Property Flashcards
1
Q
Who is loss adjuster?
A
Someone who is hired by insurance company to investigate cause of loss
2
Q
Who is loss assessor?
A
Someone who is hired by insurance company to handle all the claims process
3
Q
What is pro rata condition of average
A
Suppose that a homeowner takes out RM70,000 worth of fire insurance on his home. The home is actually valued at RM100,000. A fire subsequently breaks out in the home, causing RM10,000 worth of damage.
He then will get pro-rata condition of avg of RM7,000
4
Q
Type of policies under property insurance
A
- Fire & special perils
- All risks
- Business Interruption
- Houseowners
- Householders
- Theft/Burglary
