Claims personnel help meet these goals by using the claims handling process to promptly, fairly, and equitably pay all legitimate first and third party claims and by managing claims expenses. True False

Claims personnel help meet these goals by using the claims handling process to promptly, fairly, and equitably pay all legitimate first and third party claims and by managing claims expenses. True False

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Related questions

Q: Do some quick internet research and find a case that deals with an accountant that has been found…

A: BRIEF: In the case of United States v. Arthur Andersen LLP, et al., No. 02-CR-0231 (N.D. Ill. 2002),…

Q: Define Coercion Misrepresentation and Fraud with proper example.

A: Coercion is the act persuading someone by forcing them to do something that they do not want to do,…

Q: Insurers, as a rule, provide coverage for __________. A. intentional torts B. negligent torts C.…

A: Liability insurance policies are purchased in case the person gets involved in malpractice or…

Q: Suppose you offer your car for sale. Your car was submerged up to the windows in a flood three years…

A: Misrepresentation happens when the person hides information intentionally so that the decision made…

Q: Which of the following premortem actions can increase the liquidity of a decedent's estate? Making…

A: Answer :- Correct answer is Option - D) III. Urging a client to keep written current records of…

Q: What are the benefits of composing a cover letter?

A: A cover letter is like a front cover that is a document sent with the CV or resume.

Q: How might an employer create an “implied-in-fact term” and how could a failure to follow such…

Q: You are an associate attorney for Big Law & Associates. Bella comes to your office seeking legal…

A: As an associate attorney at Big Law & Associates, I understand the importance of providing…

Q: You are a local solicitor in a suburb in which two young tax agents wish to establish a new…

A: As a solicitor with extensive experience in business law, I can confirm that tax agents and their…

Q: Sunland Company owns equipment that cost $1,017,000 and has accumulated depreciation of $429,400.…

A: Rationale• Loss on Impairment of Equipment (Debit $22,600): This account represents the loss…

Q: Français ur clients have been living in a rental townhouse unit and carry a Tenants Comprehensive…

A: As clients transition from renting a townhouse to owning a condominium, their insurance needs…

Q: stantial performance” with a brief explanation thereof

A: Doctrine of substantial performance is a legal principle which says that if a good faith attempt is…

Q: Larry Lyons donated a small office building to a qualified charity when the adjusted basis was…

A: Fair marketplace value is the estimation with the aid of using the authorities or different entities…

Q: At many universities, the title to any patentable inventions conceived or reduced to practice by…

A: A patent is a legal document granted by a government to an inventor, which gives the inventor…

Q: Davaros Debtor is a New Jersey resident who is thinking about filing for bankruptcy. Debtor has been…

A: Based on the information provided, Davaros Debtor appears to be a candidate for bankruptcy…

Q: It is quite uncommon for employers to use application forms that are in violation of FEP legislation…

A: The denial of the right to gainful employment significantly restricts all opportunities for economic…

Q: The insured had a fire accident in the kitchen, causing significant damage. After reviewing the…

A: When an insured individual experiences a fire accident, it's imperative for the claims adjuster to…

Q: List and explain the ranking of claims a company has to satisfy before it is officially wound up.

A: A group of people or other legal entities can create a corporation to conduct business activity.…

Q: Davaros Debtor is a New Jersey resident who is thinking about filing for bankruptcy. Debtor has been…

A: Bankruptcy is a legal process that gives debt relief to individuals or businesses who are unable to…

Q: You are served with Plaintiff's complaint. Plaintiff is suing you! You are furious. Should you…

A: Being sued can be a frightening and stressful experience. It is crucial to remember that you have…

Q: Identify as to ethical or unethical the following situations then prove your answer. 1. Addressing…

A: Disclaimer: Since you have posted a question with multiple sub-parts, so we will solve first three…

Q: natural justice, alternative dispute resolution and human rights

A: Natural justice is the principal of law which informs about the two perspectives that every…

Q: fter two years of research and the investment of considerable funds, coast-to-coast company (cc)…

A: The company 'C' can file a suit against the company 'N' in terms the 'patent' legal resource.

Q: Casey is on trial under criminal allegations that she engaged in fraudulent behavior at the company…

A: In the given case, Casey is on trial for criminal allegations of fraudulent behavior at the company…

Q: One of three tenants in your insured’s rented triplex, sets fire to his apartment, is charged with…

A: In the aftermath of a tenant setting fire to their rented apartment, insurers often seek to mitigate…

Q: Bradley is seven years old. His dad is a local salesman that goes door-to-door throughout the…

A: In a legal context, lingering authority refers to an agent's apparent or inferred authority to act…

Q: ugly and told Raven that she "looked silly" in them. Raven was extremely offended by Setareh's…

A: In this scenario, Setareh expresses her view about her buddy Raven's recently purchased pair of…

Q: True or False. While the courts may apply if from time to time, the “but for” test for causation is…

A: Causation is a fundamental concept in legal analysis, underpinning the determination of whether a…

Q: What are the potential defenses available to a defendant in a tort case?

