Actuarial Standard of Practice No. 5, Incurred Health Claim Liabilities (Doc. 028)

A standard of practice set forth in the areas of analysis and inquiries that actuaries should consider when their practice involves incurred health claim liabilities. Related terms are defined. Suggested methods and data requirements are set forth. Various considerations are discussed, including trend, exposure, time value of money, claim settlement expenses and follow up studies. KEY WORDS: Exam Part 7/7C, Standard of Practice, Reserving - Accident and Health, Trend, Discounting, Actuaries.