AIC 300 - Simulated Exam Questions With Revised Answers.
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Course
Aic 300
Institution
Aic 300
AIC 300 - Simulated Exam Questions With
Revised Answers.
Insurers and claim representatives must keep the promises specified in insurance policies, as well
as those created by the law. In insurance transactions, the insured pays a premium for the
insurer's promise to - answerHandle claims in go...
AIC 300 - Simulated Exam Questions With
Revised Answers.
Insurers and claim representatives must keep the promises specified in insurance policies, as well
as those created by the law. In insurance transactions, the insured pays a premium for the
insurer's promise to - answer✔✔Handle claims in good faith.
Maja handled a large liability claim that settled above the policy limits. The insured is now
charging the claim was handled in bad faith. During their investigation of the bad-faith claim,
Maja and defense counsel discovered that the claimant had received the payment from the
insurer, but not the amount above the policy limits that was to come from the insured's assets.
Which one of the following defenses would Maja's defense most likely invoke? -
answer✔✔Insured's collusion with the claimant.
Bettina's apartment is burglarized and several items are stolen. In filing her claim, she tells her
insurer that her stolen television was both newer and larger than it actually was. This constitutes
which one of the following types of fraud? - answer✔✔Soft Fraud.
In liability claims, the claims rep will require an authorization from the injured party to -
answer✔✔Obtain medical records.
Antonia has a general liability policy with a self-insured retention of $50,000. The policy has an
occurrence limit of $250,000 and an aggregate limit of $500,000. She had submitted one prior
claim this policy term for which $100,000 was paid by the insurer. How much will Antonia's
insurer pay on a subsequent claim under the same policy period that is valued at $400,000? -
answer✔✔$250,000
Claims rep Miguel is conducting a settlement with a claimant. He constructs his first offer so that
the claimant will likely find it undesirable. This becomes the basis of comparison for the second
offer that he makes. Miguel understands that people - answer✔✔Feel empowered when given a
choice.
Joy Insurance Company is interested in using data mining to solve a problem it is having with
claims fraud in one of its product lines. The first step it should take is - answer✔✔To understand
what it wants to achieve.
Thomas is an attorney who is defending an insurer in a litigated case. He has located documents
that show the insured was aware of the issue that cause the injury to the claimant before the
accident. Thomas is concerned that this evidence will hurt his case. He should -
answer✔✔Preserve the evidence as part of the record.
As a part of the first contact with an insured on a property damage claim, a claims representative
may provide a blank - answer✔✔Proof of loss form.
Ciara is going to college with the goal of working as a data scientist for an insurer. She will need
a strong foundation in mathematics and statistics, computer programming, domain knowledge,
and data science. Which one of Ciara's skills will require her to understand the insurance
profession to which the data is being applied? - answer✔✔Domain knowledge.
Rodrigo manages a claims department for an insurer and uses loss ratio as a measure of the
department's performance. Rodrigo calculates loss ratio as - answer✔✔Losses and LAE divided
by earned premium.
An insurer that finds it economically impractical to establish a claims office in a given state is
likely to use which one of the following to perform the claims handling function? -
answer✔✔Independent Adjusters
Tonya is a claims representative tasked with determining whether coverage applies to a new
claim. To ensure that she considers all facets of the claim, she uses the DICE method, which
stands for declarations, insuring agreement, conditions and - answer✔✔Exclusions.
Which one of the following is correct with respect to the elements of good-faith claim
management? - answer✔✔Consistent supervision, thorough training, and manageable caseloads
help ensure that claim representatives are able to handle claims in good faith.
Which one of the following elements of a policy can include coverage that is otherwise excluded,
exclude coverage that is otherwise included, or add or delete insureds? - answer✔✔An
endorsement.
As a claims representative, Joshua frequently requests proofs of loss and affidavits, and conducts
examinations under oath and recorded statements. Which one of Joshua's sworn statements is
administered by the insurer's attorney at the office of the insurer, attorney, or court reporter? -
answer✔✔Examination under oath.
The allegations contained in a summons and complaint typically serve four purposes: To give
notice, reveal facts, formulate legal causes of action and - answer✔✔State the damages sought.
While staff claims representatives may have a variety of titles, the role is typically defined by
two things: having a primary focus on claims and - answer✔✔Being an employee of the insurer.
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