Insurance Claims Handling Basics FINAL EXAM (CT 109890)

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 financial losses caused by risk, rather than harm or other aspects of risk?

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

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

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

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

Losses must be which of the following?

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

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

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

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

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

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

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

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

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

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

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 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?

What parts of the investigation process should an adjuster document?

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

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

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

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