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AIC 300 ALL CLAIMS EXAM LATEST 2026-2027 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
Carolina is a claim representative handling a liability claim. She is
speaking to the claimant over the phone and has informed him
that his statements must be true under penalty of perjury. When
completed, she sent a transcription of the conversation to the
claimant for him to sign before a notary. Carolina has taken a(n)
Select one:
A. Affidavit.
B. Deposition.
C. Recorded statement.
D. Examination under oath. - ANSWER-C. Recorded statement.
A recorded statement is taken by the claims rep over the
phone or in person.
One of Juan's responsibilities as a claims representative is to
prepare internal reports, such as preliminary, interim, large loss,
and captioned. Which one of the reports Juan prepares is
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required for claims with reserves that exceed a specified
threshold?
Select one:
A. Interim
B. Large loss
C. Preliminary
D. Captioned - ANSWER-B. Large loss
Large loss reports are required by most insurers to
summarize claims with reserves above a certain threshold.
In the process of assigning a claim, an internal claims handler will
often transfer information to the insurer's standard form, called the
Select one:
A. Standard claims handling (SCH) form.
B. Initial acknowledgment of notice (IAN) form.
C. Claim intake (CI) form.
D. First notice of loss (FNOL) form. - ANSWER-D. First notice of
loss (FNOL) form.
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An internal claims handler will often transfer information to
the insurer's standard form, called the first notice of loss
(FNOL) form.
Which one of the following methods of establishing case reserves
is used most often when there are small variations in loss size for
a particular type of claim?
Select one:
A. Individual case method
B. Average value method
C. Formula method
D. Roundtable method - ANSWER-B. Average value method
The average value method is used most often when their are
small variations in loss size for a particular type of claim, and
when claims can be concluded quickly.
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To determine whether an insurer typically underreserves or
overreserves claims, actuaries compare the insurer's paid losses
to
Select one:
A. The insurer's case reserves.
B. The insurer's profits.
C. NAIC model regulations.
D. National averages. - ANSWER-A. The insurer's case reserves.
To determine whether an insurer typically underreserves or
overreserves claims, actuaries compare the insurer's paid
losses to the insurer's case reserves.
Samuel was seriously injured in a car accident caused by a drunk
driver. His settlement included payments for repairs to his vehicle,
medical bills, pain and suffering, and lost wages. Which one of the
payments in Samuel's settlement is considered general
damages?
Select one:
A. Medical bills
AIC 300 ALL CLAIMS EXAM LATEST 2026-2027 ACTUAL EXAM WITH
COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS (100%
VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
Carolina is a claim representative handling a liability claim. She is
speaking to the claimant over the phone and has informed him
that his statements must be true under penalty of perjury. When
completed, she sent a transcription of the conversation to the
claimant for him to sign before a notary. Carolina has taken a(n)
Select one:
A. Affidavit.
B. Deposition.
C. Recorded statement.
D. Examination under oath. - ANSWER-C. Recorded statement.
A recorded statement is taken by the claims rep over the
phone or in person.
One of Juan's responsibilities as a claims representative is to
prepare internal reports, such as preliminary, interim, large loss,
and captioned. Which one of the reports Juan prepares is
,2|Page
required for claims with reserves that exceed a specified
threshold?
Select one:
A. Interim
B. Large loss
C. Preliminary
D. Captioned - ANSWER-B. Large loss
Large loss reports are required by most insurers to
summarize claims with reserves above a certain threshold.
In the process of assigning a claim, an internal claims handler will
often transfer information to the insurer's standard form, called the
Select one:
A. Standard claims handling (SCH) form.
B. Initial acknowledgment of notice (IAN) form.
C. Claim intake (CI) form.
D. First notice of loss (FNOL) form. - ANSWER-D. First notice of
loss (FNOL) form.
,3|Page
An internal claims handler will often transfer information to
the insurer's standard form, called the first notice of loss
(FNOL) form.
Which one of the following methods of establishing case reserves
is used most often when there are small variations in loss size for
a particular type of claim?
Select one:
A. Individual case method
B. Average value method
C. Formula method
D. Roundtable method - ANSWER-B. Average value method
The average value method is used most often when their are
small variations in loss size for a particular type of claim, and
when claims can be concluded quickly.
, 4|Page
To determine whether an insurer typically underreserves or
overreserves claims, actuaries compare the insurer's paid losses
to
Select one:
A. The insurer's case reserves.
B. The insurer's profits.
C. NAIC model regulations.
D. National averages. - ANSWER-A. The insurer's case reserves.
To determine whether an insurer typically underreserves or
overreserves claims, actuaries compare the insurer's paid
losses to the insurer's case reserves.
Samuel was seriously injured in a car accident caused by a drunk
driver. His settlement included payments for repairs to his vehicle,
medical bills, pain and suffering, and lost wages. Which one of the
payments in Samuel's settlement is considered general
damages?
Select one:
A. Medical bills
