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An overestimation of loss reserves can have what negative effects upon an insurer: 6 1) Can cause a lowering of the insurer's financial strength ratings O2) Can reduce the amount of premium that can be written due to a statutory limitations of surplus to written premium 3) can lead to the dissolution of the insurer 9 4) All of the above 12 15 Question 2 (2 points) A risk has incurred losses for a 12-month period of $2,500,000 for 50,000 car years of exposure. The pure premium for this example is: 18 1) $40 21 2) $50 3) $55 Question 3 (2 points) The ratemaking data collection method used with statistics that are readily available and can be collected with minimal expense is: 1) Policy-year 2) Calendar year ) 3) Accident-year 4) Claim-year Question 4 (2 points) With exponential trending, it is assumed that data will increase by: 1) A fixed amount and a separate percentage 2) Just a fixed amount 3) Just a percentage 4) The rate of inflation Question 5 (2 points) Accurate audits are beneficial to the insured, and inaccurate ones are detrimental. Which statement represents a disadvantage which inaccurate audit could bring to an insured? 1) A premium which is too low now could result in a large adjustment later, when a more accurate audit catches the inaccuracy 2) Correctly counted loss exposures result in a high premium O3) The deposit premium next year is very close to what the actual premium turns out to be because of this year's audit 4) The insured does not experience extreme variations in premium from one year to the next