AIC 300 CLAIMS IN AN EVOLVING WORLD
ACTUAL EXAM WITH VERIFIED QUESTIONS
AND 100% CORRECT ANSWERS – LATEST
VERSION GRADED A+
◍ A. The behaviors necessary to implement an ethical decision
Answer: Which one of the following best describes the term
'professionalism' as it relates to claims professionals?
Select one:
A. The behaviors necessary to implement an ethical decision
B. Remaining silent when a competitor is disparaged publicly
C. Fulfilling the terms of an insurance contract
D. A set of principles and values
◍ D. Timely contact with all parties to a claim.
Early contact with parties helps to ensure details are correct, parties
feel heard, and don't feel the need for attorneys. Answer: As a claims
representative, some of Sara's goals is to benefit her employer by
ensuring the parties to a loss remember details accurately,
reassuring the parties that their claims are important, and lessening
,the chance that the parties will retain attorneys. Sara accomplishes
these goals through
Select one:
A. Effective claims management.
B. Regular and prompt communication.
C. Complete and accurate documentation.
D. Timely contact with all parties to a claim.
◍ A. Drones
Erik would most likely use drones to take photos or videos of the
difficult-to-reach area and assess the damage and danger. By using
the drones, he can assess the danger without risking the safety of the
claims representatives. Answer: 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. Sensors
C. Smartphones
,D. Telematics
◍ B. Is named in the policy declarations or an endorsement.
An individual may have an insurable interest in a building, but not be
considered an insured under the policy because the person's name
is not listed in the declarations or on an endorsement. Answer: Luke
runs his business out of a store front in a commercial building. After
a fire destroyed part of the building, Luke made a claim for damages
and received a settlement check from the property insurer. This
necessarily means that Luke
Select one:
A. Has business interruption coverage.
B. Is named in the policy declarations or an endorsement.
C. Has an insurable interest in the damaged property.
D. Is the owner of the building.
◍ B. Losses and LAE divided by earned premium.
Losses and LAE divided by earned premium. Loss ratio measures
losses and loss adjustment expenses against earned premium and
reflects the percentage of premiums being consumed by losses.
Answer: Rodrigo manages a claims department for an insurer and
uses loss ratio as a measure of the department's performance.
Rodrigo calculates loss ratio as
, Select one:
A. Losses divided by written premium.
B. Losses and LAE divided by earned premium.
C. Losses and LAE divided by written premium.
D. Losses divided by earned premium.
◍ B. Obtain medical records.
In liability claims, the claims rep will require an authorization from
the injured party to obtain medical records. Answer: In liability
claims, the claims rep will require an authorization from the injured
party to
Select one:
A. Investigate the claim.
B. Obtain medical records.
C. Contact the insured.
D. Issue a partial claim settlement.
◍ A. Actuary.
Actuaries are critically important to this process because they
understand the business and the analytics. Answer: Mustafa is a data
scientist who is working with a team of underwriting, IT, and
ACTUAL EXAM WITH VERIFIED QUESTIONS
AND 100% CORRECT ANSWERS – LATEST
VERSION GRADED A+
◍ A. The behaviors necessary to implement an ethical decision
Answer: Which one of the following best describes the term
'professionalism' as it relates to claims professionals?
Select one:
A. The behaviors necessary to implement an ethical decision
B. Remaining silent when a competitor is disparaged publicly
C. Fulfilling the terms of an insurance contract
D. A set of principles and values
◍ D. Timely contact with all parties to a claim.
Early contact with parties helps to ensure details are correct, parties
feel heard, and don't feel the need for attorneys. Answer: As a claims
representative, some of Sara's goals is to benefit her employer by
ensuring the parties to a loss remember details accurately,
reassuring the parties that their claims are important, and lessening
,the chance that the parties will retain attorneys. Sara accomplishes
these goals through
Select one:
A. Effective claims management.
B. Regular and prompt communication.
C. Complete and accurate documentation.
D. Timely contact with all parties to a claim.
◍ A. Drones
Erik would most likely use drones to take photos or videos of the
difficult-to-reach area and assess the damage and danger. By using
the drones, he can assess the danger without risking the safety of the
claims representatives. Answer: 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. Sensors
C. Smartphones
,D. Telematics
◍ B. Is named in the policy declarations or an endorsement.
An individual may have an insurable interest in a building, but not be
considered an insured under the policy because the person's name
is not listed in the declarations or on an endorsement. Answer: Luke
runs his business out of a store front in a commercial building. After
a fire destroyed part of the building, Luke made a claim for damages
and received a settlement check from the property insurer. This
necessarily means that Luke
Select one:
A. Has business interruption coverage.
B. Is named in the policy declarations or an endorsement.
C. Has an insurable interest in the damaged property.
D. Is the owner of the building.
◍ B. Losses and LAE divided by earned premium.
Losses and LAE divided by earned premium. Loss ratio measures
losses and loss adjustment expenses against earned premium and
reflects the percentage of premiums being consumed by losses.
Answer: Rodrigo manages a claims department for an insurer and
uses loss ratio as a measure of the department's performance.
Rodrigo calculates loss ratio as
, Select one:
A. Losses divided by written premium.
B. Losses and LAE divided by earned premium.
C. Losses and LAE divided by written premium.
D. Losses divided by earned premium.
◍ B. Obtain medical records.
In liability claims, the claims rep will require an authorization from
the injured party to obtain medical records. Answer: In liability
claims, the claims rep will require an authorization from the injured
party to
Select one:
A. Investigate the claim.
B. Obtain medical records.
C. Contact the insured.
D. Issue a partial claim settlement.
◍ A. Actuary.
Actuaries are critically important to this process because they
understand the business and the analytics. Answer: Mustafa is a data
scientist who is working with a team of underwriting, IT, and
