Q1.

Being a student of Insurance Accounting, you must be aware of the term Loss reserve that is an estimate of an insurers liability from future claims. Loss reserves are typically comprised of liquid assets, and they allow the insurer to cover claims made against policies that it underwrites. While estimating the loss reserves what factors does insurance company takes into account. Discuss also the Components of Loss Reserves.

Q2.

The primary role of a Loss Reserve Specialist is to opine on the adequacy of the loss and loss expense provisions, reflected in insurers statutory financial statements. What Criteria that can be considered in determining whether an individual qualifies as a loss reserve specialist.

Q3.

State the factors to be taken into considerations for loss reserve auditing procedures.