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LOMA 290 practice questions

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Question 1Insurance company operations

In an insurance company, the actuarial department primarily performs which of the following functions?

  1. Settling claims and detecting fraudulent submissions
  2. Designing products and calculating premiums and reserves Correct answer.
  3. Recruiting and training sales agents
  4. Auditing the company's financial statements

Explanation

Actuaries apply mathematics and statistics to price products, set reserves, and assess risk. Claims handling, agent training, and financial auditing belong to other functional areas of the insurer.

Question 2Insurance company operations

Which document typically gives an insurance agent the authority to act on behalf of an insurer?

  1. The agent's licensing examination score
  2. The beneficiary designation form
  3. The policy's declarations page
  4. The agency agreement or agent's contract Correct answer.

Explanation

An agency agreement (agent's contract) defines the agent's authority and responsibilities to the insurer. The declarations page summarizes coverage, and beneficiary forms relate to policy proceeds.

Question 3Insurance company operations

An insurer's underwriting department is best described as responsible for which activity?

  1. Drafting advertising materials for new products
  2. Determining whether an applicant is an acceptable risk and on what terms Correct answer.
  3. Processing premium payments and reconciling bank deposits
  4. Handling complaints filed with state regulators

Explanation

Underwriting evaluates applicants against the insurer's selection standards and decides whether to accept, rate, or decline the risk. Premium processing, marketing, and regulatory complaints fall to other units.

Question 4Insurance company operations

In insurance operations, the term 'reinsurance' refers to which arrangement?

  1. An insurer transferring part of its risk to another insurer Correct answer.
  2. A policyholder buying a second policy from the same insurer
  3. A state fund covering insolvent insurers
  4. A bank guaranteeing an insurer's loan

Explanation

Reinsurance is insurance for insurers: the ceding company transfers some risk to a reinsurer in exchange for part of the premium. It spreads large or catastrophic exposures and supports capacity.

Question 5Insurance company operations

Which of the following best describes the purpose of a company's internal audit function?

  1. To set the premium rates for new products
  2. To sell policies directly to high-net-worth clients
  3. To negotiate reinsurance treaties with reinsurers
  4. To provide independent assessment of controls and operational compliance Correct answer.

Explanation

Internal audit independently evaluates whether controls, procedures, and compliance requirements are working as intended. It reports findings to management and the board rather than performing sales, pricing, or treaty negotiation.

Question 6Insurance company operations

A customer service representative at an insurer receives a policy change request by telephone. Which action best reflects sound operational controls?

  1. Declining all telephone requests as a matter of policy
  2. Verifying the caller's identity and recording the request in the policy administration system Correct answer.
  3. Making the change immediately and documenting it later from memory
  4. Forwarding the request to a sales agent to handle verbally

Explanation

Sound controls require verifying that the caller is authorized and creating a contemporaneous record of the transaction. Immediate undocumented changes and off-system verbal handling create errors and fraud exposure.

Question 7Insurance company operations

Which statement accurately describes the role of a managing general agent (MGA) in insurance operations?

  1. An MGA only recruits agents and has no underwriting authority
  2. An MGA performs delegated functions such as underwriting or claims on behalf of an insurer Correct answer.
  3. An MGA is a state official who reviews insurer rate filings
  4. An MGA is a consumer advocacy organization

Explanation

An MGA is an intermediary granted significant delegated authority, often including underwriting, binding, and sometimes claims handling, under a written agreement with the insurer. The insurer remains responsible for oversight.

Question 8Insurance company operations

An insurer's claims department receives a claim and assigns a reserve amount. What does the claim reserve represent?

  1. The premium refunded to the policyholder on cancellation
  2. The penalty assessed for late claim filing
  3. The estimated amount the insurer expects to pay on the claim Correct answer.
  4. The commission paid to the producing agent

Explanation

A claim reserve is the insurer's estimate of the ultimate liability for a reported claim, and it feeds into financial reporting and solvency monitoring. It is not a refund, commission, or penalty.

Question 9Insurance company operations

An insurer wants to reduce the risk that a single large fire loss will impair its financial position. Which operational response is most directly suited to that goal?

  1. Adding more agents in the affected region
  2. Increasing the deductible on all personal auto policies
  3. Extending premium payment grace periods
  4. Purchasing reinsurance for the commercial property portfolio Correct answer.