A: When involved in a tort case, defendants have the opportunity to utilize various defenses to protect…

Q: A broker is an employee of the principal. * True False

A: Answer is FALSE An employee is not an broker unless the principal authorizes him or her to enter…

Q: What kind of argument is present when the premises of an argument do not lead to the conclusion?

A: An argument aims to demonstrate the validity or soundness of the conclusion by showing how the…

Q: What are the legal requirements for terminating employees, including at-will employment and wrongful…

A: Terminating an employee is a complex and often challenging task that requires employers to navigate…

Q: Burden of Proof can be explained as

A: A claim is described as a something that is owed by one party to another party. An individual can…

Q: Sue Flay's Cakery promises to pay Oscar Ruitt not to park in a city-designated no-parking zone in…

A: In the given scenario, Sue Flay's Cakery offers to pay Oscar Ruitt not to park in a city-designated…

Q: Who should sign a letter to a client giving legal advice and why?

A: There are different policies in the law firms regarding the sign on the contracts. The signature of…

Q: When would you use the direct approach to write a claim

A: DIRECT CLAIM Direct claim is based on member's right of action against another member. A direct…

Q: The insured is covered under O.A.P. 1 Owner’s Policy including Direct Compensation-Property Damage…

A: The question presents a scenario where an individual covered under an O.A.P. 1 Owner’s Policy,…

Q: Which one (1) of the following situations may have an effect upon the premium charged for a…

A: Note: As per bartleby guidelines in case multiple questions are asked by the students then the…

Q: What remedies are available to a successful plaintiff in a defamation lawsuit?

A: Tort law is a branch of business law that deals with the legal remedies available to individuals who…

Q: Identify and briefly describe the basic kinds of reports produced by an MIS.

A: Data is crucial for the business processes and in order to understand data-different types of MIS…

Q: A director using confidential information to trade in a company's shares is MOST likely to be in…

A: A director will be obligated for the break of trustee obligation when he acts untrustworthily to the…

Q: There is no federal statute of frauds. True False

A: The given statement is true. There is no federal statute of frauds.

Q: Comparativê ñëğligenče

A: Correct answer - " true "

Question

Claims personnel help meet these goals by using the claims handling process to promptly, fairly, and equitably pay all legitimate first and third party claims and by managing claims expenses.

True

False

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

You are a broker. Your sales associate is new and can't remember the key differences between lien types. You remind them: Liens can be voluntary or involuntary. Voluntary liens are created with the owner's consent. A lien can only apply to one piece of property a debtor owns Because of this, liens are always specific. Legally, liens cannot be involuntary. They must be created with the owner's consent and if they're not, they're illegal All liens affect all of the debtor's property. That's why they're also called general liens.
True or False A counterclaim and a cross claim are types of discovery.
Miss Tomato initiates her action under Small Claim Procedure. Which of the following statement is CORRECT to describe her action? A.She can represent herself in such action. B.She may hire a legal representative; i.e. lawyer. C.She must file her action in High Court. D.Her action must exceed RM5,000.
What steps can an employer take to ensure that its policy manual becomes and remains part of the employment contract?
The Acme Electric Company worked day and night to develop a new current regulator designed to cut the electric power consumption in aluminum plants by 35%. They knew that, although the competition was fierce, their regulator could be produced more cheaply, was more reliable, and worked more efficiently than the competitors’ products. The owner, eager to capture the market, personally but somewhat hastily put together a 120-page proposal to the three major aluminum manufacturers, recommending that their regulators be installed at all company plants. She devoted the first 87 pages of the proposal to the mathematical theory and engineering design behind his new regulator, and the next 32 to descriptions of the new assembly line she planned to set up to produce regulators quickly. Buried in an appendix were the test results that compared her regulator’s performance with present models, and a poorly drawn graph showed how much the dollar savings would be. Acme Electric didn’t get the…
Zach had surgery, which was his third claim of the year. He had a bill of $5000.Considering the prior visits, what is Zach’s portion of this bill and what is theresponsibility of the insurance carrier?
a debtor fails to appear at the Chapter 7 creditors' meeting, the court may refuse to grant the bankruptcy. True False
Calculator The Coinsurance cause in an individual Medical Expense policy refers to the OA insured's rights to have another person, such as a spose or dinned on the same poky OB. company cay esse corage op insurance company's right to join with and insurance company's right to share OC in ce with another c Insurance company's right to the hosto de detale percentage of the cost of com OD.
While tax-exempt entities are indeed generally exempt from paying Federal income tax, they must operate in ways that guarantee that they remain in compliance with tax laws governing their tax-exempt status. List and explain steps tax-exempt entities must take to protect their tax-exempt status.
The difference between fraud and errors is: a. the timing of the transaction b. the materiality of the value involved. c. intent of those involved. d. whether it affects owners’ equity or not.
Blue, an insurance agent, was paid a percentage of the sales he generated on behalf of his company. Blue wrote policies to fictitious customers in order to increase his sales totals for the month. This is an example of: a. An expense reimbursement scheme O b. A commission scheme c. A false billing scheme O d. A falsified hours and salary scheme
Five Factors that can affect claims handling competency are; Changes in the claims environment, changes in job responsibilities, attrition of knowledge over time, limited insurer resources, and communication with represented claimants. True False