Insurance - Claims

Insurance Claim Function has two primary goals:

• Ensuring Fair Claim Settlement

• Keeping the insurer's promise

• Supporting the insurer's profit goal

• Pay for a loss by a covered cause

Which is not included on Claims Handling Process?

• Verify Coverage

• Contact the Claimant

• Acknowledge & Assigning

• Document

What stage in Claims Handling Process requires gathering information on Cause of Loss, Amount of Loss and Liability?

• Identify the Policy and Set Reserves

• Document

• Conclude the claim

• Investigate

What type of report is not mentioned on Claims Handling Process - Document?

• Preliminary Reports

• Summarized Reports

• Status Reports

• Daily Claims Report

Anyone who sells insurance.

• Adjusters

• Producers

• Claim Representatives

• Administrators

Which is not an Alternative Dispute Resolution Method?

• Mediation

• Arbitration

• Litigation

• Appraisals

Valuation Method that determines cost to replace property minus depreciation.

• Subrogation

• Actual Cash Value

• Agreed Value

• Replacement Cost Basis

When an insurer pays an insured for its loss, the insurer assumes the insured’s right to collect damages from a third party responsible for the loss.

• Subrogation

• Actual Cash Value

• Replacement Cost Basis

• Salvage Rights

Type of Damage intended to punish the wrongdoer for their malicious or outrageous act and deter others from committing similar wrongs.

• General Damage

• Specific Damage

• Compensatory Damage

• Punitive Damage

Which items are included in Good-Faith Claim Handling?

• Competent Legal Advice

• Misrepresentation

• Fair Evaluation

• Regular and Prompt Communication