AIC 30 REAL ESTATE EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS
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Module
AIC 30
Institution
AIC 30
AIC 30 REAL ESTATE EXAM QUESTIONS WITH CORRECT DETAILED ANSWERS
The claim rep 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?
a) this is not an actual loss notice because the producer m...
AIC 30 REAL ESTATE EXAM
QUESTIONS WITH CORRECT DETAILED
ANSWERS
The claim rep 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?
a) this is not an actual loss notice because the producer must submit an ACORD form
by mail, email or fax
b) this is an actual loss notice because losses can be reported by mail
c) this is not an actual loss notice because an actual loss notice must follow a
standardized format and be submitted electronically
d) this can be an actual loss notice only if it contains all of the information concerning
the loss and its causes - Answer-b) this is an actual loss notice because losses can be
reported by mail
Which one of the following statements is true concerning the six activities in the claim
handling process?
a) they are not always undertaken sequentially
b) activities cannot be repeated for a particular claim
c) only one activity should be performed at a time
d) not all activities are performed in every claim - Answer-a) they are not always
undertaken sequentially
A claim rep acknowledging receipt of a claim should advise - Answer-that the claim was
received and provide the name of the claim rep, his/her telephone number and the claim
number
A basic identification of the policy should occur before the claim - Answer-investigation
occurs
Successful insurers follow a systematic approach to handling claims. The first step in
the claims process is the - Answer-loss notice and acknowledgment and assignment
A hospital patient slips on a wet floor in her room but is not injured is an example of a
_______________________ claim. - Answer-record-only
A rep investigating a third-party claim is very concerned about waiving any rights under
the policy. She decides to send a reservation of rights letter to the third-party claimant.
This action is - Answer-not advisable because a third-party claimant has no obligations
under the policy
, When speaking with an insured, claim reps must realize that many insureds - Answer-
do not understand the details of their insurance coverage and require explanations of
coverages, limitation, and possible exclusions
What is a tool that claim reps commonly use to avoid waiver and estoppel? - Answer-
reservation of rights letter
Medical documentation helps determine - Answer-the costs of treatment and the
amount of pain and suffering that resulted from the injury or accident
Which of the following pieces of information is most important for a claim rep to obtain
upon first contact with a liability claimant?
a) claimant's medical history
b) nature and extent of the injury
c) claimant's accident history
d) claimant's sources of additional income - Answer-b) nature and extent of the injury
Mary refuses to give testimony to assist her insurer in a subrogation claim against the
liable third party involved in her auto accident. What may the insurer do? - Answer-the
insurer may pursue Mary to pay the amount that the insurer could have collected from
the liable third party
How does legal liability differ from criminal liability/responsibility? - Answer-Criminal
liability arises from laws that apply to wrongful acts that society deems harmful to the
public welfare
When does contractual liability arise? - Answer-when someone's rights under a
contract's terms are violated
Workers compensation statutes impose strict liability on ______________ to pay
________________ to ______________. - Answer-employers, specified benefits,
injured workers
Damages that courts award in order to compensate claimants for such things as pain
and suffering that do not involve specific measurable expenses are referred to as -
Answer-general damages
Compensatory damages normally covered by a liability policy include - Answer-pain and
suffering and out-of-pocket expenses claimed up to the policy limit
Information gained during the investigation of a claim helps the claims rep to determine
- Answer-the cause of loss, liability for the loss, and the amount of loss
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