AIC 300 CLAIMS IN AN EVOLVING WORLD
2026 FINAL PAPER COMPLETE QUESTIONS
AND ANSWERS FULL SOLUTION
◉ D. A medical investigation.
All bodily injury claims, including workers compensation claims,
require a medical investigation.
Answer: In claims investigation, all bodily injury claims require
Select one:
A. Statements from all witnesses.
B. Multiple claims payments
C. An attorney.
D. A medical investigation.
◉ D. Prepare a list of questions for the insured.
Before making initial contact with an insured or claimant, a claims
representative should prepare a list of questions for the insured,
along with information on how the claim will be handled.
Answer: Before making initial contact with an insured or claimant, a
claims representative should
,Select one:
A. Research similar losses in the same geographical area.
B. Contact company counsel for a reservation of rights letter.
C. Prepare an approximate estimate based on similar losses.
D. Prepare a list of questions for the insured.
◉ C. Recorded statement.
A recorded statement is taken by the claims rep over the phone or in
person.
Answer: Carolina is a claim representative handling a liability claim.
She is speaking to the claimant over the phone and has informed
him that his statements must be true under penalty of perjury. When
completed, she sent a transcription of the conversation to the
claimant for him to sign before a notary. Carolina has taken a(n)
Select one:
A. Affidavit.
B. Deposition.
C. Recorded statement.
D. Examination under oath.
◉ B. Large loss
,Large loss reports are required by most insurers to summarize
claims with reserves above a certain threshold.
Answer: One of Juan's responsibilities as a claims representative is
to prepare internal reports, such as preliminary, interim, large loss,
and captioned. Which one of the reports Juan prepares is required
for claims with reserves that exceed a specified threshold?
Select one:
A. Interim
B. Large loss
C. Preliminary
D. Captioned
◉ D. First notice of loss (FNOL) form.
An internal claims handler will often transfer information to the
insurer's standard form, called the first notice of loss (FNOL) form.
Answer: In the process of assigning a claim, an internal claims
handler will often transfer information to the insurer's standard
form, called the
Select one:
A. Standard claims handling (SCH) form.
B. Initial acknowledgment of notice (IAN) form.
C. Claim intake (CI) form.
D. First notice of loss (FNOL) form.
, ◉ B. Average value method
The average value method is used most often when their are small
variations in loss size for a particular type of claim, and when claims
can be concluded quickly.
Answer: Which one of the following methods of establishing case
reserves is used most often when there are small variations in loss
size for a particular type of claim?
Select one:
A. Individual case method
B. Average value method
C. Formula method
D. Roundtable method
◉ A. The insurer's case reserves.
To determine whether an insurer typically underreserves or
overreserves claims, actuaries compare the insurer's paid losses to
the insurer's case reserves.
Answer: To determine whether an insurer typically underreserves
or overreserves claims, actuaries compare the insurer's paid losses
to
Select one:
2026 FINAL PAPER COMPLETE QUESTIONS
AND ANSWERS FULL SOLUTION
◉ D. A medical investigation.
All bodily injury claims, including workers compensation claims,
require a medical investigation.
Answer: In claims investigation, all bodily injury claims require
Select one:
A. Statements from all witnesses.
B. Multiple claims payments
C. An attorney.
D. A medical investigation.
◉ D. Prepare a list of questions for the insured.
Before making initial contact with an insured or claimant, a claims
representative should prepare a list of questions for the insured,
along with information on how the claim will be handled.
Answer: Before making initial contact with an insured or claimant, a
claims representative should
,Select one:
A. Research similar losses in the same geographical area.
B. Contact company counsel for a reservation of rights letter.
C. Prepare an approximate estimate based on similar losses.
D. Prepare a list of questions for the insured.
◉ C. Recorded statement.
A recorded statement is taken by the claims rep over the phone or in
person.
Answer: Carolina is a claim representative handling a liability claim.
She is speaking to the claimant over the phone and has informed
him that his statements must be true under penalty of perjury. When
completed, she sent a transcription of the conversation to the
claimant for him to sign before a notary. Carolina has taken a(n)
Select one:
A. Affidavit.
B. Deposition.
C. Recorded statement.
D. Examination under oath.
◉ B. Large loss
,Large loss reports are required by most insurers to summarize
claims with reserves above a certain threshold.
Answer: One of Juan's responsibilities as a claims representative is
to prepare internal reports, such as preliminary, interim, large loss,
and captioned. Which one of the reports Juan prepares is required
for claims with reserves that exceed a specified threshold?
Select one:
A. Interim
B. Large loss
C. Preliminary
D. Captioned
◉ D. First notice of loss (FNOL) form.
An internal claims handler will often transfer information to the
insurer's standard form, called the first notice of loss (FNOL) form.
Answer: In the process of assigning a claim, an internal claims
handler will often transfer information to the insurer's standard
form, called the
Select one:
A. Standard claims handling (SCH) form.
B. Initial acknowledgment of notice (IAN) form.
C. Claim intake (CI) form.
D. First notice of loss (FNOL) form.
, ◉ B. Average value method
The average value method is used most often when their are small
variations in loss size for a particular type of claim, and when claims
can be concluded quickly.
Answer: Which one of the following methods of establishing case
reserves is used most often when there are small variations in loss
size for a particular type of claim?
Select one:
A. Individual case method
B. Average value method
C. Formula method
D. Roundtable method
◉ A. The insurer's case reserves.
To determine whether an insurer typically underreserves or
overreserves claims, actuaries compare the insurer's paid losses to
the insurer's case reserves.
Answer: To determine whether an insurer typically underreserves
or overreserves claims, actuaries compare the insurer's paid losses
to
Select one:
