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Exam (elaborations)

AIC 300 Exam Study Guide with Complete Solutions

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  • Course
  • Aic 300
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  • Aic 300

AIC 300 Exam Study Guide with Complete Solutions Indemnify - Answer️️ -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) - Answer️️ -An organization that provides administrative services a...

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  • September 1, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Aic 300
  • Aic 300
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SophiaBennett
©SOPHIABENNETT
2024/2025 ACADEMIC YEAR EXAM SERIES




©SOPHIABENNETT 9/1/24 EXAM_SOLUTIONS

, AIC 300 Exam Study Guide with
Complete Solutions


Indemnify - Answer✔️✔️-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) - Answer✔️✔️-An organization that provides

administrative services associated with risk financing and insurance.

Claims representative - Answer✔️✔️-A person responsible for investigating, evaluating,

and settling claims.

Producer - Answer✔️✔️-Any of several kinds of insurance personnel who place insurance

and surety business with insurers and who represent either insurers, insureds, or both

Public Adjuster - Answer✔️✔️-An outside organization or person hired by an insured to

represent the insured in a claim in exchange for a fee.

Premium Audit - Answer✔️✔️-Methodical examination of a policyholder's operations,

records, and books of account to determine the actual exposure units and premium for

insurance coverages already provided

Loss ratio - Answer✔️✔️-A ratio that measures losses and loss adjustment expenses

against earned premiums and that reflects the percentage of premiums being

consumed by losses




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