When the draft is received for acceptance from the bank, the liability that is debited and funds are transferred from the company's operating cash account to the bank is called:
A. draft payable
B. draft receivable
C. internal signature cards
D. transferring debts
What is a negotiable instrument that is accepted by the bank only upon the approval of the payor?
A. cash flow
B. draft
C. check
D. wire transfer
What is used as the control for the company's financial information?
A. General Ledger
B. Balance sheet
C. Financial statement
D. Accounting cycle
The accrual or reserve for anticipated salvage and subrogation receipts would be recorded in which account?
A. draft register reserve
B. debt-first reserve
C. contra-liability loss reserve
D. unstructured reserve
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?
A. aggregate claim
B. partner's claim
C. adjuster's claim
D. coverage trigger
A ____________ places the occurrence of the loss in one policy period even if the occurrence of the damage spanned a larger period of time.
A. event occurrence
B. deemer clause
C. manifestation
D. double trigger
The trigger is the assertion of a claim rather than the occurrence of the injury.
A. true
B. False
Transaction Code, Class of Risk, Line of Business, and Policy Expiration Date are all claim data elements of a company's:
A. operational plan
B. Transaction cycle
C. Data maintenance
D. statistical plan
In the case of an advance or partial payment, the loss reserve should not be adjusted to zero, but in cases of final payment, the loss reserve is adjusted to zero.
A. True
B. False
Loss Notification, Coverage Triggers, Data Maintenance/Accuracy are all categories of:
A. Loss notification
B. Claim adjusters
C. Company adjusters
D. Claim processing
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