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AIC 300 - CLAIMS IN AN EVOLVING WORLD QUESTIONS AND ANSWERS | VERIFIED AND WELL DETAILED,, Exams of Business Finance

Yale UniversityBusiness Finance

AIC 300 - CLAIMS IN AN EVOLVING WORLD QUESTIONS AND ANSWERS | VERIFIED AND WELL DETAILED, Exams of Business Finance 2026 Graded A+| Validate Pass AIC 300 - CLAIMS IN AN EVOLVING WORLD QUESTIONS AND ANSWERS | VERIFIED AND WELL DETAILED, Exams of Business Finance 2026 Graded A+| Validate Pass

Typology: Exams

2025/2026

Available from 07/02/2026

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AIC 300 - CLAIMS IN AN EVOLVING WORLD
QUESTIONS AND ANSWERS | VERIFIED AND WELL
DETAILED, Exams of Business Finance 2026 Graded
A+| Validate Pass
Indemnify - ANSWER-To restore a party who has sustained a loss to the
same financial position that party held before the loss occurred
Claims Representative - ANSWER-A person responsible for investigating,
evaluating, and settling claims
Third-party Adminstrator - ANSWER-An organization that provides
administrative services associated with risk financing and insurance
Producer - ANSWER-Any of several kinds of insurance personnel who
place insurance and surety business with insurers and who represent either
insurers or insureds or both
Public Adjuster - ANSWER-An outside organization or person hired by an
insured to represent the insured in a claim in exchange for a fee
Premium Audit - ANSWER-Methodical examination of a policyholder's
operations, records, and books of account to determine the actual
exposure units and premium for insurance coverages already provided
Loss Ratio - ANSWER-A ratio that measures losses and loss adjustment
expenses against earned premiums and that reflects the percentage of
premiums being consumed by losses
Loss Adjustment Expenses (LAE) - ANSWER-The expense that an
insurer incurs to investigate, defend, and settle claims according to the
terms specified in the insurance policy.
First Notice of Loss (FNOL) - ANSWER-The initial report notifying the
insurer of a claim
Reserve - ANSWER-The amount the insurer estimates and sets aside to
pay on an existing claim
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AIC 300 - CLAIMS IN AN EVOLVING WORLD

QUESTIONS AND ANSWERS | VERIFIED AND WELL

DETAILED, Exams of Business Finance 2026 Graded

A+| Validate Pass

Indemnify - ANSWER -To restore a party who has sustained a loss to the same financial position that party held before the loss occurred Claims Representative - ANSWER -A person responsible for investigating, evaluating, and settling claims Third-party Adminstrator - ANSWER -An organization that provides administrative services associated with risk financing and insurance Producer - ANSWER -Any of several kinds of insurance personnel who place insurance and surety business with insurers and who represent either insurers or insureds or both Public Adjuster - ANSWER -An outside organization or person hired by an insured to represent the insured in a claim in exchange for a fee Premium Audit - ANSWER -Methodical examination of a policyholder's operations, records, and books of account to determine the actual exposure units and premium for insurance coverages already provided Loss Ratio - ANSWER -A ratio that measures losses and loss adjustment expenses against earned premiums and that reflects the percentage of premiums being consumed by losses Loss Adjustment Expenses (LAE) - ANSWER -The expense that an insurer incurs to investigate, defend, and settle claims according to the terms specified in the insurance policy. First Notice of Loss (FNOL) - ANSWER -The initial report notifying the insurer of a claim Reserve - ANSWER -The amount the insurer estimates and sets aside to pay on an existing claim

Individual Case Method - ANSWER -A method of setting reserves based on the claim's circumstances and the claims representative's experience in handling similar claims Roundtable method - ANSWER -A method of setting reserves by using the consensus of two of more claims personnel who have independently evaluated the claims file Average Value Method - ANSWER -A case reserving method that establishes a predetermined dollar amount of reserve for each claim as it is replaced Formula Method - ANSWER -A method of setting claim reserves by using a mathematical formula Expert system method - ANSWER -A method of setting reserves with a software application that estimates losses and loss adjustment expenses Direct Loss - ANSWER -A reduction in the value of property that results directly and often immediately from damage to that property Indirect Loss - ANSWER -A loss that arises as a result of damage to property, other than the direct loss to the property Pro Rata Contribution - ANSWER -An approach to other insurance by which the insurers contribute to the loss payment in the proportion to which they contribute to the total amount of coverage purchase (their limits of liability) Insurable interest - ANSWER -an interest in the subject of an insurance policy that is not unduly remote and that would cause the interested party to suffer financial loss if an insured event occurred Punitive damages (exemplary damages) - ANSWER -A payment awarded by a court to punish a defendant for a reckless, malicious, or deceitful act to deter similar conduct; the award need not bear any relation to a party's actual damages

