AIC 300 PART 1 TEST QUESTIONS AND 100% VERIFIED ANSWERS
(NEWEST)
ANSWER: A staff claims representative A position that is characterized by
being an insurer or employee with a major focus on claims management
ANSWER: Independent adjusters When specialist skills are required and staff
claim representatives are too busy to handle every claim on their own,
employees are used.
ANSWER Contractors who manage claims, maintain claim logs, and conduct
statistical analyses are known as third party administrators (TPAs). They are
frequently connected to major independent adjusting firms or insurer
subsidiaries.
Producer: ANSWER intermediaries who place insurance with insurers,
including sales reps, brokers, and agents.
ANSWER: Public adjuster If a claim is complicated or settlement talks with the
insurer are not moving forward, the insured will frequently hire a representative
to safeguard their interests.
Line underwriters are ANSWER Representatives who assess new applications
and carry out underwriting for renewals, typically by collaborating closely with
applicants and insurance producers.
ANSWER Representatives known as staff underwriters oversee risk selection
by collaborating with line underwriters to coordinate choices on guidelines,
pricing, and products.
Customer service agents, also known as ANSWER representatives, work in
tandem with claims representatives to guarantee prompt and precise
dissemination of information pertaining to claims.
Professionals: ANSWER Workers that insurance companies use when they
need to assess the reason or extent of a loss, look into potential fraud by an
insured or third-party claimant, or offer legal counsel.
, Describe the reasoning behind it. ANSWER In order to handle claims in good
faith, the claims representative must
__________________________________________ if the decision is
unfavorable.
providing the compensation money that claimants and insureds request -
ANSWER In the short term, claims reps might cut LAE by
___________________________________ instead of investing resources in
examining claims and figuring out and negotiating just compensation.
ANSWER 3 commonly used technologies offer quality metrics of a Claims
Department's performance, including customer satisfaction statistics, claims
audits, and best practices.
ANSWER: Best practices determined by examining the performance of
successful insurers or the performance of an insurer itself.
Audits of claims - ANSWER used by insurers to collect statistical data on
claims and guarantee adherence to best practices; this is done by analyzing data
from both open and closed claims.
Sworn declarations: Response The insured and occasionally third-party
claimants are required by the majority of policies to furnish
_______________________.
Three characteristics of effective statements are coherence, completeness, and
objectivity.
Details of the accident scene—ANSWER __________________________—
assist the claims representative in assessing the veracity of the accident reports.
investigations of previous claims - ANSWER In order to avoid paying for
property damage or bodily injury that the claimant has already received
compensation for through previous claims, claims representatives
___________________________ on the majority of incoming claims.
Subrogation: Response permits payment recovery from a careless third party
after the insurer has covered a claim for a loss brought on by the careless third
party.
(NEWEST)
ANSWER: A staff claims representative A position that is characterized by
being an insurer or employee with a major focus on claims management
ANSWER: Independent adjusters When specialist skills are required and staff
claim representatives are too busy to handle every claim on their own,
employees are used.
ANSWER Contractors who manage claims, maintain claim logs, and conduct
statistical analyses are known as third party administrators (TPAs). They are
frequently connected to major independent adjusting firms or insurer
subsidiaries.
Producer: ANSWER intermediaries who place insurance with insurers,
including sales reps, brokers, and agents.
ANSWER: Public adjuster If a claim is complicated or settlement talks with the
insurer are not moving forward, the insured will frequently hire a representative
to safeguard their interests.
Line underwriters are ANSWER Representatives who assess new applications
and carry out underwriting for renewals, typically by collaborating closely with
applicants and insurance producers.
ANSWER Representatives known as staff underwriters oversee risk selection
by collaborating with line underwriters to coordinate choices on guidelines,
pricing, and products.
Customer service agents, also known as ANSWER representatives, work in
tandem with claims representatives to guarantee prompt and precise
dissemination of information pertaining to claims.
Professionals: ANSWER Workers that insurance companies use when they
need to assess the reason or extent of a loss, look into potential fraud by an
insured or third-party claimant, or offer legal counsel.
, Describe the reasoning behind it. ANSWER In order to handle claims in good
faith, the claims representative must
__________________________________________ if the decision is
unfavorable.
providing the compensation money that claimants and insureds request -
ANSWER In the short term, claims reps might cut LAE by
___________________________________ instead of investing resources in
examining claims and figuring out and negotiating just compensation.
ANSWER 3 commonly used technologies offer quality metrics of a Claims
Department's performance, including customer satisfaction statistics, claims
audits, and best practices.
ANSWER: Best practices determined by examining the performance of
successful insurers or the performance of an insurer itself.
Audits of claims - ANSWER used by insurers to collect statistical data on
claims and guarantee adherence to best practices; this is done by analyzing data
from both open and closed claims.
Sworn declarations: Response The insured and occasionally third-party
claimants are required by the majority of policies to furnish
_______________________.
Three characteristics of effective statements are coherence, completeness, and
objectivity.
Details of the accident scene—ANSWER __________________________—
assist the claims representative in assessing the veracity of the accident reports.
investigations of previous claims - ANSWER In order to avoid paying for
property damage or bodily injury that the claimant has already received
compensation for through previous claims, claims representatives
___________________________ on the majority of incoming claims.
Subrogation: Response permits payment recovery from a careless third party
after the insurer has covered a claim for a loss brought on by the careless third
party.
