AIC 300 SIMULATED EXAM WITH
CORRECT 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 - CORRECT ANSWER-Handle claims
in...
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 - CORRECT 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? - CORRECT 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? - CORRECT
ANSWER-Soft Fraud.
In liability claims, the claims rep will require an authorization
from the injured party to - CORRECT 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? - CORRECT 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 -
CORRECT 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 - CORRECT
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 - CORRECT 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 -
CORRECT 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? - CORRECT ANSWER-Domain
knowledge.
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