Module 1-I - Interest, Subrogation and Claims

Question 1

Evaluation

Answer 1

If claim is valid, adjuster investigates it, considers policy limits, determines value of loss and calculates lender interest

Question 2

First Party Claim

Answer 2

Claim filed by a policyholder against his own insurance.

Question 3

Interest

Answer 3

Direct financial interest in protecting a unit.

Question 4

Subrogation

Answer 4

Transfer of rights that allows the insurer to recover its losses after it has indemnified a policy holder

Question 5

Third Party Claim

Answer 5

Claim filed against an insurance policy by anyone other than the person named on that policy