2 - A Appraising Damage Claims Part 2 CONT EXAM 2023/2024 WITH 100% COMPLETE SOLUTIONS

Introduction to Loss Valuation Methods correct answersAppraisers work alongside adjusters to help insurance companies settle claims fairly and promptly. Designated Representative correct answersPerson chose by insurer to legally represent her in negotiations with the insurer Agreed Price correct answersAmount the insured and insurer agree is reasonable to repair vehicle Substantially Similar Vehicle correct answersVehicle of same year, make, and model and in substantially the same condition as the insured vehicle. Constructive total loss correct answersCost to repair damage to vehicle is more than the vehicle's value - treated as a total loss. Adjusting Partial Losses- Subrogation correct answersWhen insurer demands subrogation from third party, must include amount of insured's deductible in the demand and return that amount to the insured once received. Partial losses - estimates correct answersWhen insurer prepares the estimate: -Must be sufficient to repair vehicle satisfactorily -Insured must be given a copy of the estimate and list of repair shops -Must not require insured to use a particular repair shop