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AIC 300 Part 1 Updated 2024/2025 Verified 100%
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Identified by studying an insurer's own performance or the performance of successful insurers - Best practices A representative often hired by the insured to protect their interests if a claim is complex or if settlement negotiations are not progressing with the insurer. - Public adjuster _____...

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  • September 1, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
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  • AIC 300 Part 1
  • AIC 300 Part 1

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AIC 300 Part 1
Identified by studying an insurer's own performance or the performance of successful insurers -
Best practices



A representative often hired by the insured to protect their interests if a claim is complex or if settlement
negotiations are not progressing with the insurer. - Public adjuster




________________________ are used to increase the accuracy of fraud detection. - Predictive
models




1st step in the data mining process - Understanding what you want to achieve by applying data
mining



2 techniques for negotiating - Principle of yes & Choicing



2nd step in the data mining process - Understanding the types of data being used and its source



3 frequently used tools provide quality measures of a Claims Department's performance - best
practices, claims audits, & customer satisfaction data



3 internal reports that a claims representative may write - preliminary, status, summarized



3 qualities of effective statements - coherence, completeness, objectivity



3 ways good faith is established - 1) By satisfying contractual duties and other promises

2) By maintaining insurers' credibility

3) By complying with legal duty

, 4 data mining techniques - 1) Classification

2) Regression analysis

3) Association rule learning

4) Cluster analysis



4 techniques for negotiating directly with claimants - 1) Collect and use extraneous information

2) Use traditional sales techniques

3) Perform a needs analysis

4) Set appropriate expectations with the first offer



5 techniques for negotiating with claimant's representatives - 1) Lean on the evaluation

2) Establish strengths and weaknesses

3) Time settlements effectively

4) Entice a reasonable demand

5) Make concessions cautiously



A data mining technique categorizing members of a dataset based on known characteristics. -
Classification



A data mining technique of statistical nature that predicts a numerical value given characteristics of each
member of a dataset. - Regression analysis



A data mining technique that examines data to discover new and interesting relationships based on
algorithms. - Association rule learning



A data mining technique using statistical methods and a computer program to explore data to find
groups with common and previously unknown characteristics. - Cluster analysis

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