Exam (elaborations)
CIP C112 - CH03 - Controls and Measures
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CIP C112 - CH03 - Controls and Measures
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CIP C112 - CH03 - Controls and MeasuresWhat must the design of a data management system for a claims department
consider? - CORRECT ANSWER-- meeting regulatory requirements
- aligning to claims management strategy
What data must be captured by reports originating from the claims department? -
CORRECT ANSWER-x
Why is it essential to control the error rate in recording information? - CORRECT
ANSWER-- toll on those relying on info to make decisions
- used by all segments of insurers operations.
- used by outsides to gauge strength of insurance co
- criteria for investment
What does a budget allow management to do? - CORRECT ANSWER-
What is the goal of the claims expense budget? - CORRECT ANSWER-
Define allocated loss expense. - CORRECT ANSWER-
Define unallocated expenses. - CORRECT ANSWER-
How does the corporate business plan affect the claims department budget? -
CORRECT ANSWER-
In baseline budgeting, what is used to determine how much will be spent in the
coming year? - CORRECT ANSWER-
Why does zero-based budgeting require a comprehensive planning component?
- CORRECT ANSWER-
How are proposed activities evaluated in performance based budgeting? -
CORRECT ANSWER-
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