Alberta General Insurance Level 1 Practice Exam

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What does IBNR stand for?

  1. Immediate but Not Reported

  2. Insured but Not Recovered

  3. Incurred but Not Reported

  4. Invested but Not Returned

The correct answer is: Incurred but Not Reported

IBNR stands for Incurred but Not Reported. Immediate but Not Reported and Insured but Not Recovered are incorrect because they do not accurately reflect the meaning of IBNR. Immediate does not refer to a financial term and Insured but Not Recovered does not convey the idea of financial liability. Invested but Not Returned is also incorrect because it suggests a different financial concept - investing and returning funds - rather than the concept of incurred expenses that have not yet been reported.

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