Explanation

Reinsurance transfers a portion of large or concentrated losses to a reinsurer, protecting surplus and capacity. Deductibles, grace periods, and agent expansion do not transfer catastrophe exposure.

Question 10Insurance company operations

An underwriting manager notices that a newly introduced product is producing a much higher loss ratio than projected. Which action best reflects the underwriting function's role in a feedback loop?

  1. Immediately cancel all in-force policies in the product line
  2. Shift the entire loss to the claims department's budget
  3. Review selection criteria and rating factors and recommend adjustments Correct answer.
  4. Ignore the result because rates cannot be revisited

Explanation

Underwriting works with actuarial and product staff to monitor results and refine selection standards and rating factors when experience diverges from projections. Blanket cancellation and budget shifting are not sound responses.

Question 11Insurance company operations

A compliance officer discovers that a producer has been submitting applications with altered signatures. Which operational response is most appropriate?

  1. Wait until the next regulatory examination to mention it
  2. Destroy the applications to avoid liability
  3. Ask the producer to correct the signatures retroactively
  4. Report the finding through established escalation channels and review the affected policies Correct answer.

Explanation

Suspected fraud or forgery must be escalated promptly under the insurer's compliance and anti-fraud procedures, and affected policies should be reviewed. Delaying, backdating, or destroying records compounds the violation.

Question 12Insurance company operations

Which pairing of an insurance function with its typical output is correct?

  1. Actuarial: settled claim payments
  2. Marketing: underwriting guidelines
  3. Finance: financial statements and regulatory reports Correct answer.
  4. Claims: premium rate tables

Explanation

The finance and accounting area produces financial statements, regulatory reports, and management information. Actuarial produces rates and reserves, claims produces settlements, and underwriting produces guidelines.

Question 13Insurance company operations

An insurer's policy administration system must support which core operational capability?

  1. Determining the insurer's statutory solvency ratio
  2. Approving reinsurance treaty wording
  3. Issuing policies, recording endorsements, and maintaining billing and status records Correct answer.
  4. Setting the salaries of executives

Explanation

Policy administration systems maintain the master record of each policy, including issuance, endorsements, billing, and status changes. Solvency ratios, executive pay, and treaty wording are handled elsewhere.

Question 14Insurance company operations

A company decides to outsource its print and mail operations for policy documents. Which control is most important to establish with the vendor?

  1. Granting the vendor unrestricted access to all customer data
  2. Defining service levels and confidentiality obligations in a written agreement Correct answer.
  3. Eliminating internal review of outgoing documents
  4. Allowing the vendor to set its own data protection standards

Explanation

Outsourcing arrangements require a written contract specifying service levels, data protection, and confidentiality, plus ongoing vendor oversight. Unrestricted data access and removal of internal review weaken controls.

Question 15Insurance company operations

Which statement best describes the relationship between an insurer's claims function and its fraud prevention efforts?

  1. Claims staff should pay every claim without review to avoid complaints
  2. Fraud prevention is solely a matter for law enforcement
  3. Claims staff apply detection techniques such as verification and referral to special investigation units Correct answer.
  4. Fraud review is handled only by the sales department

Explanation

Claims personnel are a primary fraud detection point, using verification, red-flag indicators, and referral to special investigation units. Paying without review or relying only on external parties would leave the insurer exposed.

Question 16Insurance company operations

An insurer's board establishes an audit committee. Which responsibility most appropriately belongs to that committee?

  1. Managing the daily processing of premium payments
  2. Overseeing the internal audit function and the external audit relationship Correct answer.
  3. Approving individual claim settlements above a threshold
  4. Setting the commission schedule for agents

Explanation

Audit committees oversee financial reporting integrity, internal audit, and the external auditor relationship, and they report to the board. Individual claims, commissions, and daily processing are management responsibilities.

Question 17Insurance company operations

A regional insurer wants to begin writing a new line of business in another state. Which operational step is most directly required before it can transact that business?

  1. Obtaining the necessary licensing and filing product forms and rates with the state regulator Correct answer.
  2. Obtaining approval from every existing policyholder
  3. Publishing the new rates in a national newspaper
  4. Closing its existing lines of business

Explanation

Insurers must be licensed in the state and generally must file or receive approval of policy forms and rates before writing business there. Public notice and policyholder votes are not the operative requirement.

Question 18Insurance company operations

Which activity is a responsibility of the insurer's actuarial function rather than its claims function?

