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AIC 300 - CLAIMS IN AN EVOLVING WORLD QUESTIONS AND CORRECT ANSWERS | LATEST UPDATE $13.49   Add to cart

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AIC 300 - CLAIMS IN AN EVOLVING WORLD QUESTIONS AND CORRECT ANSWERS | LATEST UPDATE

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Insurers usually send denial letters Select one: A. By email to ensure prompt receipt by the insured. B. By certified mail with a return receipt requested. C. By overnight courier. D. By registered mail. -:- B. By certified mail with a return receipt requested. Some will also send a copy vi...

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  • September 17, 2024
  • 75
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




AIC 300 - CLAIMS IN AN EVOLVING
WORLD QUESTIONS AND CORRECT
ANSWERS | LATEST UPDATE
Insurers usually send denial letters


Select one:


A. By email to ensure prompt receipt by the insured.


B. By certified mail with a return receipt requested.


C. By overnight courier.


D. By registered mail.


✓ -:- B. By certified mail with a return receipt requested.




Some will also send a copy via regular mail in case the certified letter is not accepted.




As methods of communication evolve, it's important for claims professionals to remember

that any written claims communication may be


Select one:


A. Replaced with verbal communication.




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,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




B. Misinterpreted.


C. Edited later.


D. Subpoenaed.


✓ -:- D. Subpoenaed.




Any written claims communication may be subpoenaed.




In which one of the following scenarios is a public adjuster most likely to become involved?


Select one:


A. An insurer finds it financially unfeasible to hire its own claims staff in a given state.


B. An insured is unable to afford legal representation to contest a claim.


C. A catastrophic disaster strikes, involving damage to many properties.


D. An insured's negotiations with the insurer on a complex claim are not going well.


✓ -:- D. An insured's negotiations with the insurer on a complex claim

are not going well.




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,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




If a claim is complex, or if settlement negotiations are not progressing with the insurer, the

insured may hire a public adjuster to protect his or her interests.




Which one of the following statements regarding third-party administrators (TPAs) is most

accurate?


Select one:


A. TPAs are typically used by businesses that have chosen not to self-insure.


B. TPAs handle claims, keep claims records, and perform statistical analyses.


C. TPAs are generally found in an insurer's claims department.


D. TPAs are employed only by independent adjusting firms.


✓ -:- B. TPAs handle claims, keep claims records, and perform statistical

analyses.




Hugo is conducting an audit of a branch office claims operation. He is evaluating timeliness

of reports, number of files opened, proper releases taken, and accuracy of data entry.

Which one of Hugo's metrics is a qualitative audit factor?


Select one:


A. Proper releases taken




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, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!




B. Timeliness of reports


C. Number of files opened


D. Accuracy of data entry


✓ -:- A. Proper releases taken




Proper releases taken is a qualitative audit factor; the others are quantitative.




Aaron works for a multi-line insurer. He works with insurance producers and applicants to

evaluate new business submissions and conduct renewal underwriting. Aaron is a


Select one:


A. Staff underwriter.


B. Public underwriter.


C. Personal lines underwriter.


D. Line underwriter.


✓ -:- D. Line underwriter.




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