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Unformatted text preview: UNSW ACTL1001 Actuarial Studies and Commerce Tutorial Exercises 11 Exercise 1 The following table shows the annual premiums received by quar- ter for a class of insurance business during the year. Month Premiums received March 60,700 June 300,100 September 50,670 December 120,980 The company has a 31 December financial year for its accounts. Determine the unearned premium provision at the end of the financial year. Assume that premiums were paid on average at the mid point of the quarter. Exercise 2 You have extracted the following information from the accounts of a non-life insurance company. Item Amount $ m Unearned Premium Provision 31 December XX-1 1,038.9 Unearned Premium Provision 31 December XX 1,069.4 Outstanding Claims Provision 31 December XX-1 4,051.5 Outstanding Claims Provision 31 December XX 4,430.9 Premiums received in year XX 2,829.8 Claims paid in year XX 1,784.2 Expenses in year XX 1,818.3 Investment Income in year XX 148.5 Determine the profit for the company for financial year XX, the expense ratio...
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- One '09
- insurance company, unearned premium provision, Outstanding Claims Provision