AIC 300 Exam Study Guide with
Complete Solutions
Indemnify - Answer️️ -To restore a party who has sustained a loss to the same
financial position that party held before the loss occurred
Third Party Administrator (TPA) - Answer️️ -An organization that provides
administrative services a...
, AIC 300 Exam Study Guide with
Complete Solutions
Indemnify - Answer✔️✔️-To restore a party who has sustained a loss to the same
financial position that party held before the loss occurred
Third Party Administrator (TPA) - Answer✔️✔️-An organization that provides
administrative services associated with risk financing and insurance.
Claims representative - Answer✔️✔️-A person responsible for investigating, evaluating,
and settling claims.
Producer - Answer✔️✔️-Any of several kinds of insurance personnel who place insurance
and surety business with insurers and who represent either insurers, insureds, or both
Public Adjuster - Answer✔️✔️-An outside organization or person hired by an insured to
represent the insured in a claim in exchange for a fee.
Premium Audit - Answer✔️✔️-Methodical examination of a policyholder's operations,
records, and books of account to determine the actual exposure units and premium for
insurance coverages already provided
Loss ratio - Answer✔️✔️-A ratio that measures losses and loss adjustment expenses
against earned premiums and that reflects the percentage of premiums being
consumed by losses
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