briefly explain the reserve for unexpired risk under general insurance business. What is the percentage of such reserve is to be created IRDA Act for various general insurance business.
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Unexpired Risk Reserve is the present value of loss and expense payments to be provided for by premiums covering the period from the valuation date to expiry on all contracts in force on the valuation date. A loss reserve is a provision for an insurer's liability for claims.
Section 4 of the IRDAI Act 1999 specifies the authority's composition. It is a ten-member body consisting of a chairman, five full-time and four part-time members appointed by the government of India.
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