AIC 300 - Claims in an Evolving World
Study online at https://quizlet.com/_gqx5u4
1. Adam manages a claims depart- B. Best practices
ment for an insurer. He measures
the department's performance by Best practices generally refers to a system of identi-
best practices, claims audits, cus- fied internal practices that are shared with claims reps
tomer satisfaction data, and loss ra- and produce superior performance.
tio. Which one of Adam's measures
refers to a system of identified in-
ternal practices that claims represen-
tatives perform to produce superior
performance?
A. Claims audits
B. Best practices
C. Loss ratio
D. Customer satisfaction data
2. DaJuan, a claims representative, sets B. Stairstepping.
a low case reserve for a seemingly
simple claim. A few weeks later it be- Correct. The process of repeatedly increasing the re-
comes apparent that the initial re- serve for a claim is called stairstepping.
serve 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.
, AIC 300 - Claims in an Evolving World
Study online at https://quizlet.com/_gqx5u4
3. Olivia is careful to keep proper A. Are potentially discoverable in a trial.
claim status notes when she han-
dles a claim. For example, she makes Correct. Are potentially discoverable in a trial. Seem-
sure to only include neutral, objec- ingly innocuous comments can be devastating when
tive comments about the parties in- read to a jury.
volved. 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 them-
selves.
4. Ciara is going to college with the Domain knowledge
goal of working as a data scientist
for an insurer. She will need a strong ...is the understanding of the discipline, profession,
foundation in mathematics and sta- or activity to which the data is being applied.
tistics, computer programming, do-
main knowledge, and data science.
Which one of Ciara's skills will require
her to understand the insurance pro-
fession to which the data is being
applied?
Select one:
A. Mathematics and statistics
B. Data science
C. Computer programming
D. Domain knowledge
, AIC 300 - Claims in an Evolving World
Study online at https://quizlet.com/_gqx5u4
5. rin helps her employer, a multi-line Premium auditor.
insurer, to determine actual expo-
sure and premium for coverage. She Premium auditors provide inventory values, contrac-
does this by conducting detailed ex- tors' equipment lists, and other facts that are impor-
aminations of policyholder opera- tant to the claims function.
tions, records, and accounting. Erin
is a(n)
Select one:
A. Underwriter
B. Premium auditor.
C. Claims adjuster.
D. Producer.
6. Erik is a claims manager for Taunton Drones
Insurance. He is leading a team of
property claims representatives re- Erik would most likely use drones to take photos or
sponding to a recent tornado in Ken- videos of the difficult-to-reach area and assess the
tucky. Before sending the represen- damage and danger. By using the drones, he can
tatives into the field, Erik has decided assess the danger without risking the safety of the
to use Internet of Things (IoT) tech- claims representatives. Telematics devices are used in
nology to assess the damage and automobiles to create a picture of driving patterns.
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
C. Smartphones
D. Sensors
7. Mustafa is a data scientist who is Actuary.
working with a team of underwrit-
Study online at https://quizlet.com/_gqx5u4
1. Adam manages a claims depart- B. Best practices
ment for an insurer. He measures
the department's performance by Best practices generally refers to a system of identi-
best practices, claims audits, cus- fied internal practices that are shared with claims reps
tomer satisfaction data, and loss ra- and produce superior performance.
tio. Which one of Adam's measures
refers to a system of identified in-
ternal practices that claims represen-
tatives perform to produce superior
performance?
A. Claims audits
B. Best practices
C. Loss ratio
D. Customer satisfaction data
2. DaJuan, a claims representative, sets B. Stairstepping.
a low case reserve for a seemingly
simple claim. A few weeks later it be- Correct. The process of repeatedly increasing the re-
comes apparent that the initial re- serve for a claim is called stairstepping.
serve 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.
, AIC 300 - Claims in an Evolving World
Study online at https://quizlet.com/_gqx5u4
3. Olivia is careful to keep proper A. Are potentially discoverable in a trial.
claim status notes when she han-
dles a claim. For example, she makes Correct. Are potentially discoverable in a trial. Seem-
sure to only include neutral, objec- ingly innocuous comments can be devastating when
tive comments about the parties in- read to a jury.
volved. 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 them-
selves.
4. Ciara is going to college with the Domain knowledge
goal of working as a data scientist
for an insurer. She will need a strong ...is the understanding of the discipline, profession,
foundation in mathematics and sta- or activity to which the data is being applied.
tistics, computer programming, do-
main knowledge, and data science.
Which one of Ciara's skills will require
her to understand the insurance pro-
fession to which the data is being
applied?
Select one:
A. Mathematics and statistics
B. Data science
C. Computer programming
D. Domain knowledge
, AIC 300 - Claims in an Evolving World
Study online at https://quizlet.com/_gqx5u4
5. rin helps her employer, a multi-line Premium auditor.
insurer, to determine actual expo-
sure and premium for coverage. She Premium auditors provide inventory values, contrac-
does this by conducting detailed ex- tors' equipment lists, and other facts that are impor-
aminations of policyholder opera- tant to the claims function.
tions, records, and accounting. Erin
is a(n)
Select one:
A. Underwriter
B. Premium auditor.
C. Claims adjuster.
D. Producer.
6. Erik is a claims manager for Taunton Drones
Insurance. He is leading a team of
property claims representatives re- Erik would most likely use drones to take photos or
sponding to a recent tornado in Ken- videos of the difficult-to-reach area and assess the
tucky. Before sending the represen- damage and danger. By using the drones, he can
tatives into the field, Erik has decided assess the danger without risking the safety of the
to use Internet of Things (IoT) tech- claims representatives. Telematics devices are used in
nology to assess the damage and automobiles to create a picture of driving patterns.
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
C. Smartphones
D. Sensors
7. Mustafa is a data scientist who is Actuary.
working with a team of underwrit-
