Insurance Claims Handling Process

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What is the primary purpose of negotiating with product or service providers on time for cost of repairs?

To make an offer of settlement to the insured (correct)

To determine the apportionment of loss among multiple policies

To verify the existence of other policies

To ensure the policyholder has an insurable interest

What is the role of the risk engineer in the insurance industry?

The eyes of the underwriter

The arm of the claims expert

The arm of the underwriter

The eyes of the insurer (correct)

What is a primary function of a loss adjuster in relation to the insurance policy?

Determining the premium rates for the insured

Providing investment advice to the insured

Checking whether the insurance company is liable under the insurance policy (correct)

Issuing insurance certificates to the policyholders

What is a key aspect of a loss adjuster's report to the insurers?

Including facts, opinions, and recommendations Signup and view all the answers

What is the primary purpose of reinsurance in the insurance industry?

To protect the insurance company's balance sheet Signup and view all the answers

What is the term for the insurance company that takes out reinsurance coverage?

Cedant Signup and view all the answers

In the context of a loss claim, what is a key objective of a loss adjuster during negotiations?

To recover the insurer's outlay from a third party Signup and view all the answers

What is an essential skill for a loss adjuster during the claim investigation process?

Negotiation skills Signup and view all the answers

What is the purpose of checking for other policies that may be brought into the apportionment of loss?

To identify potential subrogation opportunities Signup and view all the answers

During a loss assessment, what might a loss adjuster investigate to determine liability?

Both insured perils and policy exclusions Signup and view all the answers

What is the term for the process of passing on a portion of the risk to another insurer?

Reinsurance Signup and view all the answers

What service might a loss adjuster offer to policyholders?

Damage reclamation services Signup and view all the answers

What skill is likely to be required in larger claims?

Negotiation skills Signup and view all the answers

What is the purpose of checking for fraud indicators in the claim process?

To determine the validity of the claim Signup and view all the answers

What is the primary role of a Loss Adjuster?

To support the insurer in investigating technical claims Signup and view all the answers

What is subrogation in the context of claims?

The retrieval of moneys from other parties Signup and view all the answers

What is the importance of a multi-disciplinary approach in claims handling?

To provide a professional and top-class service Signup and view all the answers

What is the final step in the claim process?

Complete claim file Signup and view all the answers

Insurance Claims Handling Process

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