1) (4.5 points) An insurance company has 50 open claims as of December 31, 2019. Each has the same formula reserve of $8,000 (i.e. the claim handlers put up $8,000 for each in case reserves). The following is a breakdown of activity on these claims during the 2020 calendar year: . 8 claims closed with payment for a total of $95,000 in payments. 7 claims closed without payment. 5 claims had partial payments of $3,500 each, with a corresponding reserve decrease (reserve takedown) on each claim of $3,500. 7 claims had partial payments of $5,000 each, with each of these 7 claims increasing reserves to $10,000. 23 claims remain open with no payment or reserve activity. Received unanticipated salvage and subrogation recoveries amounting to $10,000 in total. . What is the incurred loss for these 50 claims for calendar year 2020? 1) (4.5 points) An insurance company has 50 open claims as of December 31, 2019. Each has the same formula reserve of $8,000 (i.e. the claim handlers put up $8,000 for each in case reserves). The following is a breakdown of activity on these claims during the 2020 calendar year: . 8 claims closed with payment for a total of $95,000 in payments. 7 claims closed without payment. 5 claims had partial payments of $3,500 each, with a corresponding reserve decrease (reserve takedown) on each claim of $3,500. 7 claims had partial payments of $5,000 each, with each of these 7 claims increasing reserves to $10,000. 23 claims remain open with no payment or reserve activity. Received unanticipated salvage and subrogation recoveries amounting to $10,000 in total. . What is the incurred loss for these 50 claims for calendar year 2020