Insurance Claims Handling Basics FINAL EXAM (FL-LH SAMPLE)

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?

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?

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 specific prerequisite of an indirect loss?

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?

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?

Do insurance policies cover intentional losses?

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?

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?

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

Which of the following is true of independent 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 typically the first step of the claims process?

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?

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

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?

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

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

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

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?

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?

What parts of the investigation process should an adjuster document?

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

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

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

Which of the following is an example of salvage?

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?

What are the pros and cons of using a specialist?

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