Fundamentals of Insurance Claims FINAL EXAM (GA 47256)

Which broad term can be used to refer to any action that seeks to identify or reduce the costs of loss claims?

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?

Which of the following terms specifically describes actions that focus more on avoiding and reducing financial losses caused by risk, rather than harm or other aspects of risk?

A risk control technique must have which of the following aspects?

For the sake of risk management, all financial losses can be placed into which of the following categories?

Why should an agent or adjuster try to stay up to date on current claims events?

What is the fundamental purpose of insurance?

Which of the following is not a party central to an insurance policy?

Which of the following is a inclusive definition of loss useful for insurance parlance?

Which of the following terms could be used to describe a predictable reduction of value on an economic basis?

Which of the following is a specific prerequisite of an indirect loss?

The agent, accident, or action that directly causes a loss is known as which of the following?

Which of the following terms describes a condition that increase the chances or severity of a loss?

The peril that is determined to be the first action or accident in the chain of events that resulted in a loss is known as which of the following?

“Exposure to loss” is another way to refer to which of the following?

When a person or entity other than the insured suffers a loss, that loss is often called which of the following?

Which of the following is an accurate definition of a premium?

A carrier must do which of the following in order to be successful?

Do insurance policies cover intentional losses?

Losses must be which of the following?

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?

Which type of policy would extend coverage for liability claims that are brought over a policy period, even if the liable action occurred at a earlier date?

What are the two fundamental types of insurance companies?

Which of the following is not one of the four corporate divisions of an insurance company discussed in this course?

How does the corporate claims office differ from the branch claims facility?

What is the title of an individual that works at a branch claims facility and directly supervises adjusters?

A professional trained in the examination, evaluation, and dispensation of claims is known as which of the following?

Which of the following individuals should be able to identify fraudulent or frivolous claims?

Which of the following is true of independent adjusters?

Which party of a claim typically hires a public adjuster?

How does communication between the claims department and the underwriting department benefit the insurer?

Why is it important for the marketing department to work closely with the claims department?

What is one simple way to reduce litigation costs and policy overlaps while creating standard rates and payouts across similar clients?

Under what circumstances do the courts serve as the ultimate interpreter of a policy contract?

What is typically the first step of the claims process?

What is the first thing an insurer must investigate before taking on a claim?

After it is determined that the insurer is liable for the loss, the adjuster must do which of the following?

Which of the following is a basic element of a valid casualty or property claim?

The claims process, at its core, does which of the following?