One item that appears on an insurance company’s financial statements i

One item that appears on an insurance company’s financial statements is a liability that represents an estimate of the claims reported and adjusted but not yet paid, claims reported and filed but not yet adjusted,

and claims incurred but not yet reported to the company. This liability is called the insurer’s
A) net income.
B) loss reserves.
C) admitted assets.
D) unearned premium reserve.

ANSWER

Answer: B