AIC 300 Exam Study Guide with Complete Solutions | 100% Pass
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Course
Aic 300
Institution
Aic 300
AIC 300 Exam Study Guide with
Complete Solutions | 100% Pass
first party insurance - Answer️️ -insurer makes payment for covered losses directly to
the policyholder (first party)
third-party insurance - Answer️️ -insurer makes payments on behalf of the policyholder
to a claimant (third...
, AIC 300 Exam Study Guide with
Complete Solutions | 100% Pass
first party insurance - Answer✔️✔️-insurer makes payment for covered losses directly to
the policyholder (first party)
third-party insurance - Answer✔️✔️-insurer makes payments on behalf of the policyholder
to a claimant (third party)
third party administrators (TPAs) - Answer✔️✔️-- an organization that provides
administrative services associated with risk financing and insurance (claims, records,
analysis, etc)
- self insured businesses can handle their own claims or hire a TPA
- P&C insurers have subsidiaries that serve as a TPA
staff claims representatives - Answer✔️✔️-a person responsible for investigating,
evaluating, and settling claims (ex: adjusters)
independent adjusters - Answer✔️✔️-- specialized claims + field work
- if insurer cant afford claims offices in every state
- some are self employed, some work for adjusting firms
producers - Answer✔️✔️-- any kinds of insurance personnel who place insurance and
surety business with insurers and who represent either insurers, insureds, or both
- ex: agents, brokers, sales reps
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