AIC 30 Segment A Assignment 2 The Claim Handling Process Questions and Answers
12 views 0 purchase
Module
AIC
Institution
AIC
The claim representative received a letter from an insured claiming damage to
his property under a homeowners policy. Which one of the following statements
about the letter is true?
Select one:
A. This can be an actual loss notice only if it contains all of the information
concerning the lo...
the claim representative received a letter from an
Written for
AIC
AIC
Seller
Follow
TestTrackers
Reviews received
Content preview
AIC 30 Segment A Assignment 2 The Claim Handling Process Questions and Answers The claim representative received a letter from an insured claiming damage to his property under a homeowners policy. Which one of the following statements about the letter is true? Select one: A. This can be an actual loss notice only if it contains all of the information concerning the loss and its causes. B. This is an actual loss notice because losses can be reported by mail. C. This is not an actual loss n otice because the producer must submit an special form by mail, e -mail or fax. D. This is not an actual loss notice because an actual loss notice must follow a standardized format and be submitted electronically. Answer > B. This is an actual loss notice because losses can be reported by mail. Correct. Not all losses are reported using a loss notice. Some notices of loss may be by letter or lawsuit. Not all details of the loss must be contained in the notice of loss. Once a claim is acknowledged, a claim representative should Select one: A. Contact the insured, determine the amount that the insured is seeking, and then pay the claim. B. Identify the policy, contact the insured, investigate, and document the loss. C. Identify the policy, investigate the los s details, pay the claim, and then establish the claim reserve to ensure claim reserve. D. Determine the loss amount and pay the claim. Answer > B. Identify the policy, contact the insured, investigate, and document the loss. Correct. To ensure that every claim is handled in good faith, the claim representative should follow a systematic claim handling process which includes acknowledging the claim, identifying the policy, contacting the insured or insured representative, investigating and documenting the claim, determining cause of loss and loss amount and concluding the claim. Activities in the claim handling process include documenting the claim; determining the cause of loss; identifying the policy; and contacting the insured. Of these four activities, which one is normally performed earliest? Select one: A. Contacting the insured B. Identifying the policy C. Determining the cause of loss D. Documenting the claim Answer > B. Identifying the policy Correct. Of these four activities, identifying the policy is normally performed earliest. All of the following are common ways a loss is reported to an insurer, EXCEPT: Select one: A. Through a lawsuit B. Through an insurance agent C. By civil authorities D. By telephone Answer > C. By civil authorities Correct. All listed are common ways a loss is reported to an insurer, EXCEPT by civil authorities. Which one of the following statements is true concerning the six activities in the claim handling process . Select one: A. Activities cannot be repeated for a particular claim. B. They are not always undertaken sequentially. C. Not all activities are performed in every claim. D. Only one activity should be performed at a time Answer > B. They are not always u ndertaken sequentially. Correct. They are not always undertaken sequentially.
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 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 TestTrackers. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £11.44. You're not tied to anything after your purchase.
