Ch 3 - Adjusting Loss - 18% of exam Flashcards
What is the responsibility of the insured under Minimizing the Loss?
To protect his/her property from further damage and to use reasonable efforts to fulfill this requirement.
Balloon framed wall
framed wall, run the entire vertical length from the floor sill plate to the roof, found in pre-1940 construction.
What’s the risk associated with balloon framed walls?
If a fire, spreads quickly, due to air gap inside wall. (IS THIS ALL NEED KNOW)
Board foot
A unit of measure for lumber = to 1 in thick by 12 in wide by 12 in long. Examples 1 in by 12 in by 16 ft = 16 board feet. 2 in by 12 in by 16 ft = 32 board feet. (same size as ceramic tile cept 2 in thick. DON’T UNDERSTAND THIS EXAMPLE MATH)
Drywall aka..
Gypsum wallboard, sheet rock, or plasterboard. Usually 1/2 in thick and 4 ft by 8 ft or 4 ft by 12 ft in size.
Gross Area Method
used to determine sq footage of area to be serviced by a contractor. Calculate perimeter x height of room. Then ceiling length x width. Add them together. (Don’t deduct for openings.) (DOES THIS APPROACH INCLUDE THE FLOOR AREA, NO NEED TO DOUBLE THE CEILING SQ FT?)
Linear foot
measure for lumber equal to 1 in thick x 12 in wide x 12 in long. ie: 1 in x 12 in x 16 ft = 16 board feet. (Is “BOARD FEET” A TYPO HERE? SHOULDN’T IT BE “LINEAR FEET”?)
Rafter
Lumber used to support the roof sheeting & roof loads. Generally a 2 x 10’s & 2 x 12’s. Rafters of a flat roof called roof joists.
Roll roofing
Asphalt roofing products manufactured in roll form. 36 in wide rolls with 108 sq ft of material.
Sheet rock
manu panel made of gypsum plaster & encased in thin cardboard. Usually 1/2 in thick & 4 ft x 8 ft, or 4 ft x 12 ft.
Yard of concrete
Unit for quoting concrete. One cubic yd is 3 ft x 3 ft x 3 ft in volume, or 27 cubic feet.
Standard Adjusting Formula> Roofing
Measured by the square width x length of rafters of both sides, divided by 100 = the ## of squares. ie: 50 ft long x 20 ft rafters is 50 x 40 (20 x 2) = 2,000 sq feet, divided by 100 = 20 squares. 3 bundles of shingles to a square.
Standard Adjusting Formula> Shingles
Avg. exposure of a shingle to weather is 5 inches.
How is concrete measured?
measured by cubic yard. 3 ft wide x 3 ft long x 3 ft deep = 27 cubic feet, or 1 cubic yard.
Do Ch 3 Practice Exam?
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3 categories of coverage
Dwelling (meaning the structure I think): full coverage amt is reimbursed, Personal property: 70% of coverage amt (ie: above ground pool), Other structures: 10% of coverage amt. (ie: inground pool?) (REVIEW EXAMPLES, LIST THEM HERE) - (In notes: blinds or external blinds?_
Additional Living Expenses (ALE)
Will pay up to 10-30% of dwelling amt., depending upon the policy/provider. (ie: a swing set or trampoline could be covered.)
Depreciation only applies to..
Personal property and dwellings. (CHECK THIS..DID I MAKE THIS UP)
Test: If the mortgage co. requires full value coverage (meaning coverage on at least what is owed on the property..I THINK?) on a house where $80k is still owed, but the owner only has a policy for $40k of coverage, and a $20k verified loss occurs, what happens?
The mortgage company usually pays the owner $10k for the claim (and gets to keep the other $10k?) CHECK THIS
Is a mortgage company requires “full value coverage”, is this always calculated by looking at the amount owed on the property to determine the minimum coverage amount? (It doesn’t involve the market value of the property, or does it?)
Check this.
What is a waiver in the insurance business?
Insurer says “we will waive the right to record you, even though we normally would.”
Estopple
Insurer sends letter: We think there’s fraud, so the claim is denied.
How many Test Q’s from Ch 3?
? CHECK THIS!
