AIC 300 - Claims in an Evolving World Questions and Correct Answers/ Latest Update / Already Graded

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AIC 300 - Claims in an Evolving
World Questions and Correct
Answers/ Latest Update / Already
Graded


Adam manages a claims department for an insurer. He measures the
department's performance by best practices, claims audits, customer satisfaction
data, and loss ratio. Which one of Adam's measures refers to a system of
identified internal practices that claims representatives perform to produce
superior performance?



A. Claims audits

B. Best practices

C. Loss ratio

D. Customer satisfaction data

Ans: B. Best practices

Best practices generally refers to a system of identified internal practices that are
shared with claims reps and produce superior performance.


DaJuan, a claims representative, sets a low case reserve for a seemingly simple
claim. A few weeks later it becomes apparent that the initial reserve was too low,
and he increases it in order to issue payments. More bills related to the claim

,arrive a few months later, and he increases the reserve again. This process is
known as

Select one:

A. Readjusting.

B. Stairstepping

C. Reopening.

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D. Incremental reserving. g




Ans: B. Stairstepping.
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Correct. The process of repeatedly increasing the reserve for a claim is called
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stairstepping.
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Olivia is careful to keep proper claim status notes when she handles a claim. For
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example, she makes sure to only include neutral, objective comments about the
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parties involved. This is because claim notes
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Select one: g




A. Are potentially discoverable in a trial.
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B. Continue for as long as the claim is open. g g g g g g g g




C. Present a chronology of the life of the claim.
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D. Must be able to speak for themselves.
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Ans: A. Are potentially discoverable in a trial.
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Correct. Are potentially discoverable in a trial. Seemingly innocuous comments can
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be devastating when read to a jury.
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Ciara is going to college with the goal of working as a data scientist for an insurer.
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She will need a strong foundation in mathematics and statistics, computer
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programming, domain knowledge, and data science. Which one of Ciara's skills will
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require her to understand the insurance profession to which the data is being
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applied?
g




Select one: g




A. Mathematics and statistics g g




B. Data science g




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