How does the chain ladder method (CLM) help insurance companies calculate?

Premium rates for insurance policies.

Investment income from insurance premiums.

Claims reserve requirements for future claims.

Profit margins on insurance policies.

What is the primary purpose of loss reserves in the insurance industry?

To generate profit for insurance companies.

To estimate an insurer's liability for future claims.

To regulate premium rates for policyholders.

To provide immediate compensation to policyholders.

In the history of insurance in India, when did the formation of the Malhotra Committee take place, and what was its objective?

Formed in 1956 to nationalize the insurance industry.

Formed in 1993 to assess and recommend reforms in the insurance sector.

Formed in 1912 to regulate life insurance companies.

Formed in 1972 to regulate non-life insurance businesses.

In modern India, when was the non-life insurance business nationalized, and what organization was formed as a result?

Nationalized in 1912, leading to the formation of LIC.

Nationalized in 1956, leading to the formation of GIC.

Nationalized in 1999, leading to the formation of IRDA.

Nationalized in 1972, leading to the formation of the Malhotra Committee.

What is the main purpose of loss reserves in the insurance industry?

To maximize profits for insurance companies.

To estimate the potential claims that an insurer may have to pay in the future.

To set premium rates for policyholders.

To provide immediate compensation to policyholders.

In the history of insurance in India, what was the objective of the Malhotra Committee, and when was it formed?

Formed in 1972 to assess and recommend reforms in the insurance sector.

Formed in 1956 to nationalize the insurance industry.

Formed in 1993 to regulate non-life insurance businesses.

Formed in 1912 to regulate life insurance companies.

What is the primary objective of the Insurance Regulatory and Development Authority (IRDA) in India?

To generate profits for insurance companies.

To safeguard the interests of insurance policyholders.

To regulate premium rates for policyholders.

To provide immediate compensation to policyholders.

What is the primary function of the chain ladder method (CLM) in the insurance industry?

To calculate premium rates for insurance policies.

To estimate investment income from insurance premiums.

To determine profit margins on insurance policies.

To calculate incurred but not reported (IBNR) loss estimates for future claims.

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