Question
An insurer has outstanding claims at the start of the
year ₹50 lakh. During the year, claims paid total ₹3 crore. At year-end, the estimated outstanding claims are ₹70 lakh. Calculate the claims incurred for the year.Solution
• Claims incurred = Claims paid + Closing outstanding – Opening outstanding = 3,00,00,000 + 70,00,000 – 50,00,000 = ₹3.20 crore.
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