Alberta General Insurance Level 1 Practice Exam

A loss run report is a crucial document used in the insurance industry, typically issued by an insurance company at the request of the policyholder or their prospective insurer. It provides a detailed account of the claim history of the insured, which includes information on all claims made during a specified period, their outcomes, and any other pertinent details like claim dates and amounts paid.

This report is essential for assessing the risk associated with the insured, helping underwriters determine an appropriate premium and coverage options for renewals or new policies. By analyzing the claims history included in the loss run report, both the insured and the insurer can gain valuable insights into the insured’s risk exposure and potential future liabilities.

The other choices do not relate directly to a loss run report, as they focus on aspects unrelated to the documented claims history, such as assets, future premium rates, or underwriting workload.