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AIC 300 Exam Study Guide with Complete Solutions First Party Focus - Answer️️ -Coverage and Amount of damage Second Party - Answer️️ -Insurance Company First Party - Answer️️ -Insured Third Party - Answer️️ -Claimant Third Party Focus - Answer️️ -Liability, Coverage, and A...

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  • September 1, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • aic 300 exam study guide with complete solutions

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©SOPHIABENNETT
2024/2025 ACADEMIC YEAR EXAM SERIES




©SOPHIABENNETT 9/1/24 EXAM_SOLUTIONS

,AIC 300 Exam Study Guide with
Complete Solutions


First Party Focus - Answer✔️✔️-Coverage and Amount of damage


Second Party - Answer✔️✔️-Insurance Company

First Party - Answer✔️✔️-Insured

Third Party - Answer✔️✔️-Claimant

Third Party Focus - Answer✔️✔️-Liability, Coverage, and Amount of damage

Third Party Administrator (TPA) - Answer✔️✔️-an organization that provides admin

services associated with risk financing and insurance. They handle claims and risk

management for self-insured organizations

Independent Adjuster - Answer✔️✔️-handles claims for the insurer for a fee. Works for

the insurer

Public Adjuster - Answer✔️✔️-an outside organization that is hired by the insured to

represent the insured in the claim for a fee. Works for the public

Quantitative Measures - Answer✔️✔️-can have actual numbers assigned, such as

number of claims opened and percentage of subrogation recovery

Qualitative Measures - Answer✔️✔️-related to intangible measures. nothing concrete, did

they do a good job? do they have good negotiation skills?




Page 1 of 15

, Ethics - Answer✔️✔️-the study of what constitutes good and bad behavior, dealing with

the moral duty and obligation

Conflict of Interest - Answer✔️✔️-a situation that occurs when a decision makers

personal interests interfere to the extent that he/she makes decisions that adversely

affect the customer, claimant, or employer

Ex Parte Contract - Answer✔️✔️-contracts in which only 1 party is heard. discussing the

claim with the represented person without benefit of their attorney being involved. this is

not illegal, but its not ethical.

Fraud - Answer✔️✔️-an intentional misrepresentation resulting in harm to another person

or organization

Code of Ethics - Answer✔️✔️-professional guidelines of behavior within an organization

or profession

N.A.I.C - Answer✔️✔️-The National Association of Insurance Commissioners

Model Laws - Answer✔️✔️-NAIC develops that they feel is an appropriate law related to

insurance/risk management

Model Laws - Goal - Answer✔️✔️-to standardize the laws related to insurance, to

address issues related to insurance

Unfair Claims Settlement Practice Act - Answer✔️✔️-to prevent insurance companies

from taking unfair advantage of the insured/claimants

Reservations of Rights Letter - Answer✔️✔️-an insurer's letter that specifies coverage

issues and informs the insured that the insurer is handling a claim with the

understanding that the insurer may later deny coverage should the facts warrant it.

Page 2 of 15

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