Aic 300 - Claims In An Evolving World Questions And Answers 100% Verified A+ Guaranteed

A. To understand what it wants to achieve. {Ans: Joy Insurance Company is interested in using data mining to solve a problem it is having with claims fraud in one of its product lines. The first step it should take is Select one: A. To understand what it wants to achieve. B. To develop a model to analyze the data. C. To prepare the data by cleaning it. D. To understand the types of data to use.}C. Making concessions cautiously. Claims reps should only make concessions for specific reasons, the other party has made a concession, or a concession would allow the claim to be settled more quickly {Ans: Cristobal is negotiating a settlement with a claimant attorney in a workers compensation claim. The attorney has requested 200 weeks of benefits, which was more than Cristobal was hoping to pay. Cristobal countered with an offer to pay the 200 weeks if the worker would sign an agreement to resign his position and to never reopen the claim. Cristobal's negotiation strategy is an example of Select one: A. Timing settlements effectively. B. Leaning on the evaluation. C. Making concessions cautiously. D. Enticing a reasonable demand.}B. Losses and LAE divided