Description

CPCU 520 Terminology Exam Latest Update 2024-2025 Accident-year method - Answer A method of collecting ratemaking statistics that uses incurred losses for an accident year, which consist of all losses related to claims arising from accidents that occur during the year, and that estimates earned premiums by formulas from accounting records Actual cash value (ACV) - Answer The replacement cost of property minus depreciation Actuary - One who uses sophisticated mathematical techniques and technology to analyze loss and other data insurance companies use in setting rates