  1. Estimating incurred but not reported claim liabilities Correct answer.
  2. Investigating suspicious claim documentation
  3. Assigning claims to adjusters
  4. Negotiating repair estimates with body shops

Explanation

Actuaries estimate reserves, including incurred but not reported (IBNR) liabilities, using statistical methods. Investigation, repair negotiation, and claim assignment are core claims handling tasks.

Question 19Insurance company operations

An insurer's enterprise risk management (ERM) program is best described as which of the following?

  1. A method for calculating individual policy premiums only
  2. A regulatory filing submitted once at company formation
  3. A process for identifying, assessing, and managing risks across the whole organization Correct answer.
  4. A sales technique for large commercial accounts

Explanation

ERM takes a company-wide view of risk, identifying and managing exposures across underwriting, investments, operations, and strategy. It is broader than pricing a single policy and is an ongoing process.

Question 20Insurance company operations

A company's underwriting results show a combined ratio of 108 percent for the year. How should operations interpret this result?

  1. The company's expense ratio must be below zero
  2. The company is insolvent and must cease operations
  3. The company paid no claims during the year
  4. Underwriting operations produced an underwriting loss before investment income Correct answer.

Explanation

A combined ratio above 100 percent means losses and expenses exceeded premiums, producing an underwriting loss. Insurers may still report net income if investment income offsets the shortfall, so insolvency is not implied.

Question 21Insurance company operations

Which of the following best explains why an insurer maintains a separate claims reserve for reported but unsettled claims?

  1. To document the policyholder's payment history
  2. To reduce the premium charged to the policyholder
  3. To record the agent's commission expense
  4. To recognize the estimated liability before final payment is determined Correct answer.

Explanation

Case reserves recognize estimated liabilities for reported claims whose final amounts are not yet settled, supporting accurate financial reporting. They do not affect agent commissions, premium levels, or payment history records.

Question 22Insurance company operations

An insurer's reinsurance agreement states that the reinsurer participates in losses above a specified retention up to a stated limit for each risk. This arrangement is best characterized as which type of reinsurance?

  1. Reciprocal reinsurance pool
  2. Fronting arrangement
  3. Quota share reinsurance
  4. Excess of loss reinsurance Correct answer.

Explanation

Excess of loss reinsurance covers losses above the ceding company's retention up to a limit. Quota share involves proportional sharing of premiums and losses, while pooling and fronting are different structures.

Question 23Insurance company operations

An insurer discovers that a producer consistently submits applications for applicants whose stated incomes appear inconsistent with the requested coverage. Which operational analysis is most useful for addressing this pattern?

  1. Reviewing the producer's book for suitability and anti-fraud indicators and escalating as warranted Correct answer.
  2. Referring the matter to the marketing department for advertising review
  3. Immediately paying all resulting claims to preserve the relationship
  4. Removing the applicant income field from all applications

Explanation

Patterns suggesting misrepresentation call for a focused review of the producer's business using suitability and anti-fraud indicators, followed by escalation under compliance procedures. Paying claims automatically or removing data fields would weaken controls.

Question 24Insurance company operations

Which situation best illustrates a conflict of interest that an insurer's code of conduct should address?

  1. An employee follows the documented approval hierarchy for a large purchase
  2. An agent completes required continuing education courses
  3. An underwriter owns a substantial interest in a vendor that supplies the insurer Correct answer.
  4. A claims manager assigns a claim to an adjuster with no connection to the parties

Explanation

A personal financial interest in a vendor can bias an employee's decisions and should be disclosed and managed under the code of conduct. Following approval hierarchies, neutral claim assignment, and completing education are appropriate behaviors.

Question 25Insurance company operations

An insurer is comparing a decentralized structure, in which branch offices handle underwriting and claims, with a centralized structure. Which trade-off is most accurate?

  1. Decentralization eliminates the need for corporate oversight
  2. Centralization always lowers total operating cost regardless of volume
  3. Centralization prevents any use of technology in claims handling
  4. Decentralization may improve local responsiveness while reducing consistency of standards Correct answer.

Explanation

Decentralized operations can respond faster to local market conditions but risk inconsistent application of standards, which requires strong oversight and monitoring. Centralization is not automatically cheaper, and it does not preclude technology use.

Question 26Insurance company operations

An insurer's operations division is responsible for which combination of activities?

