Most individuals can meet their liability insurance needs through: Select one: O a. Homeowners and personal auto policies. O b. Individual liability coverage. Oc. Personal umbrella policies. O d. Pre-paid legal services contracts. If an insured is found to be liable for an amount that exceeds the limit of the applicable insurance policies, the i Select one: O a. Will not be paid. O b. Becomes the personal responsibility of the insured to pay Ocis paid by the claimant's insurance company, Od Cannot be discharged in bankruptcy. Zerkes is the claims manager for the Seattle Zoo. He has been keeping data on the various types of losses that the the greatest impact. Zerkes' broker suggested that he maintain separate claim records of the direct and indirect los Select one: O a Lost worker productivity after a claim Ob. The increase in next year's insurance premiums O The loss of use of damaged physical assets Od. The cost to repair damaged property Which of the following is NOT a category of claim loss experience costs Select one: Earned premiums --- Which of the following is NOT a category of claim loss experience costs: Select one: O a. Earned premiums O b. Paid losses Oc Loss reserves Od. Incurred losses Comprehensive Insurance Company is investigating a claim submitted by Champion Corporati that the insurance company acknowledges the filing and will continue to investigate and/or de called: Select one O a A claim denial letter O b. A claim acceptance letter Oc A reservation of nights letter O d. A conditional claim filing letter If the loss ratio for a company is going up this must mean: Select one: O a. The number of claims is increasing each period O b. The value of claims is increasing each period Oc. The loss control program is getting less efficient d. None of the above is true The purpose of a claims review process is to: Select one: a Decrease the likelihood that claims will occur The purpose of a claims review process is to: Select one: O a. Decrease the likelihood that claims will occur O b. Provide management with detailed information about claims Oc. Decrease the financial impact of losses O d. Create a system to monitor the claims adjusters Among the following who is not usually a participant in the claim review process? Select one: O a. The claimant O b. The insurance company underwriter Oc The claim adjuster O d. The risk manager Ursula is the risk manager for Swedish Meatballs, Inc, a distributor of Scandinavian foods. Sh excessive loss reserves on her company's claims. This is an important point to resolve because Select one: O a Loss reserves are subtracted from the policies limits of liability available to pay for the Ob. The loss reserve will be added to the incurred losses to determine the total paid losse OcUrsula must file a periodic report with the insurer on any open reserved claims Od Loss reserves represent the amount of money that is allocated for future payments Which of the following is NOT considered an advantage of conducting regular claim reviews? Select one a. It discourages adjusters from filing inflated claim reports O C
