Claims Handling Flashcards
6 cards from real BCP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Claims Handling flashcards as text
What is the first step a policyholder should take when making an insurance claim in Singapore?
Answer: Notify the insurer as soon as practicable and within any specified notification period
The policyholder must notify the insurer as soon as practicable after a loss, and within any specified timeframe in the policy. Late notification can prejudice the claim.
What is a 'claims adjuster' and how do they differ from a 'loss adjuster'?
Answer: Claims adjusters typically work for insurers internally; loss adjusters are independent professionals appointed to assess complex claims
Claims adjusters typically work internally for insurers handling day-to-day claims. Loss adjusters are independent professionals appointed for larger or more complex claims to independently assess the loss and recommend settlement.
Under Singapore's general insurance practice, what document formally presents a claim for payment?
Answer: A claim form completed by the insured with supporting documentation
A claim form, completed by the insured and supported by relevant documentation (such as invoices, police reports, medical reports), formally presents the claim to the insurer for assessment and payment.
What does 'fraudulent claim' mean and what are the consequences in Singapore?
Answer: A deliberate false or exaggerated claim, which voids the entire policy and may result in criminal prosecution
A fraudulent claim involves deliberate misrepresentation or exaggeration of a loss. In Singapore, this voids the entire policy, forfeits all benefits, and the claimant may face criminal prosecution under the Penal Code.
What is 'without prejudice' communication in the context of insurance claims?
Answer: Communication made during settlement negotiations that cannot be used as evidence in court proceedings
'Without prejudice' communications are made during settlement negotiations with the understanding that they cannot be used as evidence in subsequent court proceedings, encouraging open negotiation.
What is the purpose of a 'discharge voucher' in insurance claims settlement?
Answer: A document signed by the insured confirming full and final settlement of a claim
A discharge voucher is signed by the insured to confirm they accept the settlement amount as full and final settlement of the claim, releasing the insurer from further liability for that claim.