III IC-47 A-1 Practice Questions - III IC-47 A-1 Foundation Of Casualty Actuarial Science Part I Exam

What is the fundamental difference between life and casualty actuarial science?

Life actuarial science deals only with short-term policies. Casualty actuarial science deals with frequency and severity of losses which are highly variable. Life actuarial science does not involve interest calculations. Casualty actuarial science only covers property damage.

Correct Answer:

Casualty actuarial science deals with frequency and severity of losses which are highly variable.

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