Use the following transaction data for two claims to answer the questions below. Claim 1 Policy...
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Use the following transaction data for two claims to answer the questions below. Claim 1 Policy Effective Date 04/01/16 Date of Report Loss Date 08/01/16 09/15/16 2 10/01/16 02/01/17 02/01/17 Transaction Incremental Date Payment 09/15/16 01/01/17 06/01/17 12/15/17 02/01/17 10/01/17 02/15/18 $0 $4,000 $28,000 $15,000 $20,000 $36,000 $12,000 1. What are the total Policy Year 2016 Reported Claims as of 12/31/2016? 2. What are the total Accident Year 2017 Reported Claims as of 12/31/2017? 3. What are the total Calendar Year 2017 Paid Claims as of 12/31/2017? 4. What are the total Reported Year 2016 Paid Claims as of 12/31/2017? Case Reserve (as of transaction date) $40,000 $36,000 $12,000 $0 $55,000 $14,000 $0 Use the following transaction data for two claims to answer the questions below. Claim 1 Policy Effective Date 04/01/16 Date of Report Loss Date 08/01/16 09/15/16 2 10/01/16 02/01/17 02/01/17 Transaction Incremental Date Payment 09/15/16 01/01/17 06/01/17 12/15/17 02/01/17 10/01/17 02/15/18 $0 $4,000 $28,000 $15,000 $20,000 $36,000 $12,000 1. What are the total Policy Year 2016 Reported Claims as of 12/31/2016? 2. What are the total Accident Year 2017 Reported Claims as of 12/31/2017? 3. What are the total Calendar Year 2017 Paid Claims as of 12/31/2017? 4. What are the total Reported Year 2016 Paid Claims as of 12/31/2017? Case Reserve (as of transaction date) $40,000 $36,000 $12,000 $0 $55,000 $14,000 $0
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1To determine the total Policy Year 2016 Reported Claims as of 12312016 we need to identify all the ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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