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5. a. Why are property and casualty insurance compa- nies required to maintain loss reserves? b. Briefly explain the following methods for determin- ing loss

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5. a. Why are property and casualty insurance compa- nies required to maintain loss reserves? b. Briefly explain the following methods for determin- ing loss reserves: 1. judgment method 2. average value method 3. tabular method. c. What is the incurred-but-not-reported (IBNR) loss reserve

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