AIC 300 Best Exam Review Guide

AIC 300 Best Exam Review Guide 10. Aaron works for a multi-line insurer. He works with insurance producers and applicants to evaluate new business submissions and conduct renewal underwriting. Aaron is a A. Personal lines underwriter. B. Line underwriter. C. Staff underwriter. D. Public underwriter.: B. Line underwriter. This describes the duties of a line underwriter, rather than a staff underwriter. There is not enough information to determine which line of business is being written. A public underwriter does not exist. Line underwriters evaluate new submissions and perform renewal underwriting, usually by working directly with insurance producers and applicants. Staff underwriters, meanwhile, manage risk selection by working with line underwriters and coordinating decisions about products, pricing and guide- lines. 11. Hugo is conducting an audit of a branch office claims operation. He is evaluating timeliness of reports, number of files opened, proper releases taken, and accuracy of data entry. Which one of Hugo's metrics is a qualitative audit factor? A. Number of files opened B. Timeliness of reports C. Accuracy of data entry D. Proper releases taken: D. Proper releases taken 12. Which one of the following statements regarding third-party administra- tors (TPAs) is most accurate? A. TPAs handle claims, keep claims records, and perform statistical analyses. B. TPAs are generally found in an insurer's claims department. C. TPAs are typically used by businesses that have chosen not to selfinsure. D. TPAs are employed only by independent adjusting firms.: A. TPAs handle claims, keep claims records, and perform statistical analyses. 13. Steps of Making an Initial Claims Assessment: Acknowledging and Assigning the Claim Identifying the Policy Contacting the Insured or the Insured's Representative 14. How do recorded statements and examinations under oath differ?: An examination under oath is more formal than a recorded statement. Recorded state- ments are often taken by claims representatives, typically by telephone. Examina- tions under oath are usually performed by an attorney for the insurer at the insurer's office or a court reporter's office. 15. Effective statements exhibit these qualities:: Coherence—The statement follows a logical sequence. Completeness—The statement is thorough. Objectivity—The statement contains facts relevant to the loss expressed in the interviewee's own words. 16. Seven-Part Method: 1. Permission and introduction—date, time, and location of the interview, names of the parties involved in the interview, and