West Virginia Adjusters Practice Exam

Question: 1 / 400

What is the main function of a loss run report?

To track claims history for an insurance policy

The primary function of a loss run report is to track claims history for an insurance policy. This report provides a detailed record of all claims that have been submitted and processed under the policy, including information such as dates of loss, nature of claims, amounts paid, and statuses. This historical data is crucial for insurers, underwriters, and adjusters as it helps them assess the risk profile of a policyholder, influences underwriting decisions, and informs premium calculations for future policies. Insurers rely on this information to identify patterns or trends in claims, which can impact the overall pricing and coverage options offered to the insured. Thus, the loss run report serves as an essential tool for managing risk effectively and ensuring that both insuring and insured parties have a clear understanding of the claims history associated with a policy.

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To outline the terms and conditions of coverage

To summarize the benefits of an insurance product

To determine the cost of a new policy

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