AIC 300 CLAIMS IN AN EVOLVING WORLD
END OF COURSE STUDY GUIDE LATEST
UPDATED ACTUAL TESTED QUESTIONS
AND CORRECT ANSWERS
⩥ 3 ways to establish good faith.
Answer: By satisfying contractual duties and other promises, By
maintaining insurers' credibility and complying with legal duty
⩥ 3rd party insurance.
Answer: Liability insurance is considered third-party insurance because
the insurer makes payments on behalf of the policyholder to a claimant
(third party) who is injured or whose property is damaged by the
policyholder.
⩥ 4 basic techniques of data mining.
Answer: classification, regression analysis, association rule learning, and
cluster analysis
⩥ 4 critical aspects of a claim's reps initial contact with an insured.
Answer: 1. timing and 2 method of claims contact. 3 Preparation and 4
initial contact
,⩥ A claimant or excess insurer that has no standing to sue under a state's
law may still be able to bring suit if.
Answer: insured assigned the right to sue. In such cases, defense lawyers
should ascertain whether the assignment is legal; an illegal or improper
assignment can be a valid defense.
⩥ A diary system, also called a suspense system or pending system does
what?.
Answer: combines work on a claim with documentation. helps for
working on reviewing each claim
⩥ Accuracy.
Answer: In model performance evaluation, a model's correct predictions
divided by its total predictions.
⩥ Activities in claims handling process.
Answer: 1. Acknowledge a claim and assigning it to a claims rep
2. Identifying the policy
3. Contacting the insured of the insured's representative
4. Investigating and documenting the claim
5. Determining the cause of loss and the loss amount
6. Concluding the claim
⩥ Actuary.
,Answer: A person who uses mathematical methods to analyze insurance
data for various purposes, such as to develop insurance rates or set claim
reserves.
⩥ After a claim has been initially assessed, the next step in the claims
handling process involves.
Answer: accumulating as much data as possible about the inciting
incident, a crucial element of which is interviewing the claimant and
relevant witnesses.
⩥ After receiving a summons and complaint, the claims rep should take
these steps:.
Answer: 1. determine the time available to respond. 2. Identify the
parties complaint. 3. check how service was handled (State and local
laws often determine who can be served with legal papers and how that
service is to be performed.) 4. Determine whether a statute of limitations
applies. 5. Verify that the jurisdiction and venue are correct
⩥ Algorithm.
Answer: An operational sequence used to solve mathematical problems
and to create computer programs.
⩥ All bodily injury claims need.
Answer: a medical investigation
, ⩥ Allegation.
Answer: A claim made in the complaint by the plaintiff, specifying what
the plaintiff expects to prove to obtain a judgment against the defendant.
⩥ Although the exact timing may differ among insurers, the setting of an
initial reserve(s) usually occurs.
Answer: early in the claims handling process
⩥ An increasing loss ratio could indicate that.
Answer: insurer isn't performing the claims function properly. Increasing
losses could also mean that the Underwriting Department elected to
cover loss exposures that were more costly or occurred more frequently
than it estimated or that the Actuarial Department failed to price the
insurer's products correctly
⩥ An insurer's management team must decide.
Answer: insurance products and services will be sold to which markets.
Product decisions range from what product lines to offer to what
coverages, limits, and deductibles to include in the policy.
⩥ Any significant doubt regarding coverage under the policy may
require a.
Answer: reservation of rights letter and/or an immediate referral to
coverage counsel.
END OF COURSE STUDY GUIDE LATEST
UPDATED ACTUAL TESTED QUESTIONS
AND CORRECT ANSWERS
⩥ 3 ways to establish good faith.
Answer: By satisfying contractual duties and other promises, By
maintaining insurers' credibility and complying with legal duty
⩥ 3rd party insurance.
Answer: Liability insurance is considered third-party insurance because
the insurer makes payments on behalf of the policyholder to a claimant
(third party) who is injured or whose property is damaged by the
policyholder.
⩥ 4 basic techniques of data mining.
Answer: classification, regression analysis, association rule learning, and
cluster analysis
⩥ 4 critical aspects of a claim's reps initial contact with an insured.
Answer: 1. timing and 2 method of claims contact. 3 Preparation and 4
initial contact
,⩥ A claimant or excess insurer that has no standing to sue under a state's
law may still be able to bring suit if.
Answer: insured assigned the right to sue. In such cases, defense lawyers
should ascertain whether the assignment is legal; an illegal or improper
assignment can be a valid defense.
⩥ A diary system, also called a suspense system or pending system does
what?.
Answer: combines work on a claim with documentation. helps for
working on reviewing each claim
⩥ Accuracy.
Answer: In model performance evaluation, a model's correct predictions
divided by its total predictions.
⩥ Activities in claims handling process.
Answer: 1. Acknowledge a claim and assigning it to a claims rep
2. Identifying the policy
3. Contacting the insured of the insured's representative
4. Investigating and documenting the claim
5. Determining the cause of loss and the loss amount
6. Concluding the claim
⩥ Actuary.
,Answer: A person who uses mathematical methods to analyze insurance
data for various purposes, such as to develop insurance rates or set claim
reserves.
⩥ After a claim has been initially assessed, the next step in the claims
handling process involves.
Answer: accumulating as much data as possible about the inciting
incident, a crucial element of which is interviewing the claimant and
relevant witnesses.
⩥ After receiving a summons and complaint, the claims rep should take
these steps:.
Answer: 1. determine the time available to respond. 2. Identify the
parties complaint. 3. check how service was handled (State and local
laws often determine who can be served with legal papers and how that
service is to be performed.) 4. Determine whether a statute of limitations
applies. 5. Verify that the jurisdiction and venue are correct
⩥ Algorithm.
Answer: An operational sequence used to solve mathematical problems
and to create computer programs.
⩥ All bodily injury claims need.
Answer: a medical investigation
, ⩥ Allegation.
Answer: A claim made in the complaint by the plaintiff, specifying what
the plaintiff expects to prove to obtain a judgment against the defendant.
⩥ Although the exact timing may differ among insurers, the setting of an
initial reserve(s) usually occurs.
Answer: early in the claims handling process
⩥ An increasing loss ratio could indicate that.
Answer: insurer isn't performing the claims function properly. Increasing
losses could also mean that the Underwriting Department elected to
cover loss exposures that were more costly or occurred more frequently
than it estimated or that the Actuarial Department failed to price the
insurer's products correctly
⩥ An insurer's management team must decide.
Answer: insurance products and services will be sold to which markets.
Product decisions range from what product lines to offer to what
coverages, limits, and deductibles to include in the policy.
⩥ Any significant doubt regarding coverage under the policy may
require a.
Answer: reservation of rights letter and/or an immediate referral to
coverage counsel.
