Managing Risk Flashcards

1
Q

What is a conversion?

A

when we lose control of a vehicle, lose contact with renter for 3 days, after losing contact we send a pre demand letter, after 24 hours no contact we send a demand letter which demands return of vehicle within 72 hours

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2
Q

what happens if a conversion goes through?

A

hits the uninsured losses account, hits branch 30 days after contract is closed, reported as stolen, wholesale value of car hits the branch if vehicle is not obtained

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3
Q

how long does a motor vehicle strike stay on record for?

A

3 years

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4
Q

how much damage $ qualifies as a strike?

A

$700

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5
Q

strikes 1st-4th?

A

1st = memo
2nd = memo + defensive driving course
3rd = memo + 6 mos. probation for promotions
4th = up to termination

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6
Q

what is negligent entrustment?

A

knowlingly renting to someone intoxicated or under the influence

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7
Q

what is negligent maintenance?

A

knowlingly renting an unsafe vehicle or a critical LOFR/vehicle needing maintenance/vehicle needing new tires

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8
Q

what is unlimited liability exposure?

A

negligent entrustment/maintenance
false arrest - renting a vehicle on hot sheet
employee collision and liability - when emp damages a rental

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9
Q

employee safety/chemicals

A

gloves while using chemicals
goggles for wiper fluid

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10
Q

What is comprehensive insurance?

A

accidents caused by nature

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11
Q

what is subrogation?

A

collecting a third party’s insurance if damage is caused

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