Social Science Business Insurance
AIC 300
Save
Students also studied
AIC 300 - Claims in an Evolving Wor... AIC 300 - Simulated Exam AIC 30 #9 -- Good Faith Claims Han... CPCU V
105 terms 50 terms 98 terms 50 terms
algibbons727 Preview elemieux14 Preview Dawn_Severin Preview man
Practice questions for this set
Learn 1 /7 Study with Learn
An interdisciplinary field involving the design and use of techniques to
process very large amounts of data from a variety of sources and to provide
knowledge based on the data.
Choose an answer
1 indemnify 2 data science
3 individual case method 4 Public adjuster
Don't know?
indemnify To restore a party who has sustained a loss to the same financial position that
party held before the loss occurred
Third Party Administrator (TPA) An organization that provides administrative services associated with risk
financing and insurance
Claims representative A person responsible for investigating, evaluating, and settling claims
, Producer Any of several kinds of insurance personnel who place insurance and surety
business with insurers and who represent either insurers or insureds, or both
Public adjuster In outside organization or person hired by an insured to represent the insured in a
claim in exchange for a fee
producer Any of several kinds of insurance personnel who place insurance and surety
business with insurers and who represent either insurers or insureds, or both
premium audit Methodical examination of a policy holder's operations, records, and books of
account to determine the actual exposure units and premium for insurance
coverages already provided
loss ratio measures losses and loss adjustment expenses against earned premiums and that
reflects the percentage of premiums being consumed by losses
loss adjustment expense The expense that an insurer incurs to investigate, defend, and settle claims
according to the term specified in the insurance policy
first notice of loss the initial report notifying the insurer of a claim
public adjuster an outside organization or person hired by an insured to represent the insured in
a claim in exchange for a fee
reserve the amount the insurer estimates and sets aside to pay on an existing claims
individual case method a method of setting reserves based on the claim's circumstances and the claim
representative's experience in handling similar claims
roundtable method A method of setting reserves by using the consensus of two or more claim
personnel who have independently evaluated the claim file
average value method A case reserving method that establishes a predetermined dollar amount of
reserve for each claim as it is reported
formula method A method of setting claim reserves by using a mathematical formula.
expert system method A method of setting reserves with a software application that estimates losses and
loss adjustment expenses.
direct loss A reduction in the value of property that results directly and often immediately
from damage to that property.
indirect loss A loss that arises as a result of damage to property, other than the direct loss to
the property.
Pro Rata Contribution An approach to other insurance by which the insurers contribute to the loss
payment in the proportion to which they contribute to the total amount of
coverage purchased (their limits of liability).
AIC 300
Save
Students also studied
AIC 300 - Claims in an Evolving Wor... AIC 300 - Simulated Exam AIC 30 #9 -- Good Faith Claims Han... CPCU V
105 terms 50 terms 98 terms 50 terms
algibbons727 Preview elemieux14 Preview Dawn_Severin Preview man
Practice questions for this set
Learn 1 /7 Study with Learn
An interdisciplinary field involving the design and use of techniques to
process very large amounts of data from a variety of sources and to provide
knowledge based on the data.
Choose an answer
1 indemnify 2 data science
3 individual case method 4 Public adjuster
Don't know?
indemnify To restore a party who has sustained a loss to the same financial position that
party held before the loss occurred
Third Party Administrator (TPA) An organization that provides administrative services associated with risk
financing and insurance
Claims representative A person responsible for investigating, evaluating, and settling claims
, Producer Any of several kinds of insurance personnel who place insurance and surety
business with insurers and who represent either insurers or insureds, or both
Public adjuster In outside organization or person hired by an insured to represent the insured in a
claim in exchange for a fee
producer Any of several kinds of insurance personnel who place insurance and surety
business with insurers and who represent either insurers or insureds, or both
premium audit Methodical examination of a policy holder's operations, records, and books of
account to determine the actual exposure units and premium for insurance
coverages already provided
loss ratio measures losses and loss adjustment expenses against earned premiums and that
reflects the percentage of premiums being consumed by losses
loss adjustment expense The expense that an insurer incurs to investigate, defend, and settle claims
according to the term specified in the insurance policy
first notice of loss the initial report notifying the insurer of a claim
public adjuster an outside organization or person hired by an insured to represent the insured in
a claim in exchange for a fee
reserve the amount the insurer estimates and sets aside to pay on an existing claims
individual case method a method of setting reserves based on the claim's circumstances and the claim
representative's experience in handling similar claims
roundtable method A method of setting reserves by using the consensus of two or more claim
personnel who have independently evaluated the claim file
average value method A case reserving method that establishes a predetermined dollar amount of
reserve for each claim as it is reported
formula method A method of setting claim reserves by using a mathematical formula.
expert system method A method of setting reserves with a software application that estimates losses and
loss adjustment expenses.
direct loss A reduction in the value of property that results directly and often immediately
from damage to that property.
indirect loss A loss that arises as a result of damage to property, other than the direct loss to
the property.
Pro Rata Contribution An approach to other insurance by which the insurers contribute to the loss
payment in the proportion to which they contribute to the total amount of
coverage purchased (their limits of liability).
