Insurance Claims Handling Basics FINAL EXAM (CT 109890) Prep Exam And All Correct Answers.
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Course
Connecticut Insurance Claims Adjuster License
Institution
Connecticut Insurance Claims Adjuster License
Which of the following terms specifically describes actions that focus more on avoiding and reducing HARM caused by risk, rather than finances or other aspects of risk? - Answer risk control
For the sake of risk management, all financial losses can be placed into which of the following catego...
Insurance Claims Handling Basics
FINAL EXAM (CT 109890) Prep Exam
And All Correct Answers.
Which of the following terms specifically describes actions that focus more on avoiding and reducing
HARM caused by risk, rather than finances or other aspects of risk? - Answer risk control
For the sake of risk management, all financial losses can be placed into which of the following
categories? - Answer 3. Property losses, net income loss, liability losses, and personnel losses
What is the fundamental purpose of insurance? - Answer 1. To provide protection against risks of loss
Which of the following terms could be used to describe a predictable reduction of value on an economic
basis? - Answer expense
Which of the following terms describes a condition that increase the chances or severity of a loss? -
Answer Hazard
Which of the following is an accurate definition of a premium? - Answer 3. Periodic payments made
during the policy period by the insured to the insurer
Which type of policy would extend coverage for actions that occur over a policy period, even if the claim
is brought at a later date? - Answer occurance
Which of the following is true of independent adjusters? - Answer Self employed, but hired by the
insurer
How does communication between the claims department and the underwriting department benefit the
insurer? - Answer 1. The claims department explains obstacles they encounter and the underwriters
alter their assessment of risks accordingly.
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