Adjusting the claim Flashcards
what are the steps of the claims process?
- acknowledge claim
2.estbalish communicaiton - prepare paperwork
- determine insurers liability
- investigate losses
- determine the time and cost of repairs
7.apply all policy coverages and provisions - negotiate settlement
- prepare final reports
Acknowledge the claim
acknowledge claim and in ta timely manner
open lines of communication
make sure they’re always available to talk to claimant
prepare paperwork
make sure claimant does all necessary forms that are prepared
determine insurers liability
policy active, insurable interest, covered losses and perils, similar claims, other policies, met all requirements
determines whether to move forward or deny claim
reservation of rights
tells insured the insurer will start claim process but might deny it
investigation (property)
get all necessary info and photos from people and property
investigation (Liability)
get all info on tangible and intangible damages and severity of liability. Gather official reports
other forms of evidence
visual, documentary, and industry experts
written & recorded statements
statements from all people involved in the accident to paint the whole picture and hold them up their word
evaluation
- determine the cost and repairs
- apply policy coverages and provisions
then detmeurine time and cost to repair
competitive estimates
find a fair adjustment with different repair mechanics
settlement options for property claims
- repair
2.replace with something like it
3 replace new
4 pay fair for the damaged property
settlement options for liability claims
general, special, and punitive damages
negotiation
find a settlement that is fair for insured and insurer
