AIC 300 CLAIMS IN AN EVOLVING WORLD
ACTUAL EXAM PAPER 2026 QUESTIONS
WITH SOLUTIONS GRADED A+
◉Third-party
administrator (TPA). Answer: An organization that provides
administrative services
associated with risk financing and insurance.
◉Claims representative. Answer: A person responsible for
investigating, evaluating, and
settling claims.
◉Producer. Answer: Any of several kinds of insurance personnel
who place
insurance and surety business with insurers and who
represent either insurers or insureds, or both.
◉Public adjuster. Answer: An outside organization or person hired
by an insured to
represent the insured in a claim in exchange for a fee.
, ◉Premium audit. Answer: Methodical examination of a
policyholder's operations,
records, and books of account to determine the actual
exposure units and premium for insurance coverages
already provided.
◉Loss ratio. Answer: A ratio that measures losses and loss
adjustment expenses
against earned premiums and that reflects the percentage
of premiums being consumed by losses.
◉Loss adjustment
expense (LAE). Answer: The expense that an insurer incurs to
investigate, defend,
and settle claims according to the terms specified in the
insurance policy.
◉First notice of
loss (FNOL). Answer: The initial report notifying the insurer of a
claim.
ACTUAL EXAM PAPER 2026 QUESTIONS
WITH SOLUTIONS GRADED A+
◉Third-party
administrator (TPA). Answer: An organization that provides
administrative services
associated with risk financing and insurance.
◉Claims representative. Answer: A person responsible for
investigating, evaluating, and
settling claims.
◉Producer. Answer: Any of several kinds of insurance personnel
who place
insurance and surety business with insurers and who
represent either insurers or insureds, or both.
◉Public adjuster. Answer: An outside organization or person hired
by an insured to
represent the insured in a claim in exchange for a fee.
, ◉Premium audit. Answer: Methodical examination of a
policyholder's operations,
records, and books of account to determine the actual
exposure units and premium for insurance coverages
already provided.
◉Loss ratio. Answer: A ratio that measures losses and loss
adjustment expenses
against earned premiums and that reflects the percentage
of premiums being consumed by losses.
◉Loss adjustment
expense (LAE). Answer: The expense that an insurer incurs to
investigate, defend,
and settle claims according to the terms specified in the
insurance policy.
◉First notice of
loss (FNOL). Answer: The initial report notifying the insurer of a
claim.
