AIC 300 ALL CLAIMS NEWEST 2025 ACTUAL

• | P a g e

AIC 300 ALL CLAIMS NEWEST 2025 ACTUAL

EXAM COMPLETE 100 QUESTIONS AND

CORRECT DETAILED ANSWERS (VERIFIED

ANSWERS) |ALREADY GRADED A+

Carolina is a claim representative handling a liability claim. She is speaking to the claimant over the phone and has informed him that his statements must be true under penalty of perjury. When completed, she sent a transcription of the conversation to the claimant for him to sign before a notary. Carolina has taken a(n)

Select one:

• Affidavit.
• Deposition.
• Recorded statement.
• Examination under oath. - ANSWER-C. Recorded statement.

Rationale; A recorded statement is taken by the claims rep over the phone or in person.

One of Juan's responsibilities as a claims representative is to prepare internal reports, such as preliminary, interim, large loss, 1 / 4

• | P a g e

and captioned. Which one of the reports Juan prepares is required for claims with reserves that exceed a specified threshold?

Select one:

• Interim
• Large loss
• Preliminary
• Captioned - ANSWER-B. Large loss

Rationale; Large loss reports are required by most insurers to summarize claims with reserves above a certain threshold.

In the process of assigning a claim, an internal claims handler will often transfer information to the insurer's standard form, called the

Select one:

• Standard claims handling (SCH) form.
• Initial acknowledgment of notice (IAN) form.
• Claim intake (CI) form.
• First notice of loss (FNOL) form. - ANSWER-D. First notice

of loss (FNOL) form.

• / 4

• | P a g e

Rationale; An internal claims handler will often transfer information to the insurer's standard form, called the first notice of loss (FNOL) form.

Which one of the following methods of establishing case reserves is used most often when there are small variations in loss size for a particular type of claim?

Select one:

• Individual case method
• Average value method
• Formula method
• Roundtable method - ANSWER-B. Average value method

Rationale; The average value method is used most often when their are small variations in loss size for a particular type of claim, and when claims can be concluded quickly.

To determine whether an insurer typically underreserves or overreserves claims, actuaries compare the insurer's paid losses to

Select one:

• The insurer's case reserves. 3 / 4

• | P a g e

• The insurer's profits.
• NAIC model regulations.
• National averages. - ANSWER-A. The insurer's case

reserves.

Rationale; To determine whether an insurer typically underreserves or overreserves claims, actuaries compare the insurer's paid losses to the insurer's case reserves.

Samuel was seriously injured in a car accident caused by a drunk driver. His settlement included payments for repairs to his vehicle, medical bills, pain and suffering, and lost wages. Which one of the payments in Samuel's settlement is considered general damages?

Select one:

• Medical bills
• Lost wages
• Repairs to his vehicle
• Pain and suffering - ANSWER-D. Pain and suffering
• / 4