Management Real Comprehensive Exam
with Practice questions & Verified Answers
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What does claims management encompass ? - ............ANSWER..........1.
Handling individual claims 2. Departmental claims processes and
procedures.
(What term/s do the ) courts use to determine bad faith?
- ............ANSWER..........harsh, vindictive, reprehensible, high-handed,
oppressive, malicious
what benchmark are adjusters held to? - ............ANSWER..........Utmost
good faith
broader claims management functions (6) - ............ANSWER..........1.
establish procedures, 2. providing administrative support, 3. establish a
system of record keeping, 4. align operations to corporate vision and
strategy, 5. ensuring regulatory compliance, 6. staffing and educating
claims department.
5 ways monitor claims operation - ............ANSWER..........Supervisor or
team lead reviews all files of new adjusters, Claims audit, Customer
,
survey, Letters to claimant to confirm payments, Statistical claims
reports
(examples of) claims Reports - ............ANSWER..........Open / close
ratios, Exceptional claims for special attention, Trends
(what is the) claims managers role (8 items)?
- ............ANSWER..........Planning - day to day claims procedure,
Official spokes person, Decision maker at the departmental level,
Review strengths and weakness of department, Admin functions, Inspire
staff, Handle conflicts
3 types of claims operations - ............ANSWER..........Centralized,
Decentralized, Hybrid
describe Hierarchical Configuration - ............ANSWER..........Like
multilayer wedding cake, More employees (room for advancement,
specialization)
describe Flat configuration - ............ANSWER..........Single layer cake,
Fewer designated managers, Staff are more multiline.
successful claims strategies must demonstrate (guidelines):-
- ............ANSWER..........be specific, be challenging, be capable of being
measured.
,
approaches to learning (6) - ............ANSWER..........learning by doing,
self paced learning, interactive e-learning, coaching and mentoring,
classroom instruction, case study approach
Processes & procedures accomplish:- - ............ANSWER..........promote
productivity, reduce errors, control expenses.
support for customers - ............ANSWER..........treat with respect,
receive help in time of crisis, claims resolved efficiently, payments made
speedily
File leakage - ............ANSWER..........claims overpaid, exaggerated
claims not controlled, fraud not identified.
reasons for site visits (4) - ............ANSWER..........Complex claims,
severe losses, potential denials, identify subrogation, Good customer
service.
reasons to use IA's - ............ANSWER..........volume of claims, holiday/
busy periods, specialist knowledge, remote areas.
who controls the claim if IA employed
- ............ANSWER..........Examiner
Examiner duties (4) - ............ANSWER..........analyse reports, determine
further action, document the file, ensure policy conditions are applied.