AIC 300 Terms Questions with Correct
Answers
Motion to Dismiss:
Filed early in a case/ No evidence - just the case itself.
Argues: "Even if everything the plaintiff says is true, the case isn't legally valid."
Motion for summary judgement
a request asking the court to decide a case (or part of it) without a trial because there are no
disputed facts and the law clearly supports one side.
Motion in limine
Filed before trial - requests to exclude certain evidence from being presented.
Stare decisis
Courts follow prior case decisions.
Office of Foreign Assets Control List
A list of people, companies, and countries that US businesses cannot do business with
Bank Draft
Payment directly from Insurers bank account
Commercial General Liability Policy
Covers bodily injury & property damage to others
Deposition
Sworn testimony taken before trial
, Punitive damages
Money awarded to punish the wrongdoer, not pay for loss
Minimizing adverse selection
reducing the chance that mostly high-risk people end up in your insured group
Roof of Loss form
Formal document Insured submits to show amount of loss.
Association Rule learning
Finds patters in data - Ppl who buy X also buy Y
Leaning on the evaluation
using your claim value (your objective evaluation of the claim) to support and justify your
settlement position during negotiation.
Quantitive measurements
anything you can measure with a number
Blockchain
a shared digital record that everyone can see, but no one can change
Stairstepping
repeatedly increasing claim reserves in small increments over time instead of setting an
accurate reserve upfront.
Individual case method
Adjuster sets reserve based on their own judgement
Answers
Motion to Dismiss:
Filed early in a case/ No evidence - just the case itself.
Argues: "Even if everything the plaintiff says is true, the case isn't legally valid."
Motion for summary judgement
a request asking the court to decide a case (or part of it) without a trial because there are no
disputed facts and the law clearly supports one side.
Motion in limine
Filed before trial - requests to exclude certain evidence from being presented.
Stare decisis
Courts follow prior case decisions.
Office of Foreign Assets Control List
A list of people, companies, and countries that US businesses cannot do business with
Bank Draft
Payment directly from Insurers bank account
Commercial General Liability Policy
Covers bodily injury & property damage to others
Deposition
Sworn testimony taken before trial
, Punitive damages
Money awarded to punish the wrongdoer, not pay for loss
Minimizing adverse selection
reducing the chance that mostly high-risk people end up in your insured group
Roof of Loss form
Formal document Insured submits to show amount of loss.
Association Rule learning
Finds patters in data - Ppl who buy X also buy Y
Leaning on the evaluation
using your claim value (your objective evaluation of the claim) to support and justify your
settlement position during negotiation.
Quantitive measurements
anything you can measure with a number
Blockchain
a shared digital record that everyone can see, but no one can change
Stairstepping
repeatedly increasing claim reserves in small increments over time instead of setting an
accurate reserve upfront.
Individual case method
Adjuster sets reserve based on their own judgement
