AIC 300 questions with correct answers
As |a |claims |representative, |Joshua |frequently |requests |proofs |of |loss |and |affidavits, |and |conducts
|examinations |under |oath |and |recorded |statements. |Which |one |of |Joshua's |sworn |statements |is
|administered |by |the |insurer's |attorney |at |the |office |of |the |insurer, |attorney, |or |court |reporter? |
A. |Affadivit
B. |Recorded |statement
C. |Proof |of |loss
D. |Examination |under |oath |- |correct |answer |-D. |Examination |under |oath
Examination |under |oath |is |administered |by |the |attorney |for |the |insurer |after |notice |is |issued |to
|appear |at |the |office |of |the |insurer, |attorney, |or |court |reporter.
Which |one |of |the |following |can |be |applied |over |time |to |refine |a |model |to |better |predict |results?
A. |Regression
B. |Association |rule |learning
C. |Machine |learning
D. |Statistics |- |correct |answer |-C. |Machine |learning
Machine |learning |can |be |applied |over |time |to |refine |a |model |to |better |predict |results.
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:
A. |Objective
B. |Concise
C. |Accurate
D. |Clear |- |correct |answer |-A. |Objective
Claim |status |notes |should |contain |objective |comments |about |the |parties, |and |this |statement |is
|subjective.
,Leila |is |conducting |a |claims |investigation |and |is |taking |a |recorded |statement |from |the |claimant. |She
|wants |a |simple |yes-or-no |answer |to |prevent |the |interviewee |from |explaining |the |answer |further.
|She |asks, |"You |experienced |back |pain |immediately |when |you |lifted |the |box, |didn't |you?" |Leila |has
|asked |a(n)
A. |Direct |Question
B. |Leading |Question
C. |Open-Ended |Question
D. |Indirect |Question |- |correct |answer |-B. |Leading |Question
The |NAIC |model |act |specifies |that |its |provisions |regarding |bad-faith |claims |are |to |be |enforced |by
A. |NAIC |personnel.
B. |Insurer |personnel, |on |the |honor |system.
C. |State |insurance |departments.
D. |The |Federal |Trade |Commission. |- |correct |answer |-C. |State |insurance |departments.
The |NAIC |model |act |specifies |that |its |provisions |regarding |bad-faith |claims |are |to |be |enforced |by
|state |insurance |departments.
Ida |was |named |in |a |bad-faith |lawsuit |as |the |claims |representative |who |handled |the |file. |The |court
|dismissed |the |suit, |however, |because |the |statute |of |limitations |had |expired. |This |means |that
A. |She |was |immune |to |prosecution |as |an |employee.
B. |The |limits |of |the |policy |had |been |exceeded.
C. |There |was |no |basis |to |pierce |the |corporate |veil.
D. |Too |much |time |had |expired |after |the |claim |concluded. |- |correct |answer |-D. |Too |much |time |had
|expired |after |the |claim |concluded.
A |statute |of |limitations |is |a |law |that |stipulates |the |length |of |time |after |an |event |during |which |legal
|proceedings |may |be |initiated.
Thomas |is |an |attorney |who |is |defending |an |insurer |in |a |litigated |case. |He |has |located |documents
|that |show |the |insured |was |aware |of |the |issue |that |cause |the |injury |to |the |claimant |before |the
|accident. |Thomas |is |concerned |that |this |evidence |will |hurt |his |case. |He |should
A. |Preserve |the |evidence |as |part |of |the |record.
B. |File |a |motion |in |limine |to |exclude |the |evidence.
, C. |File |a |motion |to |suppress |the |evidence.
D. |Destroy |the |evidence |to |make |the |defense |stronger. |- |correct |answer |-A. |Preserve |the |evidence
|as |part |of |the |record.
An |insurer |defending |a |first-party |coverage |lawsuit |could |be |found |liable |if |evidence |is |intentionally
|or |negligently |lost |or |destroyed.
Insurers |and |claim |representatives |must |keep |the |promises |specified |in |insurance |policies, |as |well
|as |those |created |by |the |law. |In |insurance |transactions, |the |insured |pays |a |premium |for |the
|insurer's |promise |to
A. |Handle |claims |in |good |faith.
B. |Comply |with |federal |insurance |laws.
C. |Compete |fairly |in |the |insurance |market.
D. |Settle |all |losses |in |the |insured's |best |interests. |- |correct |answer |-A. |Handle |claims |in |good |faith.
In |insurance |transactions, |the |insured |pays |a |premium |for |the |insurer's |promise |to |handle |claims |in
|good |faith.
Among |the |methods |used |to |pay |claims |are |the |issuance |of |checks |and |bank |drafts. |The |main
|difference |between |the |two |is |that
A. |Only |bank |drafts |may |be |used |for |claim |payments |in |excess |of |$10,000.
B. |With |a |bank |draft, |the |bank |must |verify |that |the |insurer |has |authorized |payment.
C. |With |a |check, |the |bank |must |verify |that |the |insurer |has |authorized |payment.
D. |Only |checks |may |be |used |for |claim |payments |in |excess |of |$10,000. |- |correct |answer |-B. |With |a
|bank |draft, |the |bank |must |verify |that |the |insurer |has |authorized |payment.
With |a |bank |draft, |the |bank |must |verify |that |the |insurer |has |authorized |payment |before |disbursing
|funds.
