AIC 300 Part 1 Questions And Correct Answers || A+ Rated
8 views 0 purchase
Course
AIC 300
Institution
AIC 300
Staff claims representative - Correct Answer A role defined by being an employee or an insurer and having a primary focus on handling claims
Independent adjusters - Correct Answer Employees used when specialized skills are needed and when staff claim representatives are too busy to handle al...
AIC 300 Part 1 Questions And Correct Answers || A+
Rated
Staff claims representative - Correct Answer A role defined by being an employee or
an insurer and having a primary focus on handling claims
Independent adjusters - Correct Answer Employees used when specialized skills are
needed and when staff claim representatives are too busy to handle all claims
themselves.
Third party administrator (TPA) - Correct Answer Contractors who handle claims, keep
claim records, and perform statistical analyses and are often associated with large
independent adjusting firms or with subsidiaries of insurers.
Producer - Correct Answer Agents, brokers, sales representatives, and intermediaries
who place insurance with insurers.
Public adjuster - Correct Answer 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.
Line underwriters - Correct Answer Representatives who evaluate new submissions
and perform renewal underwriting, usually by working directly with insurance producers
and applicants
Staff underwriters - Correct Answer Representatives who manage risk selection by
working with line underwriters and coordinating decisions about products, pricing, and
guidelines.
Customer service representatives - Correct Answer Representatives who collaborate
with claims representatives to ensure fast, accurate communication of claims related
information.
Experts - Correct Answer Employees who insurers hire when needed to evaluate the
cause or value of a loss, investigate the possibility of fraud by an insured or a third-party
claimant, or provide legal advice.
explain the rationale behind it. - Correct Answer If the decision is negative, good-faith
claims handling requires the claims rep to
__________________________________________.
offering the settlement payments insureds and claimants demand - Correct Answer
Claims representatives could quickly reduce LAE in the short term by
___________________________________ rather than spending resources on
investigating claims and calculating and negotiating fair payments.
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 Victoria108. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
