AIC 300 - Claims in an Evolving World Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
7 views 0 purchase
Course
AIC 300 - Claims in an Evolving World
Institution
AIC 300 - Claims In An Evolving World
Hanna is in IT and works on data analytics projects for an insurer. These projects involve analyzing large
amounts of data to help underwriting to select risks and price policies. Hanna knows that collaboration
between data science, IT, underwriting, and actuary is critical to the success of thes...
AIC 300 - Claims in an Evolving World
Hanna is in IT and works on data analytics projects for an insurer. These projects involve analyzing large
amounts of data to help underwriting to select risks and price policies. Hanna knows that collaboration
between data science, IT, underwriting, and actuary is critical to the success of these projects. In Hanna's
experience, as soon as the need for a data project arises, the key to collaborating effectively is to engage
which one of the following teams as soon as possible?
a. Data science
b. Actuary
c. Underwriting
d. IT - a. Data science
Carla is investigating a claim for a stolen car. The insured provided a copy of the police report, but she
notices that the account in the police report differs from the insured's version of events. At this point,
Carla should
a. Refer the case to the SIU.
b. Deny the claim.
c. Contact the police.
d. Continue with her investigation. - d. Continue with her investigation
Soft fraud occurs when a claim is exaggerated and is also referred to as
a. Opportunity fraud
b. Financial fraud
c. Reimbursement fraud
d. Victimless fraud - a. Opportunity fraud
, In which one of the following scenarios is the right of subrogation most likely to be employed by the
insurer?
a. An insured files a homeowners claim for stolen jewelry. An investigation reveals that the jewelry is still
in the insured's possession.
b. A claims rep discovers that their insured's car accident was caused by a road contractor who left
equipment lying in the travel lanes of a highway.
c. An investigation reveals that an insured set her own business on fire.
d. An insured files a claim for collision damage from a hit and run accident, when in fact he backed into a
utility pole. - b. A claims rep discovers that their insured's car accident was caused by a road
contractor who left equipment lying in the travel lanes of a highway.
In which one of the following scenarios is a public adjuster most likely to become involved?
a. A catastrophic disaster strikes, involving damage to many properties.
b. An insurer finds it financially unfeasible to hire its own claims staff in a given state.
c. An insured is unable to afford legal representation to contest a claim.
d. An insured's negotiations with the insurer on a complex claim are not going well. - d. An
insured's negotiations with the insurer on a complex claim are not going well.
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?
a. Individual case method.
b. Formula method.
c. Average value method.
d. Roundtable method. - c. Average value method
Chloe is an insurer defense attorney who is preparing a trial strategy. She has researched a court decision
that was made in a similar case and is basing the defense on that precedent. Chloe is relying on the
principle of stare decisis, which is that
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICMATERIALS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
