Loss Report & Damage Valuation Flashcards
1
Q
Items on Loss Report (10)
A
- Inception/Exp Date
- Occurrence Date
- Identification of the Parties Involved
- Policy Form/Number
- Description of Loss
- Coverages
- Deductible
- Tort/Tort Frasers
- Elements of an Investigation
- Statute of Limitations
2
Q
Vicarious Liability
A
Person is liable for another person (child)
3
Q
Special Damages
A
Lost wages, Medical Bills
4
Q
General Damages
A
Pain and suffering from BI or PI
5
Q
Punitive Damages
A
Punish wrongdoer
6
Q
Replacement Cost (RC)
A
the actual cost of replacing property at current cost for new property without a deduction for depreciation or obsolescence.
7
Q
Actual Cash Value (ACV)
A
the cost of replacing property damaged or destroyed with new property of comparable value minus depreciation and obsolescence
8
Q
Stated Value
A
the benefit amount shown on an insurance policy Declarations page that both parties (insured and insurer) to the contract have agreed will be paid should a total loss occur.
