Difference between revisions of "ASOP.43"
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:* <span style="color: red;">'''clms'''</span> (obvious!) | :* <span style="color: red;">'''clms'''</span> (obvious!) | ||
| − | ::: claims covered (line, state, …) | + | ::: - claims covered (line, state, …) |
:* <span style="color: red;">'''R'''</span>einsurance: | :* <span style="color: red;">'''R'''</span>einsurance: | ||
| − | ::: net/gross basis, uncollectability risk | + | ::: - net/gross basis, uncollectability risk |
:* <span style="color: red;">'''E'''</span>xpenses | :* <span style="color: red;">'''E'''</span>xpenses | ||
| − | ::: types of unpaid adjustment expenses included in loss estimate | + | ::: - types of unpaid adjustment expenses included in loss estimate |
:* <span style="color: red;">'''D'''</span>iscounting: | :* <span style="color: red;">'''D'''</span>iscounting: | ||
| − | ::: does estimate include discounting? | + | ::: - does estimate include discounting? |
:{| class='wikitable' | :{| class='wikitable' | ||
| Line 72: | Line 72: | ||
:* <span style="color: red;">'''P'''</span>urpose of analysis | :* <span style="color: red;">'''P'''</span>urpose of analysis | ||
| − | ::: internal or external use | + | ::: - internal or external use |
:* <span style="color: red;">'''N'''</span>ature of claims | :* <span style="color: red;">'''N'''</span>ature of claims | ||
:* <span style="color: red;">'''D'''</span>ata availability | :* <span style="color: red;">'''D'''</span>ata availability | ||
| Line 83: | Line 83: | ||
:* <span style="color: red;">'''P'''</span>urpose & scope of analysis | :* <span style="color: red;">'''P'''</span>urpose & scope of analysis | ||
| − | :* <span style="color: red;">'''A'''</span>ccounting date, valuation date, review date | + | :* <span style="color: red;">'''A'''</span>ccounting date, valuation date, review date |
:* <span style="color: red;">'''R'''</span>MAD: sources of risks, significant events | :* <span style="color: red;">'''R'''</span>MAD: sources of risks, significant events | ||
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Revision as of 15:11, 16 November 2025
Reading: “Actuarial Standard of Practice No. 43, Property/Casualty Unpaid Claim Estimates,” June 2007,
Author: Actuarial Standards Board of the American Academy of Actuaries
ASOP 43 provides guidance to actuaries when performing professional services relating to the estimation of loss and loss adjustment expense for unpaid claims for property/casualty coverages.
BA Quick-Summary: ASOP 43 - Unpaid Claim Estimates
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Study Tips
There are 4 ASOPs: (Virtually all of the material in the ASOPs is included in higher-ranked readings.)
Estimated study time: 30 minutes (not including subsequent review time)
BattleTable
- this reading has not been tested on any exam from the year 2012 to Fall 2019, after which exams stopped being published.
reference part (a) part (b) part (c) part (d) no prior questions
In Plain English!
The quiz covers items the AA must identify regarding unpaid claims estimates, factors that should be considered when selecting a methodology, and required disclosures within the report.
Question: identify specific items the AA must IDENTIFY regarding the unpaid claim estimate. [Hint: clms-RED]
- clms (obvious!)
- - claims covered (line, state, …)
- Reinsurance:
- - net/gross basis, uncollectability risk
- Expenses
- - types of unpaid adjustment expenses included in loss estimate
- Discounting:
- - does estimate include discounting?
Question: identify specific factors the AA should CONSIDER when selecting a reserving method [Hint: PaNDA (the first "a" doesn't stand for anything)]
- Purpose of analysis
- - internal or external use
- Nature of claims
- Data availability
- Assumptions underlying methods – appropriate?
Question: identify specific items the AA should DISCLOSE regarding the unpaid claim estimate [Hint: PAR
- Purpose & scope of analysis
- Accounting date, valuation date, review date
- RMAD: sources of risks, significant events
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