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Foundations of Casualty Actuarial Science

         a. Case reserves assigned to specific claims,

         b. A provision for future development on known claims,

         c. A provision for claims that re-open after they have
              been closed,

         d. A provision for claims that have occurred but have
              not yet been reported to the insurer, and

         e. A provision for claims that have been reported to
              the insurer but have not yet been recorded.

106. A loss reserve can be divided into two categories: known
         claims vs. unknown claims. The reserve for known
         claims represents the amount that will be required for
         future payments of claims that have already been
         reported to the insurer.

107. The reserve for unknown claims is the amount for claims
         that have been incurred but not reported to the insurer.
         The reserve for unknown claims is commonly called an
         IBNR reserve.

108. Dates become very important in the data organization
         and loss reserve estimation process. The list below
         defines the five key dates.

         a. Accident Date - the date on which the loss

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