  1. Selling securities to raise capital for the insurer's investment portfolio
  2. Writing the laws that govern insurance licensing in each state
  3. Issuing policies, collecting premiums, processing claims, and maintaining records Correct answer.
  4. Setting statutory accounting rules and auditing insurers for solvency

Explanation

Insurance operations covers the day-to-day administrative functions that support policies after they are sold, including policy issue, premium collection, claims handling, and recordkeeping. Regulators and legislators set solvency and licensing rules rather than performing these functions.

Question 27Insurance company operations

Which organizational unit within an insurer is primarily responsible for deciding whether to accept a submitted application and on what terms?

  1. The claims department
  2. The underwriting department Correct answer.
  3. The actuarial department
  4. The internal audit department

Explanation

Underwriting evaluates the risk presented by an applicant and determines whether coverage will be offered and at what rate classification or with what conditions. Claims handles losses after they occur, while actuarial and audit serve other specialized roles.

Question 28Insurance company operations

A policyholder calls to report that her address has changed. Which operational area typically processes this request and updates the policy record?

  1. The investment department
  2. The marketing department
  3. The reinsurance department
  4. The policy administration function Correct answer.

Explanation

Policy administration maintains the master record of each policy, including insured information such as address, coverage amounts, and beneficiaries. Changes to those records are processed through that function so the insurer's systems stay accurate.

Question 29Insurance company operations

Which of the following best describes the purpose of a claims manual in an insurer's operations?

  1. It records the minutes of the board of directors' meetings
  2. It sets the premium rates charged to new policyholders
  3. It lists the insurer's investment holdings for regulatory review
  4. It documents the procedures and authority levels claims staff follow when handling losses Correct answer.

Explanation

A claims manual provides written procedures, settlement authority limits, and handling guidelines so claims are processed consistently and within approved authority. It supports control and consistency rather than pricing or investment activity.

Question 30Insurance company operations

An insurer's premium billing and collection process is important to operations primarily because it:

  1. Establishes the insurer's organizational structure
  2. Ensures cash flow needed to pay claims and expenses Correct answer.
  3. Determines the insurer's investment strategy
  4. Sets the insurer's reinsurance retention levels

Explanation

Billing and collection bring in the premium income that funds claim payments and operating expenses. Reliable cash flow from premiums is essential to meeting obligations as they come due.

Question 31Insurance company operations

Which function typically maintains the insurer's general ledger and prepares its financial statements?

  1. The accounting function Correct answer.
  2. The sales function
  3. The underwriting function
  4. The claims function

Explanation

Accounting records financial transactions in the general ledger and produces financial statements used by management and regulators. Other functions generate transactions that accounting records rather than prepare statements themselves.

Question 32Insurance company operations

A customer service unit within an insurer's operations is best characterized by which statement?

  1. It provides a single point of contact for policyholder inquiries and service requests Correct answer.
  2. It handles only written correspondence and never speaks with policyholders
  3. It performs the insurer's external financial audit
  4. It is responsible for setting the insurer's overall corporate strategy

Explanation

Customer service acts as the front line for policyholder questions, changes, and complaints, often routing complex matters to specialized units. It supports the customer relationship rather than corporate strategy or audit functions.

Question 33Insurance company operations

In insurance operations, a workflow is best described as:

  1. A list of the insurer's licensed producers
  2. A legal document that transfers risk to a reinsurer
  3. A sequence of tasks through which work moves from one step to the next Correct answer.
  4. A summary of the insurer's investment returns

Explanation

A workflow defines the ordered steps, handoffs, and responsibilities by which operational work such as application processing or claim handling is completed. It is a process design concept rather than a legal or financial document.

Question 34Insurance company operations

An insurer's operations manager wants to measure how quickly claims are settled after all required documentation is received. Which operational metric most directly captures this?

  1. The number of producers appointed in the state
  2. The insurer's expense ratio for the most recent quarter
  3. The total face amount of policies in force
  4. The average cycle time from complete documentation to claim payment Correct answer.

Explanation

Cycle time measures elapsed time for a defined process from start to finish, so measuring from complete documentation to payment directly captures settlement speed. Expense ratio, appointments, and face amount measure different aspects of the business.

Question 35Insurance company operations

An insurer is designing a straight-through processing capability for simple personal auto policy renewals. Which condition is most essential for this design to succeed?

