Module 10

Question 1

Inception/expiration date

Answer 1

The date a policy begins and is normally designated as 12:01 AM. Same for expiration date.

Question 2

Occurrence date

Answer 2

The date of an occurrence or loss. An occurrence is when an event covered under the policy occurs.

Question 3

Identification of the parties involved

Answer 3

Information used to identify the parties involved in an occurrence under the policy. Such info includes the names of the insured, additional insureds, injured parties and witnesses.

Question 4

Policy form/number

Answer 4

The type of policy such as an auto policy. The policy number would be designated by the insurer and listed on the declarations page.

Question 5

Description of loss

Answer 5

Written report of the loss in which all particulars of the claim would be listed including the name of the insured, location and description of the loss, property damages and bodily injuries.

Question 6

Coverages

Answer 6

A list of perils covered by the policy at the time of loss.

Question 7

Deductible

Answer 7

Amount required by the policy to be paid by the policy owner that is not a part of the responsibility of the insurer.

Question 8

Tort/Tort Feasors

Answer 8

A tort is a legal term denoting a wrongful act resulting in bodily injury or property damage on which a civil court action (lawsuit) or legal proceeding may be based.

Question 9

Elements of an Investigation

Answer 9

In the investigation process the Adjuster should locate and ide tify key individuals pertaining to the claim, take statements from the appropriate parties such as claimants and witnesses, obtain and review police and hospital records, and conduct a thorough scene investigation.

Question 10

Statute of Limitations

Answer 10

Statutory (legal) limitations (time limit) to file a claim for a loss covered under an insurance policy.

Question 11

Contributory Negligence

Answer 11

A defense stating that if the plaintiff is in any way responsible for the loss, the plaintiff cannot collect from the defendant.

Question 12

Vicarious Liability

Answer 12

When one person is liable for the negligent actions of another person, even through the first person was not directly responsible for the loss. For example, parent and child.

Question 13

Special damages

Answer 13

May provide compensation for the lost wages and medical bills

Question 14

General damages

Answer 14

Are for intangible losses such as pain and suffering resting from bodily injury or personal injury such as libel or slander.

Question 15

Punitive damages

Answer 15

Monetary compensation that is awarded to an injured third person (plaintiff) that exceeds the actual damages.

Question 16

Diminustion of value

Answer 16

When the value of a property is decreased or reduced due to damage but the property still retains some value and can be used or sold.

Question 17

Stated value

Answer 17

The benefit amount shown on an insurance policy Declarations page that both parties to the contract have agreed will be paid should a total loss occur.

Question 18

Reproduction Cost

Answer 18

The cost to replace or replicate on order to place the property back to it’s original state with the same materials or like kinda and quality.

Question 19

Closing document

Answer 19

Shows the final payment on a claim has been made and the file is closed.

Question 20

Closing report

Answer 20

The internal final report by the adjuster giving the basis on which the claim was settled or denied