AIC 30 CERTIFICATION EXAM LATEST 2024 QUESTIONS WITH 100% SOLVED SOLUTIONS!!!
IBNR - Incurred But Not Reported - Answer-claims in which the loss has happened but they have not as yet been reported.
Loss Ratio Method - Answer-to set a reserve for losses that have been incurred but not reported, ...
IBNR - Incurred But Not Reported - Answer-claims in which the loss has happened but
they have not as yet been reported.
Loss Ratio Method - Answer-to set a reserve for losses that have been incurred but not
reported, the insurer establishes a reserve based on the anticipated losses over a
period of time for a certain type of insurance
Spoliation of evidence - Answer-a violation of the duty to preserve evidence, for
possible pending future litigation. the loss or destruction has to be the fault of the
accused party. Jurors will be instructed to view the "missing" evidence in the worst
possible light.
Spoliation defenses - Answer-was not relevant to the case, can be reconstructed, a
reasonable opportunity to examine the evidence was made before it was destroyed.
Direct Question - Answer-answered by yes or no
Open Ended Question - Answer-requires elaboration/opinion/explanation ads to the
circumstances under consideration
Narrative Statement - Answer-the person provides the information similar to telling a
story.
Leading Questions - Answer-questions that direct a person to an answer (you were not
speeding, were you?)
Loaded Questions - Answer-designed in intimidate/entrap the person. (you had a car
stolen this time last year didn't you)
Sworn Statement - Answer-a statement in which the person has attested that the
information is true
EUO - Examination Under Oath - Answer-a statement in which the person has sworn to
tell the truth in the presence of an officer of the court
Deposition - Answer-a pretrial discovery tool involving the oral examination of a witness,
to produce a written verbatim record, usually with attorneys and a court reporter present
, ISO - Answer-Insurance Services Organization
NCCI - Answer-National Council on Compensation Insurance. Workers Comp insurance
information
NMVTIS - Answer-National Motor Vehicle Title Information System. To prevent the
reintroduction of stolen vehicles to the market
NICB - Answer-National Insurance Crime Bureau. A non-profit organization to prevent,
detect and defeat insurance fraud
Loss History - Answer-a list of all the past claims for an individual or organization.
Includes amounts paid, amounts reserved and current claim status.
Loss Reserve - Answer-an estimate of the amount of money the insurer expects to pay
out on the claim. (includes IBNR claims)
Loss Ratio - Answer-Losses and loss adjustment expenses against the earned
premiums. this reflects the amount of premium that has not been consumed by loss
Expense Ratio - Answer-the amount of operational expenses against the written
premium. Shows how much of the premium for the year, is being consumed by cost of
doing business
Combined Ratio - Answer-by adding together the loss ratio and the expense ratio, you
have a combined ratio. The combined ratio indicates if you have an underwriting gain or
loss. Was the premium charged enough to cover the losses and expenses incurred by
the company
Sender - Answer-the person that is sending the message / initiating the communication
process
Receiver - Answer-the person that gets the message and interprets it. Verbal or non-
verbal intentional or unintentional.
Initial Credibility - Answer-the degree to which the person is believed before the
conversation begins
Derived Credibility - Answer-the perceived believability of the person during the
conversation.
Terminal Credibility - Answer-how believable were they after the end of the conversation
Message - Answer-the words a sender uses in the communication process
Encoding - Answer-the process of translating the message once sent
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 wisdompoint. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £11.29. You're not tied to anything after your purchase.
