General Insurance Applications (GIA) Practice Questions - General Insurance Applications (GIA) - Actuaries Institute Fellowship Program Exam

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Under Actuaries Institute Professional Standard PS 302 (Valuation of General Insurance Claims), what is the definition of a 'Central Estimate' of outstanding claims liabilities?

The expected value (statistically unbiased mean) of the distribution of potential future claim settlement outcomes The 50th percentile (median) value of the empirical claims distribution The most conservative upper bound estimate intended to guarantee solvency The total undiscounted historical cumulative paid claims to date

Correct Answer:

The expected value (statistically unbiased mean) of the distribution of potential future claim settlement outcomes

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