Question

What should the accounting estimates for claims cost include?

a.

Only claims made for losses incurred

b.

Only estimated or anticipated claims under the policies following a loss occurrence

c.

Only claims incurred under policies and specific claims settlement costs

d.

All of the above

Posted under IC 14 Regulations of Insurance Business

Answer: (d).All of the above Explanation:The accounting estimates for claims cost should include claims made for losses incurred, estimated or anticipated claims under policies following a loss occurrence, and specific claims settlement costs, according to insurance accounting standards.

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Q. What should the accounting estimates for claims cost include?
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