Which of the Following Statements About Claims Settlement Is True

question 49

Multiple Choice

Which of the following statements about claims settlement is true?

• A) Agents are never authorized to settle claims.
• B) Independent adjustors may be used in a geographic area where the volume of business is too low for an insurer to have its own adjustors.
• C) A public adjustor is a salaried employee who works for one insurer.
• D) A staff claims representative is hired by a policyholder to represent him or her if the policyholder does not agree with the claim settlement offered by the insurer.

Recognize the strategic aspects of social media in job hunting.

Develop effective strategies for successful telephone and in-person interviews.

Understand the importance of and how to prepare for high-pressure and panel interviews.

Appreciate the role of interview preparation techniques in enhancing interview performance.

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Definitions:

Monopolistic Competition

A market structure where many companies sell products that are similar but not identical, leading to competition based on factors other than prices, such as product differentiation.

Product Variety

Refers to the assortment of different goods and services that a company offers to meet the varied preferences of consumers.

Monopolistically Competitive

Describes a market structure where many firms sell products that are similar but not identical, allowing them room for differentiation and some degree of price control.

Productive Efficiency

A situation where a firm or economy can no longer produce additional amounts of a good without lowering the production level of another product, utilizing resources in the best way possible.