Question
InsureCo writes a portfolio of 12-month fire insurance policies on 1 Oct (policy year Oct–Sep). Premiums are received upfront. Historical claims are seasonal: 30% of claims occur in Nov–Jan, 20% in Feb–Apr, 25% in May–Jul, and 25% in Aug–Oct. Management wants to calculate unearned premium and decide if an unexpired risk reserve (UR
- R is needed at 31 Mar year-end. Based on seasonality, what is the primary consideration for URR at 31 Mar?
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