  1. All renewals must be routed to the claims department
  2. Data needed for the decision must be complete and available electronically Correct answer.
  3. The insurer must eliminate its policy administration system
  4. Every renewal must be reviewed manually by an underwriter

Explanation

Straight-through processing relies on complete electronic data and predefined decision rules so transactions can flow without manual intervention. Manual review of every item or routing to unrelated departments defeats the purpose.

Question 36Insurance company operations

A supervisor notices that policy change requests are frequently delayed because they sit in an inbox awaiting assignment. Which operational improvement most directly addresses this problem?

  1. Transferring the process to the investment department
  2. Assigning requests automatically to qualified staff on receipt Correct answer.
  3. Eliminating documentation of the changes
  4. Increasing the premium charged for policy changes

Explanation

The delay is caused by work waiting unassigned, so automatic routing to qualified staff removes the bottleneck. Pricing changes or eliminating documentation do not address the queue and may create compliance problems.

Question 37Insurance company operations

An insurer wants to establish a formal service standard for responding to policyholder emails. Which statement represents a well-designed service standard?

  1. Only emails from large accounts will be answered
  2. All emails will be handled eventually by someone
  3. Every email will receive an initial response within one business day Correct answer.
  4. Emails will be answered whenever staff have free time

Explanation

An effective service standard is specific, measurable, and achievable, such as a defined response time for all inquiries. Vague, discretionary, or selectively applied standards do not provide accountability.

Question 38Insurance company operations

A company's operations department is asked to document who has authority to approve claim payments of various sizes. This documentation primarily supports which operational objective?

  1. Increasing sales commissions
  2. Reducing the number of policies issued
  3. Maintaining internal control over payments Correct answer.
  4. Setting investment allocation targets

Explanation

Defined authority limits ensure payments are approved by appropriate personnel, which is a core internal control that prevents unauthorized or excessive payments. It does not directly affect commissions, policy counts, or investments.

Question 39Insurance company operations

An insurer's operations team is evaluating whether to centralize or decentralize its customer service function. Which factor most strongly favors centralization?

  1. The need for local staff to make face-to-face visits to agents
  2. The desire to duplicate technology systems in each branch
  3. The desire for consistent application of service standards across all regions Correct answer.
  4. The need to increase the number of management layers

Explanation

Centralization supports uniform procedures, consistent service quality, and economies of scale in technology and staffing. Local presence and duplicated systems are arguments for decentralization.

Question 40Insurance company operations

An insurer's operations area is asked to support a new product launch. Which activity belongs to operations rather than product development?

  1. Deciding which market segment the product will target
  2. Determining the pricing assumptions for the product
  3. Designing the coverage provisions of the new policy form
  4. Building the policy administration screens and forms needed to issue the product Correct answer.

Explanation

Operations implements the systems, forms, and processing routines needed to administer a product once it is designed. Coverage design, pricing, and market targeting are product development and actuarial decisions.

Question 41Insurance company operations

An insurer receives a high volume of duplicate policyholder inquiries because the same request is submitted through the call center, the website, and email. Which operational solution best addresses the root cause?

  1. Implementing a single inquiry tracking system with a unified case record Correct answer.
  2. Hiring additional staff to answer every duplicate
  3. Charging policyholders for each inquiry
  4. Disabling the website contact form permanently

Explanation

A unified case management system consolidates inquiries from all channels into one record so duplicates are recognized and handled once. Adding staff or penalizing customers treats symptoms rather than the cause.

Question 42Insurance company operations

An insurer's operations department is preparing a business continuity plan. Which element is most essential to include?

  1. A list of competitors' product offerings
  2. A marketing plan for the coming year
  3. The personal investment portfolios of executives
  4. Alternate procedures and backup systems for critical functions Correct answer.

Explanation

Business continuity planning identifies critical operations and provides alternate procedures, backup sites, and recovery steps so service continues during disruption. Competitor data, executive portfolios, and marketing plans are unrelated.

Question 43Insurance company operations

A quality review finds that 8 percent of new policies were issued with incorrect beneficiary designations because staff misread handwritten applications. Which corrective action addresses the process rather than the individual error?

  1. Introducing data validation and clearer application instructions at intake Correct answer.
  2. Ignoring the errors because they are relatively small
  3. Disciplining every employee who handled the policies
  4. Reducing the number of policies issued each month

Explanation

Errors caused by misreading handwritten data are best addressed by improving intake controls such as validation rules and clearer instructions, which reduce errors at the source. Discipline or output reduction does not correct the underlying process.