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
A. |Has |an |insurable |interest |in |the |damaged |property.
B. |Has |business |interruption |coverage.
C. |Is |the |owner |of |the |building.
As |a |claims |representative, |Joshua |frequently |requests |proofs |of |loss |and |affidavits, |and |conducts
|examinations |under |oath |and |recorded |statements. |Which |one |of |Joshua's |sworn |statements |is
|administered |by |the |insurer's |attorney |at |the |office |of |the |insurer, |attorney, |or |court |reporter? |
A. |Affadivit
B. |Recorded |statement
C. |Proof |of |loss
D. |Examination |under |oath |- |correct |answer |-D. |Examination |under |oath
Examination |under |oath |is |administered |by |the |attorney |for |the |insurer |after |notice |is |issued |to
|appear |at |the |office |of |the |insurer, |attorney, |or |court |reporter.
Which |one |of |the |following |can |be |applied |over |time |to |refine |a |model |to |better |predict |results?
A. |Regression
B. |Association |rule |learning
C. |Machine |learning
D. |Statistics |- |correct |answer |-C. |Machine |learning
Machine |learning |can |be |applied |over |time |to |refine |a |model |to |better |predict |results.
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:
A. |Objective
B. |Concise
C. |Accurate
D. |Clear |- |correct |answer |-A. |Objective
Claim |status |notes |should |contain |objective |comments |about |the |parties, |and |this |statement |is
|subjective.
,Leila |is |conducting |a |claims |investigation |and |is |taking |a |recorded |statement |from |the |claimant. |She
|wants |a |simple |yes-or-no |answer |to |prevent |the |interviewee |from |explaining |the |answer |further.
|She |asks, |"You |experienced |back |pain |immediately |when |you |lifted |the |box, |didn't |you?" |Leila |has
|asked |a(n)
A. |Direct |Question
B. |Leading |Question
C. |Open-Ended |Question
D. |Indirect |Question |- |correct |answer |-B. |Leading |Question
The |NAIC |model |act |specifies |that |its |provisions |regarding |bad-faith |claims |are |to |be |enforced |by
A. |NAIC |personnel.
B. |Insurer |personnel, |on |the |honor |system.
C. |State |insurance |departments.
D. |The |Federal |Trade |Commission. |- |correct |answer |-C. |State |insurance |departments.
The |NAIC |model |act |specifies |that |its |provisions |regarding |bad-faith |claims |are |to |be |enforced |by
|state |insurance |departments.
Ida |was |named |in |a |bad-faith |lawsuit |as |the |claims |representative |who |handled |the |file. |The |court
|dismissed |the |suit, |however, |because |the |statute |of |limitations |had |expired. |This |means |that
A. |She |was |immune |to |prosecution |as |an |employee.
B. |The |limits |of |the |policy |had |been |exceeded.
C. |There |was |no |basis |to |pierce |the |corporate |veil.
D. |Too |much |time |had |expired |after |the |claim |concluded. |- |correct |answer |-D. |Too |much |time |had
|expired |after |the |claim |concluded.
A |statute |of |limitations |is |a |law |that |stipulates |the |length |of |time |after |an |event |during |which |legal
|proceedings |may |be |initiated.
Thomas |is |an |attorney |who |is |defending |an |insurer |in |a |litigated |case. |He |has |located |documents
|that |show |the |insured |was |aware |of |the |issue |that |cause |the |injury |to |the |claimant |before |the
|accident. |Thomas |is |concerned |that |this |evidence |will |hurt |his |case. |He |should
A. |Preserve |the |evidence |as |part |of |the |record.
B. |File |a |motion |in |limine |to |exclude |the |evidence.
, C. |File |a |motion |to |suppress |the |evidence.
D. |Destroy |the |evidence |to |make |the |defense |stronger. |- |correct |answer |-A. |Preserve |the |evidence
|as |part |of |the |record.
An |insurer |defending |a |first-party |coverage |lawsuit |could |be |found |liable |if |evidence |is |intentionally
|or |negligently |lost |or |destroyed.
Insurers |and |claim |representatives |must |keep |the |promises |specified |in |insurance |policies, |as |well
|as |those |created |by |the |law. |In |insurance |transactions, |the |insured |pays |a |premium |for |the
|insurer's |promise |to
A. |Handle |claims |in |good |faith.
B. |Comply |with |federal |insurance |laws.
C. |Compete |fairly |in |the |insurance |market.
D. |Settle |all |losses |in |the |insured's |best |interests. |- |correct |answer |-A. |Handle |claims |in |good |faith.
In |insurance |transactions, |the |insured |pays |a |premium |for |the |insurer's |promise |to |handle |claims |in
|good |faith.
Among |the |methods |used |to |pay |claims |are |the |issuance |of |checks |and |bank |drafts. |The |main
|difference |between |the |two |is |that
A. |Only |bank |drafts |may |be |used |for |claim |payments |in |excess |of |$10,000.
B. |With |a |bank |draft, |the |bank |must |verify |that |the |insurer |has |authorized |payment.
C. |With |a |check, |the |bank |must |verify |that |the |insurer |has |authorized |payment.
D. |Only |checks |may |be |used |for |claim |payments |in |excess |of |$10,000. |- |correct |answer |-B. |With |a
|bank |draft, |the |bank |must |verify |that |the |insurer |has |authorized |payment.
With |a |bank |draft, |the |bank |must |verify |that |the |insurer |has |authorized |payment |before |disbursing
|funds.
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
A. |Has |an |insurable |interest |in |the |damaged |property.
B. |Has |business |interruption |coverage.
C. |Is |the |owner |of |the |building.
