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AIC 300 exam with correct 100% answers 2024

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Indemnify - answers-To restore a party who has sustained a loss to the same financial position that party held before the loss occurred. Third-party administrator (TPA) - answers-An organization that provides administrative services associated with risk financing and insurance. Claims represe...

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AIC 300 exam with correct 100% answers
2024

Indemnify - answers-To restore a party who has sustained a loss to the same financial
position that party held before the loss occurred.

Third-party administrator (TPA) - answers-An organization that provides administrative
services associated with risk financing and insurance.

Claims representative - answers-A person responsible for investigating, evaluating, and
settling claims.

Public adjuster - answers-An outside organization or person hired by an insured to represent
the insured in a claim in exchange for a fee.

Premium audit - answers-Methodical examination of a policyholder's operations, records,
and books of account to determine the actual exposure units and premium for insurance
coverages already provided.

Quantitative Audit Factors - answers-Timeliness of reports, reserving and payments

Qualitative Audit Factors - answers-Realistic reserving, accurate evaluation of insured's
liability and follow-up on subrogation opportunity

CONT +

,AIC 300 exam with correct 100% answers
2024

Loss ratio - answers-A ratio that measures losses and loss adjustment expenses against
earned premiums and that reflects the percentage of premiums being consumed by losses.

Loss adjustment expense (LAE) - answers-The expense that an insurer incurs to investigate,
defend, and settle claims according to the terms specified in the insurance policy.

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

A. Personal lines underwriter.
B. Line underwriter.
C. Staff underwriter.
D. Public underwriter. - answers-B. Line underwriter.

This describes the duties of a line underwriter, rather than a staff underwriter. There is not
enough information to determine which line of business is being written. A public underwriter
does not exist. Line underwriters evaluate new submissions and perform renewal
underwriting, usually by working directly with insurance producers and applicants. Staff

CONT +

,AIC 300 exam with correct 100% answers
2024

underwriters, meanwhile, manage risk selection by working with line underwriters and
coordinating decisions about products, pricing and guidelines.

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?

A. Number of files opened
B. Timeliness of reports
C. Accuracy of data entry
D. Proper releases taken - answers-D. Proper releases taken

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

A. TPAs handle claims, keep claims records, and perform statistical analyses.
B. TPAs are generally found in an insurer's claims department.
C. TPAs are typically used by businesses that have chosen not to self-insure.

CONT +

, AIC 300 exam with correct 100% answers
2024

D. TPAs are employed only by independent adjusting firms. - answers-A. TPAs handle
claims, keep claims records, and perform statistical analyses.

Steps of Making an Initial Claims Assessment - answers-Acknowledging and Assigning the
Claim
Identifying the Policy
Contacting the Insured or the Insured's Representative

How do recorded statements and examinations under oath differ? - answers-An examination
under oath is more formal than a recorded statement. Recorded statements are often taken
by claims representatives, typically by telephone. Examinations under oath are usually
performed by an attorney for the insurer at the insurer's office or a court reporter's office.

Effective statements exhibit these qualities: - answers-Coherence—The statement follows a
logical sequence.
Completeness—The statement is thorough.
Objectivity—The statement contains facts relevant to the loss expressed in the interviewee's
own words.

CONT +

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