Chapter 2 Flashcards Preview

C110 - Essentials Of Loss Adjusting > Chapter 2 > Flashcards

Flashcards in Chapter 2 Deck (10)
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1
Q

What provides that insurance companies must set aside funds to pay future obligations?

A

Statutes

2
Q

Average cost reserving is:

A

set up automatically when loss adjusters open a particular file

3
Q

Under the Canadian Inter-Company Arbitration Agreement,

A

the members of the committee study the written facts of the dispute/arbitration and make a binding decision

4
Q

The Intercompany Settlement Chart does not apply to which of the following provinces?

A

Ontario, New Brunswick, Quebec

5
Q

Which entity specifically provides cooperation and assistance to public authorities and to memberinsurance companies in the detection, investigation, and prosecution of insurance fraud?

A

Insurance Bureau of Canada

6
Q

Typically, special investigation units (SIUs) within an insurance company are

A

organized to provide training for adjusters and others, and to raise fraud awareness.

7
Q

As a representative of the insurance company, the loss adjuster must be familiar with:

A

company protocol for handling claims.

8
Q

What program protects policyholders from the financial collapse of an insurer?

A

Property and Casualty Insurance Compensation Corporation

9
Q

Individual reserving is

A

the traditional method used for reserving all claims

10
Q

The CIAA provides leadership through

A

advocacy, education, and recognized professional standards.