1) Describe the major assets and liabilities found in a typical property and casualty insurers balance sheet. a. What does the loss reserve represent? b. What does the unearned premium reserve represent? i. What are the purposes of the unearned premium reserve? c. Why is the loss reserve of property and liability insurers difficult to measure? 2) What are the major differences between the assets and liabilities of life insurers from those of property and liability insurers? 3) Briefly explain the following methods for detetmining loss reserves. a. Case reserve: i. Judgment method ii. Average value method b. Reserves based on the loss ratio method 4) What are the major sources of revenues for a property and liability insurer? a. What are the major expenses? b. What are the major expenses of a life insurer? 5) What are the main business objectives in insurance rate making? 6) In the context of ratemaking, explain the following: a. Rate b. Exposure unit c. Pure premium d. Gross premium 7) How are judgment rates determined? 8) Briefly describe the following methods for determining a class rate. a. Pure premium method 8) Briefly describe the following methods for determining a class rate. a. Pure premium method b. Loss ratio method 9) Explain the following methods of merit rating. a. Schedule rating b. Experience rating