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Insurance and Fraud Flashcards | StudBud

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Insurance and Fraud

11 terms·StudBud Administration·6 plays

#insurance #insurancesection #underwriters #underwriting # premiums #fraud

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Questions 11

Answers

1
Which of the following can be described as fraud?
Making a legitimate claim for a vehicle destroyed by fire
Telling the truth about the cost of a watch that was stolen
None of these examples
Being honest about the value of financial losses
2
Claiming a repair cost was more expensive than it really was is an example of fraud.
False
True
3
A premium is the amount you pay for insurance during a particular period.
False
True
4
Making a dishonest claim for an injury you don't have is an example of fraud.
False
True
5
Being honest about the value of your home following a fire is an example of fraud.
True
False
6
Underwriters are responsible for ...?
agreeing to accept a risk or not
taking care of general administration
taking decisions on special cases
managing staff
7
Terms refer to ...
the amount you pay for insurance during a particular period
the conditions of an agreement or contract
a request to your insurance company to pay for damage or loss
a part, or section of a company where people do a particular kind of work
8
Managers handle online and phone applications and claims.
False
True
9
A claim refers to ...
the conditions of an agreement or contract
a part, or section of a company where people do a particular kind of work
the amount you pay for insurance during a particular period
a request to your insurance company to pay for damage or loss
10
Managers in the insurance business usually ...?
take decisions on special cases
agree to accept a risk or not
take care of general administration
manage staff
11
Clerical staff deal with the majority of applications and claims
False
True