Which of the following is not a common settlement payment option for property
damage claims? - ANSWER-pay salvage value
When a storm rolled through town a month ago, John's car suffered substantial
damage. He filed a claim, but his insurer has offered a settlement much lower than
John feels i...
Which of the following is not a common settlement payment option for property
damage claims? - ANSWER-pay salvage value
When a storm rolled through town a month ago, John's car suffered substantial
damage. He filed a claim, but his insurer has offered a settlement much lower than
John feels is fair. Each party selects an appraiser, who in turn agree on an umpire, to
help settle the claim. This type of negotiation technique is known as: - ANSWER-
appraisal.
State law often dictates how, and for what reasons, insureds may cancel or refuse to
renew their
insurance policies. - ANSWER-The insured may cancel the policy at any time, without
notice.
Drew is driving home from work one evening in his old 1992 Acura when another
driver runs through a stop sign on a country road and smashes into his car. The
damage is extensive and Drew knows that his insurance company will consider the
car a total loss. He gives the car to his brother, who sells it for scrap metal, and then
he reports the loss to his insurer. Why would his insurer refuse to pay this claim? -
ANSWER-Drew should have allowed the insurer to inspect the car before he disposed
of it.
The first three positions of the VIN are known as the: - ANSWER-World Manufacturer
Identifier
Inspecting which of the following parts of the vehicle wouldn't be an immediate
priority after a side collision? - ANSWER-Radiator
The abbreviation "S" on an appraiser's damage estimate means that the pertinent part
is: - ANSWER-structural
When settling total losses of current model vehicles: - ANSWER-the insurer can offer a
cash settlement or replace the vehicle, but it must offer the settlement that is
most favorable to the insured.
An insured's Designated Representative: - ANSWER-may not receive any sort of
compensation.
George is inspecting a car as part of the appraisal process. He notices that the gaps
between the rear doors and the quarter panels are uneven. This tells George that: -
ANSWER-the vehicle is distorted.
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