ACE Claims Processing & Investigation 2

Question 1

Under ACORD standards, which field in the ACORD 3 (Loss Notice) form captures the reported date of loss distinct from the discovery date?

Accepted Answer

Loss Date

Answer

The Loss Date field captures when the actual loss event occurred, which may differ from when it was discovered or reported.

Question 2

A subrogation right in property insurance means the insurer, after paying a claim, can:

Accepted Answer

Pursue recovery from the responsible third party

Answer

Subrogation allows the insurer to step into the insured's shoes and seek reimbursement from the negligent third party who caused the loss.

Question 3

Which investigation technique is MOST appropriate when a claimant alleges permanent disability but surveillance footage shows physical activity inconsistent with the claim?

Accepted Answer

Independent Medical Examination (IME)

Answer

An IME uses an independent physician to objectively assess the claimant's actual physical condition against the alleged disability.

Question 4

In workers' compensation claims, the term 'compensable injury' means:

Accepted Answer

An injury arising out of and in the course of employment

Answer

A compensable injury must meet the dual test of arising out of employment and occurring in the course of employment.

Question 5

The ACORD AL3 (Auto Loss Notice) form's 'Point of Impact' field primarily assists in:

Accepted Answer

Reconstructing the accident sequence and assigning fault

Answer

The point of impact information helps adjusters and accident reconstructionists determine how the collision occurred and who bears liability.

(ACE) ACORD Certified Expert Practice Test

(ACE) ACORD Certified Expert Practice Test

ACE Claims Processing & Investigation 2