Exam (elaborations)
CIP C112 - CH06 - Recoveries.
- Institution
- Chapter 5: Ethics And Bioethical Issues
CIP C112 - CH06 - Recoveries.
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CIP C112 - CH06 - RecoveriesHow do insurers demonstrate their commitment to the recovery function? -
CORRECT ANSWER-- by formalizing performance expectations for
management and each member of the claims team
Why must loss adjuster identify subrogation potential early? - CORRECT
ANSWER-- recognizing the subrogation opportunity, loss adjusters can plan an
intense investigation to focus on producing the type of evidence needed to
establish legal liability against a wrongdoer
What advantage will an expert engaged early in a claim have over an expert
engaged later in the life of the claim? - CORRECT ANSWER-- to confirm and
establish any avaliable evidence
- experts have an opportunity to visit the original scene of the incident
- adds weight to their findings
- peruse photographs
What effect would an ex gratia payment have on an insurer's right of
subrogation? - CORRECT ANSWER-- ex gratia or voluntary payment from the
insurer to policyholder
- the insurer has no recourse in law to recoup its payment from the wrongdoer
In what type of recovery action would an excess liability insurer sue a primary
insurer? - CORRECT ANSWER-- on claims that were not settled within primary
limits but could have been
- had the claim been handled competently
What functions can a process map of subrogation have for an insurer? -
CORRECT ANSWER-- demonstrates how subrogation work is done, making it
easier to analyze the current situation
- encourages a systematic examination of proceses
- allows auditors and management to earmark areas for improvement
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