solution

a. Decrease the likelihood that claims will occur

b. Provide management with detailed information about claims

c. Decrease the financial impact of losses

d. Create a system to monitor the claims adjusters

Among the following who is not usually a participant in the claim review process? Select one:

a. The claimant

b. The insurance company underwriter

c. The claim adjuster

d. The risk manager

Ursula is the risk manager for Swedish Meatballs, Inc., a distributor of Scandinavian foods. She is concerned to excessive loss reserves on her company’s claims. This is an important point to resolve because Select one

a Loss reserves are subtracted from the policies limits of liability available to pay for the ALAE plus close

b. The loss reserve will be added to the incurred losses to determine the total paid losses

c Ursula must file a periodic report with the insurer on any open reserved claims

d Loss reserves represent the amount of money that is allocated for future payments