Always great to have strong foundational knowledge. Without that, it makes it much harder to not only learn but retain the harder information. Thanks for this. You broke it down well.
Your videos are really helpful! I just wanted to add that in regards to the filler words comment, a club called toastmasters helped me a lot in public speaking and speaking without filler words! :)
Excellent question. IBNR can be further split into IBNYR (Incurred but not yet reported) and IBNER (Incurred but not enough reported). At a high level, IBNR is the difference between the ultimate reported loss and the reported loss. (It's the stuff we plan to eventually pay out as the insurance company). Determining IBNR is one of the important duties of the reserving actuary. This will be included in the loss portion of the fundamental insurance equation.
