New SIDBI Grade A New Batch Starts on Nov 18

    Register

    Question

    What does IBNR stand for in insurance?

    A Insurance Business and Revenue Norms Correct Answer Incorrect Answer
    B Insured but Not Registered Correct Answer Incorrect Answer
    C Incurred but Not Reported Correct Answer Incorrect Answer
    D Insurance Billing and Notification Requirement Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    IBNR in insurance stands for "Incurred but Not Reported." It represents the estimated amount of claims that have already occurred but have not yet been officially reported to the insurance company. This is an essential concept in insurance for financial planning and setting reserves to cover potential future claims.

    Practice Next

    Relevant for Exams: