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Reading > Risk Management 💯 > Flashcards

Risk Management 💯 Flashcards

1
Q

GP08 FY20 HC Underwriting Guidelines

All Renters must provide:

A
  • Valid driver’s license
  • Current address/ place of employment
  • 2 phone numbers/ email address
  • Credit or Debit card in renters name
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2
Q

GP08 FY20 HC Underwriting Guidelines

Retail/ Corporate/ Other renting with Credit and Debit cards

A

Credit:

25+ must meet qualifications

21-24 must meet qualifications, FCAR or smaller plus Cargo van, Mini van, pick up trucks, up to SFAR, renter must pay $20/ day Young driver fee

18-20 doesn’t qualify to rent

Debit:

25+ meet qualifications, must renter verify, FCAR or smaller plus Cargo van, Mini van, pick up trucks, up to SFAR

21-24 must meet qualifications, must renter verify, FCAR or smaller plus Cargo van, Mini van, pick up trucks, up to SFAR, renter must pay $20/ day Young driver fee

18-20 doesn’t qualify to rent

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3
Q

GP08 FY20 HC Underwriting Guidelines

Specialty Vehicle Qualifications:

Specialty Vehicles include:

A
  • Renter must be 25+
  • Renter must pay with a Credit Card (Exception: 08/XZ Corporate Renters)
  • Premium, Luxury and Sports cars
  • Full-size, Premium and Luxury SUVs
  • 12/15 passenger vans
  • All exotic vehicles
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4
Q

Be able to explain the reservation policy for how we hable physical challenged renters. Know where to find this information.

A

2.0 drop down tools menu

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5
Q

DNR-know how to handle and what our processes are

A
  • confirm that all of their info matches (DL#, SS#, Phone#, name, address)
  • Call appropriate department
  • Do not give them verbal information in your office to why they are on DNR
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6
Q

What is the financial impact if you fail to complete the van addendum? How is it allocated?

A

Branch: $25,000
City: $75,000
Corporate: Remainder

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7
Q

Be able to explain the conversion process and why we handle conversions this way

  • When is ticket closed?
  • When is the car removed from a branches books?
  • What is the cost to the branch?
  • How soon after can a recovered stolen unit be rented?
A
  • Ticket is closed 72 hours after the conversion is sent in
  • Car is removed from the branches books after 30 days after deemed official conversion
  • The branch pays for the vehicle the statement month of the deletion, entire wholesale value
  • Recovered vehicles may not be rented for a minimum of 48 hours and must have Risk Managers approval
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8
Q

What are your Uninsured losses (CLUE)?

A

Conversion
Employee Liability
Undocumented Damage
Employee Physical damage

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9
Q

What is the exception of to an uninsured loss?

A

Damage or loss of vehicle in a non-revenue generating state

Conversion

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10
Q

How does employee loss physical damage affect the company?

A

Branch: $2,500
City: $10,000
Group: Balance

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11
Q

How does employees loss liability affect the company?

A

Branch: $2,500
City: $10,000
Group: $12,500
Corporate: Remainder

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12
Q

Be able to explain when we write a DX and how to properly complete one

A
  • Picture of damage is a MUST
  • Description of damage
  • Police report (Yes or No)
  • Claimant (Yes or No)
  • Insurance Name and Claim/Policy #
  • Repair shop
  • Deductible Collection
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13
Q

What is the three step procedure to follow with the ERAC car when a renter is claiming the vehicle was defective and caused an accident or injury?

A
  1. Ground car immediately
  2. Call risk manager and VR immediately
  3. Wait for instructions from VR to move the vehicle
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14
Q

What is the Mandatory Manufacturer Recall Policy?

A
  • Never rent them

- Get them s/o ASAP if on the road

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15
Q

Know the 4 areas of unlimited liability exposure and how they affect the group

A
  • Employee loss: employee damage
  • Negligent Entrustment: customer doesn’t qualify, or intoxicated
  • Negligent Maintenance: renting a LOFR
  • False Arrest: renting a conversion to a customer before risk gives the 48hr approval
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16
Q

Be able to train on Collision and Comprehensive Reserves

-What type of losses affect them?

A

DW losses 12 month roll/ 12 x 110%/ # units in fleet

Subro ($ not collected) + DW losses + reserves/ # units in fleet

17
Q

Know the difference and relationship between Loss Per Car and Reserves

What is the loss per car formula?

A

Formula to calculate loss per car

(Subro bad debt + DW losses)/ # units in fleet

18
Q

What are the top 5 impactful ways to control Coll/ Comp Reserves- how do these positively impact losses

A 
Proper Underwriting
Proper contract initials/ signatures
Detailed walk arounds
Detailed DX’s
Shop cars immediately
19
Q

Know the Group’s expectations for recalls

A

Never rent them

s/o ASAP

20
Q

Know the best practices to deactivate a recall in unit services

A

Vehicle info screen, hold status, quick search unit number, uncheck box, write location recall was done/ invoice number

21
Q

GP08 FY20 HC Underwriting Guidelines

Replacement Rentals (B, I, D)

Direct bill approved, Direct bill not approved/ customer pay

A

Direct Bill Approved:

25+ must meet qualifications

21-24 must meet qualifications, SCAR or smaller plus Cargo Van

18-20 must meet qualifications, must have Comp/ Coll and Liability insurance that transfers to rental. Employee must fill out 18-20 tab after verifying with agent, can’t purchase DW or SLP, vehicle size limited to SCAR or smaller

Direct Bill not Approved:

25+ meet qualifications, must renter verify, FCAR or smaller plus Cargo van, Mini van, pick up trucks, up to SFAR

21-24 must meet qualifications, must renter verify, FCAR or smaller, renter must pay $20/ day Young driver fee

18-20 doesn’t qualify to rent

22
Q

GP08 FY20 HC Underwriting Guidelines

Additional Qualifications

A

Disability- refer to the Mobility Device memo

12/15 passenger vans- Contract must be completed on a launchpad and Van Addendum must be completed

Prepaid cards- must have renters name on card and must appear in system when swiped

Military Rentals- must have military ID, must have copy of leave orders and commanding officers name, of 21-24 must have comp/ collision and liability that transfer to rental

College Rentals- if paying with debit card must have: student ID, proof of current registration, recent pay stubs (past 2 weeks), piece of mail showing name and current address, out of state drivers license accepted (only US)

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