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Free Financial SOFA-CFE Exam Questions (page: 9)

Page 9 of 53
PDF with 416 Questions

Loss reserves that are not established on a claim number basis are identified as bulk reserves.

  1. True
  2. False

Answer(s): A



The bulk reserves are used when statistical analysis indicates that the ultimate development of the original reserves will be deficient are called:

  1. Claims-made reserves
  2. Supplemental reserves
  3. Reopened claim reserves
  4. Claims-in-transit

Answer(s): B



Which policy covers losses reported during the policy period rather than when they occurred?

  1. case reserve
  2. case average
  3. claims-made
  4. reported claim

Answer(s): C



___________ is the sale of damaged goods, for which the insured has been indemnified by the company.

  1. Salvage
  2. Loss offset
  3. Reevaluation
  4. None of the above

Answer(s): A



What is based on the principle that for a service rendered (i.e., the payment of the indemnity claim), the insured assigns to the insurer any rights that may inure to the insured from third parties.

  1. Salvage
  2. Indemnity payment
  3. Subrogation
  4. Reinsurance resource

Answer(s): C



Expenses that are identified by the state and coverage code of the related claim to properly match the costs to the policy and earned premium are called:

  1. Loss adjustment expense
  2. Defense and Cost Containment
  3. Adjusting and Other
  4. Surveillance expense

Answer(s): B



Loss Notification, Coverage Triggers, Data Maintenance/Accuracy are all categories of:

  1. Loss notification
  2. Claim adjusters
  3. Company adjusters
  4. Claim processing

Answer(s): D



What is the summation of many claims triggered from a common event may have one general claim file and subsidiary files to contain the facts surrounding the individual claims?

  1. aggregate claim
  2. partner's claim
  3. adjuster's claim
  4. coverage trigger

Answer(s): A



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