A why are property and casualty insurance companies, Finance Basics

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A why are property and casualty insurance companies

a. Why are property and casualty insurance companies required to maintain loss reserves?

b. Briefly explain the following methods for determining loss reserves:

1. judgment method

2. average value method

3. tabular method

c. What is the incurred-but-not-reported (IBNR) loss reserve?

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Finance Basics: A why are property and casualty insurance companies

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