Question 44Insurance company operations

An insurer's operations unit plans to outsource its customer call center. Which arrangement best preserves the insurer's control over customer interactions?

  1. Transferring all customer complaint records to the vendor permanently
  2. Including service-level agreements and periodic performance reporting in the contract Correct answer.
  3. Removing the insurer's name from all customer communications
  4. Allowing the vendor to set its own service levels without reporting

Explanation

Service-level agreements with reporting requirements let the insurer monitor vendor performance and enforce standards while outsourcing the work. Unlimited vendor discretion or loss of records undermines control.

Question 45Insurance company operations

An operations analyst is mapping a process and finds that a single form is reviewed by three different units, each repeating the same data check. What is the most likely consequence of this design?

  1. Reduced processing time and lower cost
  2. Unnecessary delay and duplicated effort without added control value Correct answer.
  3. Elimination of the need for any internal controls
  4. Improved accuracy because repetition always prevents errors

Explanation

Redundant identical checks consume resources and lengthen cycle time without materially improving accuracy. Effective controls are designed to add distinct value rather than repeat the same verification.

Question 46Insurance company operations

An insurer's operations dashboard shows that average claim cycle time improved, but the percentage of claims reopened after payment also rose sharply. How should management interpret these results?

  1. Reopened claims are irrelevant to operational performance
  2. Faster handling may have reduced quality, so reopened claims should be investigated Correct answer.
  3. Cycle time and reopen rates measure the same thing
  4. The speed improvement is unambiguously successful and requires no further review

Explanation

Speed and quality metrics must be interpreted together; a rising reopen rate suggests that faster handling may have compromised accuracy. Management should investigate whether the time reduction came at the expense of thoroughness.

Question 47Insurance company operations

An insurer's operations leadership must decide whether to invest in automating a low-volume, highly variable process or a high-volume, standardized process. Which reasoning is most sound?

  1. Automate the high-volume standardized process first because predictable repetition yields greater efficiency gains Correct answer.
  2. Automate neither because automation never reduces cost
  3. Automate the variable process first because exceptions are easiest to program
  4. Automate both simultaneously regardless of volume or variability

Explanation

Automation delivers the greatest return where volume is high and steps are predictable, since rules can be encoded and savings scale with transaction count. Highly variable, low-volume work is harder to automate economically.

Question 48Insurance company operations

A regulator asks an insurer to demonstrate that its third-party administrator is complying with privacy requirements when handling policyholder data. Which evidence most directly supports the insurer's position?

  1. The number of policies administered by the vendor
  2. The insurer's marketing brochure describing its commitment to privacy
  3. Contractual privacy clauses plus audit reports and monitoring records Correct answer.
  4. A verbal assurance from the vendor's sales representative

Explanation

Demonstrating vendor compliance requires documented contractual obligations and evidence of monitoring, such as audits and reports. Verbal assurances, marketing statements, and volume figures do not show actual compliance.

Question 49Insurance company operations

An operations manager finds that a new imaging system reduced document retrieval time but increased errors because staff now index documents inconsistently. Which conclusion best reflects sound operational analysis?

  1. Indexing standards and training should be strengthened to capture the technology's benefits while reducing errors Correct answer.
  2. Retrieval time is the only metric that matters in document management
  3. Errors should be accepted because technology always causes them
  4. The technology should be abandoned because any error outweighs all benefits

Explanation

Sound analysis recognizes both the benefit and the new risk introduced by the change, then addresses the risk through standards, training, and monitoring. Abandoning the system or accepting errors ignores the opportunity to manage the transition.

Question 50Insurance company operations

An insurer's underwriting department receives an application, but the applicant's medical records are missing. Under a typical new business workflow, which unit is most likely responsible for obtaining the missing requirements before the application proceeds?

  1. The actuarial pricing unit that sets premium rates
  2. The new business or case management unit that coordinates outstanding requirements Correct answer.
  3. The investment committee that manages the general account
  4. The claims investigation unit that handles contested coverage

Explanation

New business case management exists to coordinate the flow of an application from submission to issue, including tracking and obtaining outstanding requirements such as medical records. Claims, actuarial pricing, and investment functions have no role in gathering underwriting evidence for a pending application.