Pramerica Life Insurance Interview Questions and Answers for Freshers

Reserves are funds set aside by an insurance company to cover future claims and obligations.

• Reserves are calculated based on actuarial projections of future claims and expenses.

• They serve as a financial cushion to ensure the company can meet its obligations to policyholders.

• Reserves are required by regulators to ensure the financial stability of insurance companies.

• Examples of reserves include loss reserves for unpaid claims and premium reserves for unearned premiums.

Insurance products can be ranked based on premiums from highest to lowest

• Life insurance typically has higher premiums due to longer coverage periods and potential payouts

• Health insurance premiums can vary based on age, health status, and coverage options

• Auto insurance premiums are influenced by factors like driving record, age, and type of vehicle

• Homeowners insurance premiums depend on factors like location, property value, and coverage limits

Different statistical distributions are used to model different types of data in actuarial science.

• Common distributions include normal, binomial, Poisson, exponential, and gamma distributions.

• Each distribution has its own set of parameters that describe its shape, spread, and location.

• Choosing the right distribution is crucial for accurately modeling and analyzing data in actuarial work.

Proficient in coding with experience in languages such as Python, R, and SQL.

• Proficient in Python, R, and SQL

• Experience with data manipulation and analysis

• Ability to write efficient and clean code

• Familiarity with statistical modeling and machine learning algorithms