AIC 300 CLAIMS IN AN EVOLVING WORLD
CLOSING SCRIPT UPDATED QUESTIONS
AND ANSWERS VIEW AHEAD PREP
MATERIAL SOLVED
⩥ DaJuan, a claims representative, sets a low case reserve for a
seemingly simple claim. A few weeks later it becomes apparent that the
initial reserve was too low, and he increases it in order to issue
payments. More bills related to the claim arrive a few months later, and
he increases the reserve again. This process is known as
Select one:
A. Readjusting.
B. Stairstepping
C. Reopening.
D. Incremental reserving..
Answer: B. Stairstepping.
Correct. The process of repeatedly increasing the reserve for a claim is
called stairstepping.
⩥ Olivia is careful to keep proper claim status notes when she handles a
claim. For example, she makes sure to only include neutral, objective
comments about the parties involved. This is because claim notes
,Select one:
A. Are potentially discoverable in a trial.
B. Continue for as long as the claim is open.
C. Present a chronology of the life of the claim.
D. Must be able to speak for themselves..
Answer: A. Are potentially discoverable in a trial.
Correct. Are potentially discoverable in a trial. Seemingly innocuous
comments can be devastating when read to a jury.
⩥ Ciara is going to college with the goal of working as a data scientist
for an insurer. She will need a strong foundation in mathematics and
statistics, computer programming, domain knowledge, and data science.
Which one of Ciara's skills will require her to understand the insurance
profession to which the data is being applied?
Select one:
A. Mathematics and statistics
B. Data science
C. Computer programming
D. Domain knowledge.
Answer: Domain knowledge
...is the understanding of the discipline, profession, or activity to which
the data is being applied.
, ⩥ rin helps her employer, a multi-line insurer, to determine actual
exposure and premium for coverage. She does this by conducting
detailed examinations of policyholder operations, records, and
accounting. Erin is a(n)
Select one:
A. Underwriter
B. Premium auditor.
C. Claims adjuster.
D. Producer..
Answer: Premium auditor.
Premium auditors provide inventory values, contractors' equipment lists,
and other facts that are important to the claims function.
⩥ Erik is a claims manager for Taunton Insurance. He is leading a team
of property claims representatives responding to a recent tornado in
Kentucky. Before sending the representatives into the field, Erik has
decided to use Internet of Things (IoT) technology to assess the damage
and danger in the area. Which one of the following IoT devices would
Erik most likely use in this situation?
Select one:
A. Drones
B. Telematics
CLOSING SCRIPT UPDATED QUESTIONS
AND ANSWERS VIEW AHEAD PREP
MATERIAL SOLVED
⩥ DaJuan, a claims representative, sets a low case reserve for a
seemingly simple claim. A few weeks later it becomes apparent that the
initial reserve was too low, and he increases it in order to issue
payments. More bills related to the claim arrive a few months later, and
he increases the reserve again. This process is known as
Select one:
A. Readjusting.
B. Stairstepping
C. Reopening.
D. Incremental reserving..
Answer: B. Stairstepping.
Correct. The process of repeatedly increasing the reserve for a claim is
called stairstepping.
⩥ Olivia is careful to keep proper claim status notes when she handles a
claim. For example, she makes sure to only include neutral, objective
comments about the parties involved. This is because claim notes
,Select one:
A. Are potentially discoverable in a trial.
B. Continue for as long as the claim is open.
C. Present a chronology of the life of the claim.
D. Must be able to speak for themselves..
Answer: A. Are potentially discoverable in a trial.
Correct. Are potentially discoverable in a trial. Seemingly innocuous
comments can be devastating when read to a jury.
⩥ Ciara is going to college with the goal of working as a data scientist
for an insurer. She will need a strong foundation in mathematics and
statistics, computer programming, domain knowledge, and data science.
Which one of Ciara's skills will require her to understand the insurance
profession to which the data is being applied?
Select one:
A. Mathematics and statistics
B. Data science
C. Computer programming
D. Domain knowledge.
Answer: Domain knowledge
...is the understanding of the discipline, profession, or activity to which
the data is being applied.
, ⩥ rin helps her employer, a multi-line insurer, to determine actual
exposure and premium for coverage. She does this by conducting
detailed examinations of policyholder operations, records, and
accounting. Erin is a(n)
Select one:
A. Underwriter
B. Premium auditor.
C. Claims adjuster.
D. Producer..
Answer: Premium auditor.
Premium auditors provide inventory values, contractors' equipment lists,
and other facts that are important to the claims function.
⩥ Erik is a claims manager for Taunton Insurance. He is leading a team
of property claims representatives responding to a recent tornado in
Kentucky. Before sending the representatives into the field, Erik has
decided to use Internet of Things (IoT) technology to assess the damage
and danger in the area. Which one of the following IoT devices would
Erik most likely use in this situation?
Select one:
A. Drones
B. Telematics
