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AIC 30 (150 QUESTIONS) ANSWERED CORRECTLY TO SCORE A+

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AIC 30 (150 QUESTIONS) ANSWERED CORRECTLY TO SCORE A+ 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 pr...

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  • January 2, 2025
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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AIC 30 (150 QUESTIONS) ANSWERED
CORRECTLY TO SCORE A+

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

Medium - Answer-the means a message was transmitted. written, oral, non-verbal,
intentional, and unintentional

Decoding - Answer-the interpretation of the message by the receiver

, Active Listening - Answer-listening with openness, both physical and mental, to
determine the meaning.

Non Verbal Communication - Answer-communication that is not written or oral..includes
posture, eye movements, facial expressions, smells, and appearance

Insurance Fraud - Answer-Any deliberate act of deception committed against an
insurance producer or insurer for the purpose of unwarranted financial gain

Motives for Insurance Fraud - Answer-financial gain, profit or savings. sense of
entitlement. participation in organized crime

Material Fact in Insurance - Answer-a fact that would have affected the insurer's
decision to provide coverage or coverage at the cost of the premium, maintain a policy,
or to pay a claim

Staged Accident - Answer-and accident deliberately caused by a person who intends to
fake injury and collect

Hard Fraud (Moral Hazard) - Answer-Action undertaken to deliberately defraud.

Soft Fraud (Morale Hazard) - Answer-fraud that occurs when a legitimate claim is
exaggerated.

Misrepresentation - Answer-a false statement of a material fact, knowingly made, with
the intent to decieve

Concealment - Answer-an intentional failure not to disclose a material fact

Pre Inspection Laws - Answer-Vehicles (and homes in many cases) must be physically
inspected for prior damage to insurance policies being issued

Mandatory reporting - Answer-states require insurance companies to report claims that
raise suspicions

Immunity Laws - Answer-Designed to protect insurers, and claims representatives for
reporting possible insurance fraud if the report is made without malice, fraud or criminal
misconduct

Civil and Criminal Penalties - Answer-Makes insurance fraud a crime

Motor Vehicle Theft Law Enforcement Act of 1984 - Answer-Required VIN numbers on
all vehicles for theft reporting and identification of stolen vehicles

Anti Car Theft Act of 1992 - Answer-Dealing with stolen car parts and stolen vehicles is
now a federal crime

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