CIP C112 Practical Issues in Claims Management Exam Questions and Answers Top Rated

CIP C112 Practical Issues in Claims Management
Exam Questions and Answers Top Rated

Question>> 1
In house counsel (7 benefits)
Correct Answer>>
1. Claims tend to settle much earlier
2. Have a smaller case load
3. Proactive handling
4. More cost efficient
5. Only works on insurers cases
6. On salary
7. Settlement authority




Question>> 2
when a company executes an audit to uncover the root cause of an issue, unknown, immediately is an example of an
Correct Answer>>
emergency audit



Question>> 3
What makes a successful team


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,Correct Answer>>
Share aims, have a common work language, able to manage relationships as well as tasks.




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,Question>> 4
Specific Audit
Correct Answer>>
Examines limited aspects of the operation
( Focus narrow (reserving / indemnity / financial reporting requirements)



Question>> 5
Duty to defend
Correct Answer>>
Arises when a suit brought against the insured alleging facts that would elicit a payment under the policy



Question>> 6
SIU
Correct Answer>>
special investigation unit



Question>> 7
Privacy Act (July 1, 1983)
Correct Answer>>
obligations of Federal Gov. and Agencies.




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, Question>> 8
PIPEDA (January 1, 2004)
Correct Answer>>
Personal Information Protection and Electronic Documents Act (private sector obligations)



Question>> 9
IBNR
Correct Answer>>
Incurred But Not yet Reported (reported after years)



Question>> 10
Effective teams
Correct Answer>>
team members are motivated, hard-working, and prepared to contribute extra time and effort in a crunch.



Question>> 11
what benchmark are adjusters held to?
Correct Answer>>
Utmost good faith




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