IC 300 ALL CLAIMS EXAM 2024 | ACTUAL EXAM
AND PRACTICE EXAM TEST BANK WITH
STUDY GUIDE | ACCURATE FREQUENTLY
TESTED QUESTIONS WITH DETAILED
ANSWERS AND RATIONALES | GUARANTEED
PASS
Conor is a claims representative whose supervisor is reviewing his claim status
notes. The supervisor took exception with one of Conor's notes, which read, "The
claimant is obviously lying because his account of how the accident happened
keeps changing." The supervisor should advise Conor that this statement is
inappropriate because it is not
Select one:
A. Concise.
B. Objective.
C. Accurate.
D. Clear. - ANSWER>>B. Objective.
Claim status notes should contain objective comments about the parties.
As a part of the first contact with an insured on a property damage claim, a
claims representative may provide a blank
Select one:
A. Proof of loss form.
B. First notice of loss form.
C. Nondisclosure form.
D. Reservation of rights form. - ANSWER>>A. Proof of loss form
,A claims representative may provide a blank proof of loss form and any
necessary written instructions so the insured can document the claim.
Adam manages a claims department for an insurer. He measures the
department's performance by best practices, claims audits, customer satisfaction
data, and loss ratio. Which one of Adam's measures refers to a system of
identified internal practices that claims representatives perform to produce
superior performance?
A. Claims audits
B. Best practices
C. Loss ratio
D. Customer satisfaction data - ANSWER>>B. Best practices
Best practices generally refers to a system of identified internal practices that are
shared with claims reps and produce superior performance.
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
C. Smartphones
D. Sensors - ANSWER>>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
AND PRACTICE EXAM TEST BANK WITH
STUDY GUIDE | ACCURATE FREQUENTLY
TESTED QUESTIONS WITH DETAILED
ANSWERS AND RATIONALES | GUARANTEED
PASS
Conor is a claims representative whose supervisor is reviewing his claim status
notes. The supervisor took exception with one of Conor's notes, which read, "The
claimant is obviously lying because his account of how the accident happened
keeps changing." The supervisor should advise Conor that this statement is
inappropriate because it is not
Select one:
A. Concise.
B. Objective.
C. Accurate.
D. Clear. - ANSWER>>B. Objective.
Claim status notes should contain objective comments about the parties.
As a part of the first contact with an insured on a property damage claim, a
claims representative may provide a blank
Select one:
A. Proof of loss form.
B. First notice of loss form.
C. Nondisclosure form.
D. Reservation of rights form. - ANSWER>>A. Proof of loss form
,A claims representative may provide a blank proof of loss form and any
necessary written instructions so the insured can document the claim.
Adam manages a claims department for an insurer. He measures the
department's performance by best practices, claims audits, customer satisfaction
data, and loss ratio. Which one of Adam's measures refers to a system of
identified internal practices that claims representatives perform to produce
superior performance?
A. Claims audits
B. Best practices
C. Loss ratio
D. Customer satisfaction data - ANSWER>>B. Best practices
Best practices generally refers to a system of identified internal practices that are
shared with claims reps and produce superior performance.
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
C. Smartphones
D. Sensors - ANSWER>>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
