Which of the following procedures is consistent with the effective administration of a company's insurance function?

Which of the following procedures is consistent with the effective administration of a company's insurance function?

a) The insurance manager receives billings for insurance coverage and disburses payments.

b) Insurance coverage is adjusted annually based on the appropriate price index.

c) Final settlements are negotiated after claims are developed and sumitted.

d) Policies are always placed with the carrier offering the lowest rate for a specified level of coverage.