Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare a document flowchart for Victoria Insurance Company based on the following descriptions (use word, excel, MS Visio, or online.visual-paradigm.com) Victoria Insurance Company begins processing

Prepare a document flowchart for Victoria Insurance Company based on the following descriptions (use word, excel, MS Visio, or online.visual-paradigm.com)

Victoria Insurance Company begins processing casualty claims when the claims department receives notice of loss from a claimant. The claims department prepares and sends the claimant four copies of a proof-of-loss form on which the claimant must detail the cause, amount, and other aspects of the loss. The claims department also initiates a record of claim, which is sent with the notice of loss to the data processing department, where it is filed by claim number.

The claimant must fill out the proof-of-loss forms with an adjuster's assistance. The adjuster must concur with the claimant on the estimated amount of loss. The adjustor files his copy numerically. The adjustor sends the first two copies to the claims department. Separately, the adjuster submits a report to the claims department, confirming the estimates on the claimant's proof-of-loss form.

The claims department authorizes a payment to the claimant, forwards a copy of the proof-loss form to data processing, and files the original proof-of-loss form and the adjuster's report alphabetically. The data processing department prepares payments checks and mails them to the customers, files the proof-of-loss form with the claim record, and prepares a list of cash disbursements, which it transmits to the accounting department, where it is reviewed.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman

6th Edition

1618533118, 978-1618533111

More Books

Students also viewed these Accounting questions

Question

What was the influence of the individual experimenter?

Answered: 1 week ago

Question

1. Too understand personal motivation.

Answered: 1 week ago