The Evolving Role of the Claims Professional

Front

The claims function helps an insurer pursue its mission by:

Back

Ensuring prompt and fair payment of valid claims

Front

According to the text, what is the primary purpose of purchasing property-casualty insurance policies?

Back

To protect against financial losses.

Front

Which of the following is NOT a responsibility of the insurer's Claims Department? Conducting a good-faith investigation of a claim, Paying every claim that is presented, Paying only legitimate claims covered by the policy, Honoring the promise made in the policy

Back

Paying every claim that is presented

Front

Who does the senior claims officer typically report to?

Back

All of the above

Front

Fill in the blank: Staff claims representatives may include inside claims reps, who handle claims exclusively from the insurer’s office, and ______ claims reps, who handle claims both inside and outside the office.

Back

field (or outside)

Front

Insurers may use independent adjusters when specialized skills are needed or when staff claims representatives are too busy to handle all claims themselves.

Back

True

Front

An insurer has received a claim related to an accident involving a hoverboard, and an investigation is needed to process the claim. However, the company doesn’t have any claims representatives who are knowledgeable about handling hoverboard claims. The company should hire which type of claims professional to help with this investigation?

Back

An independent adjuster

Front

The insured might hire whom to make sure that his interests are protected?

Back

A public adjuster

Front

To successfully support an insurer’s goals, the Claims Department must collaborate with which three main areas?

Back

Underwriting, marketing and sales, and customer service.

Front

Which department's coordinated efforts influence an insurer’s profitability more than any other factor?

Back

The coordinated efforts of line and staff underwriters.