All of the Following Statements About the Settlement of a Claim

question 3

Multiple Choice

All of the following statements about the settlement of a claim are true EXCEPT

• A)The insurance policy usually has a provision specifying how a notice of loss is to be made to the insurance company.
• B)One step in the investigation of a claim is to determine whether the policy was in force when the loss occurred.
• C)The adjuster must file the proof of loss,which is a sworn statement supporting his or her decision regarding a claim.
• D)A policy provision may determine how disputes over claim settlements are resolved.

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Definitions:

Population Standard Deviation

A measure of the dispersion of a population's values from the mean, representing how spread out the population data are.

Confidence Interval

A range of values, derived from the sample data, that is likely to contain the value of an unknown population parameter with a specified level of confidence.

Mean

The central value of a dataset, calculated as the sum of all values divided by the total number of values.

Standard Error

Standard error measures the accuracy with which a sample represents a population, quantifying the variability of the sampling distribution of a statistic.