Ace the Alberta General Insurance Level 1 Exam 2025 – Insure Your Success Today!

Question: 1 / 400

What does IBNR stand for?

Immediate but Not Reported

Insured but Not Recovered

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.

Get further explanation with Examzify DeepDiveBeta

Invested but Not Returned

Next Question

Report this question

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy