CIP C112 Practical Issues In Claims Management Exam All Possible Questions and Answers with complete solution

CIP C112 Practical Issues In Claims Management Exam All Possible Questions and Answers with complete solution What does the term claims management encompass? - Correct Answers Handling individual claims. Departmental claims processes and procedures. Identify broader departmental activities needed for a claims department within claims management. - Correct Answers - establish procedures for the day to day administrative transaction for claims files - providing admin support - establishing a system of record keeping - ensuring budget compliance - aligning operations to overall corporate vision and strategy - ensuiring compliance with regulatory and contractual obligations - staffing and educating the claims department What is a core function of an insurance company relating to claims? - Correct Answers claims handling What 3 qualities must an insurance company preserve when it delivers its claim obligations? - Correct Answers - core strengths - values - culture When creating a mission statement, why is the choice of word important? - Correct Answers - principles a company holds dear are tied to its mission statement - choice of word inspires a certain feeling or attitude Give an example of a general corporate mission statement on claims service for a company that has built its reputation of excellence. - Correct Answers - we strive for excellence in providing claims service to our policyholder What is a limitation factor common to any company strategy? - Correct Answers - the need to manage expenses What principle of law sets the standard for conduct in the contractual relationship between the insurer and insured? - Correct Answers - utmost good faith - proposed claims handling activities must meet the test of utmost good faith - comprising of honesty, fairness, integrity, and respect for the insured What adjectives have courts used to describe behavior of the insurer` that would warrant judicial punishment in a bad faith action? - Correct Answers - harsh - vindictive - reprehensible - oppressive