AIC 30 - Assignment 3 Practice Test
Question and answers correctly solved
2025
Reserve adequacy and accuracy are important for supporting an insurer's
continued solvency and - correct answer ✔Capacity
Individual case method - correct answer ✔A method of setting reserves
based on the claim's circumstances and the claim representative's experience
in handling similar claims
Hector is an experienced workers compensation claim representative for
Great States Insurance Company. Hector considers the ratio between medical
costs and indemnity when setting the reserves on his workers compensation
claims. This is known as the - correct answer ✔Formula method
Ron was investigating an automobile accident and took a statement from the
insured. Ron asked questions such as "The light was green wasn't it?" and
"You were already through the turn when hit?". These questions would show
the investigation to contain which one of the following elements? - correct
answer ✔Bias
An examination under oath (EUO) is a valuable tool to use when - correct
answer ✔An insured is suspected of submitting a fraudulent claim
Which one of the following are included on a notice of loss form? - correct
answer ✔Agency
The first step in confirming coverage is - correct answer ✔Matching the
information on the loss notice to the relevant policy
Question and answers correctly solved
2025
Reserve adequacy and accuracy are important for supporting an insurer's
continued solvency and - correct answer ✔Capacity
Individual case method - correct answer ✔A method of setting reserves
based on the claim's circumstances and the claim representative's experience
in handling similar claims
Hector is an experienced workers compensation claim representative for
Great States Insurance Company. Hector considers the ratio between medical
costs and indemnity when setting the reserves on his workers compensation
claims. This is known as the - correct answer ✔Formula method
Ron was investigating an automobile accident and took a statement from the
insured. Ron asked questions such as "The light was green wasn't it?" and
"You were already through the turn when hit?". These questions would show
the investigation to contain which one of the following elements? - correct
answer ✔Bias
An examination under oath (EUO) is a valuable tool to use when - correct
answer ✔An insured is suspected of submitting a fraudulent claim
Which one of the following are included on a notice of loss form? - correct
answer ✔Agency
The first step in confirming coverage is - correct answer ✔Matching the
information on the loss notice to the relevant policy
