CSPA Practice Questions - iCAS Certified Specialist in Predictive Analytics (CSPA) Exam - CSPA Practice Questions - iCAS Certified Specialist in Predictive Analytics (CSPA) Exam

Question 1

In property-casualty insurance, what is the definition of pure premium?

Expected losses (and loss adjustment expenses) per unit of exposure Total written premium divided by total earned premium Gross premium minus the underwriting profit provision Premium net of ceded reinsurance and brokerage

Correct Answer:

Expected losses (and loss adjustment expenses) per unit of exposure

Question 2

An insurer reports incurred losses of $70M, LAE of $5M, underwriting expenses of $25M, and earned premium of $100M. What is the combined ratio?

100% 95% 75% 70%

Correct Answer:

100%

Question 3

Which decomposition of pure premium is most commonly used in ratemaking?

Pure premium = frequency × severity Pure premium = frequency + severity Pure premium = loss ratio × earned premium Pure premium = combined ratio − expense ratio

Correct Answer:

Pure premium = frequency × severity

Question 4

Which of the following best defines IBNR reserves?

An estimate of losses that have occurred but have not yet been reported to the insurer Case reserves set by claims adjusters on individual reported claims The unearned portion of premium that must be returned if the policy is cancelled Reserves the insurer holds for unallocated loss adjustment expenses only

Correct Answer:

An estimate of losses that have occurred but have not yet been reported to the insurer

Question 5

What does ALAE stand for in P&C reserving?

Allocated Loss Adjustment Expense Adjusted Loss And Expense Aggregate Loss Avoidance Expense Annual Loss Allocation Estimate

Correct Answer:

Allocated Loss Adjustment Expense

Question 1

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About this Exam

Prepare with the CSPA Practice Questions - iCAS Certified Specialist in Predictive Analytics (CSPA) Exam practice quiz. This question bank includes 100 questions covering loss, insurer, model, premium, and claim. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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CSPA Practice Questions - iCAS Certified Specialist in Predictive Analytics (CSPA) Exam

This practice set contains 100 questions from the matching question bank and focuses on loss, insurer, model, premium, and claim. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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CSPA Practice Questions - iCAS Certified Specialist in Predictive Analytics (CSPA) Exam

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