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Adjusting Practices
Arizona Independent Insurance Adjusters Exam
| Question | Answer |
|---|---|
| In the insurance business, _____ refers to the process of comparing the losses of a claimant to the promises made by an insurer in an insurance policy. | adjusting |
| Adjusting, in order, is the practice of: | •investigating a claim •acting as a liaison between a claimant and an insurance company •evaluating a claim •reporting and managing a claim •negotiating a claim •resolving a claim |
| An ___ ____is a person who on behalf of an insured or insurer, for compensation, investigates and evaluates claims arising under insurance contracts and negotiates the settlement of such claims. | insurance adjuster |
| ____ ____are insurance adjusters employed by insurance companies. | Staff adjusters -Staff adjusters are employed by companies such as Aetna, Nationwide Insurance, and State Farm Insurance. Also known as "company" adjusters. |
| _____ ____are insurance adjusters hired by policyholders to represent them in insurance claims, and usually specialize in appraising and negotiating claims. | Public adjusters |
| ____ _____are insurance adjusters that contract with a variety of insurance providers at once, and adjust insurance claims on behalf of the contracted companies for a fee-for-service basis. | Fee adjusters |
| ___ ____are similar to fee adjusters, only independent adjusters are not contracted to any particular insurer. | Independent adjusters |
| ______ is a process by which two opposing parties attempt to merge their respective interests in an effort to yield a balanced and beneficial outcome for both parties. | Negotiation |
| Once an insurance adjuster has received an offer from a claimant, the adjuster, acting as an agent of the insurance company, has three options to settle the claim. | •Accept the offer and pay the claim. •Reject the offer and refuse to pay the claim. •Negotiate a settlement with the claimant. |
| Negotiations can take place one of three ways: | •Arbitration •Mediation •Adjuster / claimant negotiations |
| a ___ ____ ____ allows the insurer to make one immediate lump sum payment to the claimant to settle all claims and damages brought forth by the claimant. | full release settlement |
| A ___ ____ ____ or "open-ended release", is a settlement technique whereby the insurer agrees to pay all special and General damages(intangible losses such as pain and suffering, etc.) accumulated by the claimant up until the point of the settlement. | scheduled payment release |
| the insurer agrees to indemnify the claimant for all property damages in lieu of settling the claim in full until damages for bodily injury can be negotiated. | payment of property damage, bodily injury pending settlement |
| The ____ ____ ____option allows the insurer to make partial payments to the claimant in lieu of a final settlement amount. | advance payment settlement |
| A ___ ____, also known as a "walk-away" settlement, means the insurer simply pays the bills submitted by the claimant. | no-release settlement |
| A ____ ____ includes provisions that allows the claimant to seek indemnification for continued medical rehabilitation costs related to bodily injury claims. | rehabilitation settlement |
| Insurance adjusters have a ___ ____to protect the financial interests of their employer. | fiduciary duty |
| Insurance adjusters file ____ ____to the principal detailing claimant damages and circumstances, investigation results and liability issues. | initial reports |
| Adjusters may also file _____ _____detailing the progress of the claim and relevant issues that may arise during the claims process. | interim reports |
| ____ _____ detail adjustments, indemnification and other claim resolution information. | Final reports |
| The ___ ___& ___ ___ ___ regulates the collection and use of your personal information by an insurance provider. | Insurance Information & Privacy Protection Act (IIPPA) |
Created by:
ajramirez1969
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