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AIC 300 PART 1 QUESTIONS WITH CORRECT ANSWERS!!
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AIC 300 PART 1 QUESTIONS WITH CORRECT ANSWERS!!
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Name: Score:48 Multiple choice questions
Definition 1 of 48
Claims representatives could quickly reduce LAE in the short term by ___________________________________
rather than spending resources on investigating claims and calculating and negotiating fair
payments.
customer service representatives
denying all claims outright
offering the settlement payments insureds and claimants demand
increasing the investigation efforts
Definition 2 of 48
Agents, brokers, sales representatives, and intermediaries who place insurance with insurers.
Producer
Consumer
Line Underwriters
Decomposer
,Term 3 of 48
Choicing
A data mining technique categorizing members of a dataset based on known
characteristics.
A negotiating technique that relies on the premise that if an individual answers "yes" to a
question, he or she is likely to answer "yes" to subsequent questions
A negotiating technique where the claims rep first presents the choice the other party will
find less desirable, thereby making the next choice more appealing.
Allows an insurer to recover payment from a negligent third party when the insurer has paid
a claim for a loss caused by the negligent third party.
Term 4 of 48
best practices, claims audits, & customer satisfaction data
15 frequently used tools provide quality measures of a Claims Department's performance
2 frequently used tools provide quality measures of a Claims Department's performance
4 techniques for negotiating directly with claimants
3 frequently used tools provide quality measures of a Claims Department's performance
Term 5 of 48
Customer service representatives
Representatives who manage risk selection by working with line underwriters and
coordinating decisions about products, pricing, and guidelines.
The 2 data mining techniques used to explore data to discover relationships and patterns
and determine if the info is useful for making business decisions
Clauses in most insurance policies that require the insured to cooperate with the insurer by
assigning the rights of subrogation to the insurer.
Representatives who collaborate with claims representatives to ensure fast, accurate
communication of claims related information.
, Definition 6 of 48
4 techniques for negotiating directly with claimants
1) By satisfying contractual duties and other promises
2) By maintaining insurers' credibility
3) By complying with legal duty
1) Collect and use extraneous information
2) Use traditional sales techniques
3) Perform a needs analysis
4) Set appropriate expectations with the first offer
1) Lean on the evaluation
2) Establish strengths and weaknesses
3) Time settlements effectively
4) Entice a reasonable demand
5) Make concessions cautiously
Principle of yes & Choicing
Term 7 of 48
coherence, completeness, objectivity
3 frequently used tools provide quality measures of a claims department's performance
2nd step in the data mining process
4 data mining techniques
3 qualities of effective statements
Term 8 of 48
Principle of yes & Choicing
102 techniques for negotiating
2 techniques for negotiating
4 data mining techniques
4 techniques for negotiating directly with claimants
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