Question 7 (1 point) If you are injured in an automobile accident caused by an individual with no insurance, who pays for your damages? You receive no compensation. Your own insurance company, provided you have underinsured motorist coverage. Your own insurance company, provided you have uninsured motorist coverage. The responsible party, regardless whether they have insurance or not. Question 8 (1 point) Which of the following statements is FALSE regarding the estimates of ultimate claims for P&C insurance? Development (changes) on case reserves is also known as the incurred but not enough reserve (IBNER). The reported value of a claim = amount paid to date + amount yet to be paid (case reserve). The difference between the reported value of a claim and the ultimate value of a claim is due to IBNR. It is not possible for cumulative paid losses to decrease over time