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?

Which of the following determines the interpretation of the terms and conditions of an insurance policy that have been left vague or undefined?

What must the claimant prove in order to secure punitive damages from the insurer?

Which party bears the burden of proving that a loss took place?

If at any point it is determined that an insured has intentionally concealed information or acted fraudulently, which of the following actions usually takes place?

The value of a claimed loss is a source of which of the following?

If a claimant feels their loss is being undervalued, they commonly hire which of the following to evaluate the loss?

The actual cash value is determined by which of the following?

Placing a value on used personal property is which of the following?

Extraordinary items, with values that extend beyond their material or intended purpose, are not susceptible to which of the following?

Which considerations should be a part of a fairly straightforward minor personal injury claim?

What kind of statutes do many states have associated with claims involving death due to an accident?

Despite the impression given by this course, most claims are handled in which of the following ways?

Which legally-binding document does a claimant sign when he or she wishes to knowingly settle the claim for a valuable consideration?

The most important aspect of an exclusion, if the insurer wants the exclusion to stand in court, is which of the following?

If an insurer fails to adequately investigate a claim or makes an unreasonable refusal to pay, that insurer could be accused of operating in which of the following ways?

Which of the following is one of the most significant consumer protection laws and is something that an adjuster absolutely must understand in order to investigate claims appropriately?

Which of the following is the name of the practice where an insurer is allowed to file a lawsuit against a third party to recoup the losses they paid to their insured for damages for which the third party was liable?

Which of the following individuals would make the best witness?

What parts of the investigation process should an adjuster document?

What types of special damages are ordinarily encountered in casualty claim work?

Which department should have the final say about issues concerning the cancellation of policies?

What are the five kinds of deficiencies mentioned in this course that should be brought to the underwriter’s attention?

The best way to get the most accurate and illuminating information from a witness is to do which of the following?

What tricks discussed in this course are useful to get the most accurate impression of what events lead to the loss?

If an insurer has subrogation rights to a loss which of the following is true?

Which of the following is an example of salvage?

Which is true of an adjuster’s relationship with medical information?

What time frame should an adjuster strive for when obtaining medical information about a claimant?

When investigating serious accidents, which aspects if a hospital record should a claims person transcribe?

Which of the following is NOT true of medical examinations?

What should a claims person look for in a person used to perform a physical examination on a client?

What are the pros and cons of using a specialist?

Though adjusters should not tell a client to perform any repairs, they should encourage their claimants to do which of the following?

Claim experts think most excess claims and customer dissatisfaction can be avoided if a claims person does which of the following?

Which of the following actions should be completed as quickly as possible?

What should a adjuster try to establish during his initial meeting with a claimant?