LOMA 291 Module 2 Lesson 4 exam |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
with correct answers |||\\\ |||\\\
claim administration - correct answer✔✔The insurance function that is responsible for
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
evaluating, processing, and paying valid claims for contractual benefits that policyowners or
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
beneficiaries present. Also known as claim adjudication, claim handling, claim processing, or |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
claim servicing. |||\\\
claim philosophy - correct answer✔✔A statement of the principles the insurer will follow
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
when conducting claim administration.
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claim form (or statement) - correct answer✔✔A document containing information about a loss
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
under an insurance policy that is submitted to an insurer to begin the claim evaluation
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
process. Also known as a claimant's statement. |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
interpleader - correct answer✔✔In the United States, a procedure by which an insurer pays a |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
policy's proceeds to a court, advises the court that the insurer cannot determine who should
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
receive the proceeds, and asks the court to determine the proper recipient or recipients.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Model Unfair Claims Settlement Practices Act - correct answer✔✔In the United States, a
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
National Association of Insurance Commissioners model act that specifies a number of actions
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
that are considered unfair claims practices if committed by an insurer (1) in conscious disregard
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
of the law or (2) so frequently as to indicate a general business practice.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
with correct answers |||\\\ |||\\\
claim administration - correct answer✔✔The insurance function that is responsible for
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
evaluating, processing, and paying valid claims for contractual benefits that policyowners or
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
beneficiaries present. Also known as claim adjudication, claim handling, claim processing, or |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
claim servicing. |||\\\
claim philosophy - correct answer✔✔A statement of the principles the insurer will follow
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
when conducting claim administration.
|||\\\ |||\\\ |||\\\
claim form (or statement) - correct answer✔✔A document containing information about a loss
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
under an insurance policy that is submitted to an insurer to begin the claim evaluation
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
process. Also known as a claimant's statement. |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
interpleader - correct answer✔✔In the United States, a procedure by which an insurer pays a |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
policy's proceeds to a court, advises the court that the insurer cannot determine who should
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
receive the proceeds, and asks the court to determine the proper recipient or recipients.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
Model Unfair Claims Settlement Practices Act - correct answer✔✔In the United States, a
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
National Association of Insurance Commissioners model act that specifies a number of actions
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
that are considered unfair claims practices if committed by an insurer (1) in conscious disregard
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
of the law or (2) so frequently as to indicate a general business practice.
|||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\ |||\\\
