What Allows an Entity to Eliminate the Reserve That Was

question 73

Multiple Choice

What allows an entity to eliminate the reserve that was recorded for the claim, even if it exceeded the amount paid for the settlement?

• A) ethical act
• B) controlled procedure
• C) structured settlement
• D) None of the above

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Definitions:

Otherwise Legal

Pertaining to actions or conditions that are permitted or recognized by law, except for specific exclusions or conditions.

Phishing

Online fraud in which criminals pretend to be legitimate companies by using e-mails or malicious websites that trick individuals and companies into providing useful information, such as bank account numbers, Social Security numbers, and credit-card numbers.

Identity Theft

The act of stealing another’s identifying information—such as a name, date of birth, or Social Security number—and using that information to access the victim’s financial resources.

Cyber Fraud

Fraud that involves the online theft of credit-card information, banking details, and other information for criminal use.