AIC 300 - Simulated Exam
1. Insurers and claim representatives must keep the Handle claims in good
promises specified in insurance policies, as well as faith.
those created by the law. In insurance transactions, the
insured pays a premium for the insurer's promise to
2. Maja handled a large liability claim that settled above Insured's collusion with
the policy limits. The insured is now charging the claim the claimant.
was handled in bad faith. During their investigation of
the bad-faith claim, Maja and defense counsel discov-
ered that the claimant had received the payment from
the insurer, but not the amount above the policy limits
that was to come from the insured's assets. Which one
of the following defenses would Maja's defense most
likely invoke?
3. Bettina's apartment is burglarized and several items Soft Fraud.
are stolen. In filing her claim, she tells her insurer
that her stolen television was both newer and larger
than it actually was. This constitutes which one of the
following types of fraud?
4. In liability claims, the claims rep will require an autho- Obtain medical records.
rization from the injured party to
5. Antonia has a general liability policy with a self-insured $250,000
retention of $50,000. The policy has an occurrence
limit of $250,000 and an aggregate limit of $500,000.
She had submitted one prior claim this policy term for
which $100,000 was paid by the insurer. How much will
Antonia's insurer pay on a subsequent claim under the
same policy period that is valued at $400,000?
6.
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, AIC 300 - Simulated Exam
Claims rep Miguel is conducting a settlement with Feel empowered when
a claimant. He constructs his first offer so that the given a choice.
claimant will likely find it undesirable. This becomes
the basis of comparison for the second offer that he
makes. Miguel understands that people
7. Joy Insurance Company is interested in using data min- To understand what it
ing to solve a problem it is having with claims fraud in wants to achieve.
one of its product lines. The first step it should take is
8. Thomas is an attorney who is defending an insurer in a Preserve the evidence as
litigated case. He has located documents that show the part of the record.
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
9. As a part of the first contact with an insured on a Proof of loss form.
property damage claim, a claims representative may
provide a blank
10. Ciara is going to college with the goal of working as Domain knowledge.
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 under-
stand the insurance profession to which the data is
being applied?
11. Rodrigo manages a claims department for an insurer Losses and LAE divided by
and uses loss ratio as a measure of the department's earned premium.
performance. Rodrigo calculates loss ratio as
12. Independent Adjusters
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1. Insurers and claim representatives must keep the Handle claims in good
promises specified in insurance policies, as well as faith.
those created by the law. In insurance transactions, the
insured pays a premium for the insurer's promise to
2. Maja handled a large liability claim that settled above Insured's collusion with
the policy limits. The insured is now charging the claim the claimant.
was handled in bad faith. During their investigation of
the bad-faith claim, Maja and defense counsel discov-
ered that the claimant had received the payment from
the insurer, but not the amount above the policy limits
that was to come from the insured's assets. Which one
of the following defenses would Maja's defense most
likely invoke?
3. Bettina's apartment is burglarized and several items Soft Fraud.
are stolen. In filing her claim, she tells her insurer
that her stolen television was both newer and larger
than it actually was. This constitutes which one of the
following types of fraud?
4. In liability claims, the claims rep will require an autho- Obtain medical records.
rization from the injured party to
5. Antonia has a general liability policy with a self-insured $250,000
retention of $50,000. The policy has an occurrence
limit of $250,000 and an aggregate limit of $500,000.
She had submitted one prior claim this policy term for
which $100,000 was paid by the insurer. How much will
Antonia's insurer pay on a subsequent claim under the
same policy period that is valued at $400,000?
6.
1/9
, AIC 300 - Simulated Exam
Claims rep Miguel is conducting a settlement with Feel empowered when
a claimant. He constructs his first offer so that the given a choice.
claimant will likely find it undesirable. This becomes
the basis of comparison for the second offer that he
makes. Miguel understands that people
7. Joy Insurance Company is interested in using data min- To understand what it
ing to solve a problem it is having with claims fraud in wants to achieve.
one of its product lines. The first step it should take is
8. Thomas is an attorney who is defending an insurer in a Preserve the evidence as
litigated case. He has located documents that show the part of the record.
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
9. As a part of the first contact with an insured on a Proof of loss form.
property damage claim, a claims representative may
provide a blank
10. Ciara is going to college with the goal of working as Domain knowledge.
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 under-
stand the insurance profession to which the data is
being applied?
11. Rodrigo manages a claims department for an insurer Losses and LAE divided by
and uses loss ratio as a measure of the department's earned premium.
performance. Rodrigo calculates loss ratio as
12. Independent Adjusters
2/9
