GENERAL KNOWLEDGE

Detailed explanation-1: -Definition: The IBNR, which is the abbreviated form of incurred but not reported reserves (IBNR), are the reserves for claims that become due with the occurrence of the events covered under the insurance policy, but have not been reported yet.

Detailed explanation-2: -Incurred but Not Reported (IBNR)-an estimate of the liability for claim-generating events that have taken place but have not yet been reported to the insurer or self-insurer. The sum of IBNR losses plus incurred losses provides an estimate of the total eventual liabilities for losses during a given period.

Detailed explanation-3: -Key Takeaways Reported but not settled (RBNS) refers to losses that have been reported to an insurance company that have not been settled by the end of the accounting period. RBNS losses are calculated using an estimation of the severity of the loss based on information from the claims settlement process.