CU Claims & Loss Analysis

Question 1

What is the first step in the claims process?

Accepted Answer

Loss notification by the policyholder

Answer

Final settlement.

Answer

Hiring a lawyer immediately.

Answer

Repairing the damage independently.

Question 2

Who investigates an insurance claim?

Accepted Answer

Claims adjuster

Answer

Sales agent.

Answer

Marketing director.

Answer

Policyholder's neighbor.

Question 3

What is a 'proof of loss' document?

Accepted Answer

Formal statement documenting the loss and claim

Answer

A repair estimate.

Answer

Witness testimony.

Answer

Medical history record.

Question 4

What is subrogation in insurance claims?

Accepted Answer

Recovering claim costs from a responsible third party

Answer

Paying the insured multiple times.

Answer

Delaying claims settlement.

Answer

Negotiating new policy terms.

Question 5

What does loss adjustment involve?

Accepted Answer

Determining compensation based on the insurance policy

Answer

Setting premium prices.

Answer

Purchasing new policies.

Answer

Increasing deductibles.

Question 6

What is a partial loss in insurance terms?

Accepted Answer

Damage to only part of the insured property

Answer

Total destruction of property.

Answer

Repair costs exceeding property value.

Answer

A complete loss of income.

Question 7

Why is accurate documentation important in claims?

Accepted Answer

It validates the claim and speeds up settlement

Answer

It prolongs claims.

Answer

It confuses adjusters.

Answer

It reduces settlement amounts.

Question 8

What does the term 'claims settlement' refer to?

Accepted Answer

Resolving the claim by payment or denial

Answer

Re-opening the underwriting process.

Answer

Increasing the deductible.

Answer

Cancelling the insurance policy.

Question 9

What is a catastrophic loss?

Accepted Answer

Massive losses from major disasters

Answer

Minor damage events.

Answer

Small car accidents.

Answer

Slow claims approvals.