AIC 300 Exam Study Guide with Complete Solutions | 100% Pass

AIC 300 Exam Study Guide with Complete Solutions | 100% Pass first party insurance - Answer️️ -insurer makes payment for covered losses directly to the policyholder (first party) third-party insurance - Answer️️ -insurer makes payments on behalf of the policyholder to a claimant (third party) third party administrators (TPAs) - Answer️️ -- an organization that provides administrative services associated with risk financing and insurance (claims, records, analysis, etc) - self insured businesses can handle their own claims or hire a TPA - P&C insurers have subsidiaries that serve as a TPA staff claims representatives - Answer️️ -a person responsible for investigating, evaluating, and settling claims (ex: adjusters) independent adjusters - Answer️️ -- specialized claims + field work - if insurer cant afford claims offices in every state - some are self employed, some work for adjusting firms producers - Answer️️ -- any kinds of insurance personnel who place insurance and surety business with insurers and who represent either insurers, insureds, or both - ex: agents, brokers, sales reps Page 2 of 12 public adjusters - Answer️️ -- outside organization or person hired by an insured to represent the insured in a claim in exchange for a fee - if insured is not happy with settlement or it is a complex claim types of staff claims representatives - Answer️️ -inside: exclusively from insurer's office field: outside, both in and out of office, handle claims with tasks like investigating scene of loss, meeting with insureds, etc line underwriters - Answer️️ -work directly with insurance producers and applicants to evaluate new submissions & renewals staff underwriters - Answer️️ -work with line underwriters to