IC85 Reinsurance Management

Answer: (d).The total of premiums representing unexpired policy periods Explanation:"Unearned Premium Reserve" can be defined as the sum of all premiums representing the unexpired portions of policies or contracts that the insurer or reinsurer has on its books as of a specific date. It takes into account the average issue dates and the length of the term.

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