Statute of Limitations - ANSWER -A law that stipulates the length of time after an event during which legal proceedings (such as lawsuit or criminal charges) may be initiated Stare Decisis - ANSWER -The principle that lower courts must follow precedents set by higher courts Motion to Dismiss - ANSWER -A request that a court terminate an action because of settlement, voluntary withdrawal, or procedural defect Motion for summary judgement - ANSWER -a pretrial request asking the court to enter a judgement when no material facts are in dispute and the moving party is entitled to judgement as a matter of law Motion in Limine - ANSWER -A pretrial request that certain evidence be excluded from the trial Big Data - ANSWER -Sets of data that are too large to be gathered and analyzed by traditional methods Internet of Things (IoT) - ANSWER -A network of objects that transmit data to each other and to central hubs through the internet Telematics - ANSWER -The use of technological devices to transmit data via wireless communication and GPS tracking Wearable sensor tag - ANSWER -A sensor attached to or embedded in clothing and accessories Data Mining - ANSWER -The Analysis of large amounts of data to find new relationships and patterns that will assist in developing business solutions Algorithm - ANSWER -An operational sequence used to solve mathematical problems to create computer programs Cross Industry Standard Process for Data Mining (CRISP-DM) - ANSWER -An accepted standard for the steps in any data mining process used to provide business solutions

Machine Learning - ANSWER -Artificial Intelligence in which computers continually teach themselves to make better decisions based on previous results and new data Complex Claim - ANSWER -A claim that contains one or more characteristics that cause it to cost more than the average claim Information Gain - ANSWER -A measure of the predictive power of one or more attributes Classification Tree - ANSWER -A supervised learning technique that uses a structure similar to a tree to segment data according to known attributes to determine the value of a categorical target variable Machine Learning - ANSWER -Artificial intelligence in which computers continually teach themselves to make better decisions based on previous results and new data Recursively - ANSWER -Successively applying a model Root note - ANSWER -the first node in a classification tree Leaf Node - ANSWER -a terminal node of a classification tree that is used to classify an instance based on its attributes Training Data - ANSWER -Data that is used to train a predictive model and that therefore must have known values for the target variable of the model Holdout Data - ANSWER -in the model training process, existing data with a known target variable that is not used as part of the training data Lift - ANSWER -in model performance evaluation, the percentage of positive predictions made by the model divided by the percentage of positive predictions that would be made in the absence of the model Accuracy - ANSWER -In model performance evaluation, a model's correct predictions divided by its total predictions

Hard Fraud - ANSWER -Actions that are undertaken deliberately to defraud Misrepresntation - ANSWER -A false statement of a material fact on which a party relies Concealment - ANSWER -An intentional failure to disclose a material fact Staged accident - ANSWER -An accident deliberately caused by a person who intends to feign injury and collect on the ensuing claim Soft fraud, or opportunity fraud - ANSWER -Fraud that occurs when a legitimate claim is exaggerated Ethics - ANSWER -The study of what constitutes good and bad behavior, dealing with moral duty and obligation Statute of Limitations - ANSWER -A law that stipulates the length of time after an event during which legal proceedings (such as a lawsuit or criminal charges) may be initiated Tort - ANSWER -A wrongful act or an omission other than a crime or a breach of contract, that invades a legally protected right Tortfeasor - ANSWER -A person or an organization that has committed a tort Contributory Negligence - ANSWER -A common-law principle that prevents a person who has been harmed from recovering damages if that person's own negligence contributed in any way to the harm Comparative Negligence - ANSWER -A common-law principle that requires both parties to a loss to share the financial burden of the bodily injury or property damage according to their respective degrees or fault