Study 6 – Statutory Conditions and Prescribed Conditions Flashcards
Salvage
a. Belongs to the adjuster who has settled the loss
b. Belongs to the insured
c. Is the useless debris of a total loss
d. Is used to reduce the insurer’s loss
d. Is used to reduce the insurer’s loss
Insured may terminate an auto insurance policy by
a. giving 15 days written notice to insurer
b. giving 30 days written notice to insurer
c. giving 5 notice to insurer, either oral or written
d. giving notice to insurer at any time, either oral or written
d. giving notice to insurer at any time, either oral or written
Under Requirements where Loss or Damage to Persons or Property:
a. insured must verify the claim arose from the operation of the automobile
b. insured must always provide a statutory declaration (sworn statement) after the loss
c. insured must forward all writs, claims and correspondence to insurer immediately, as insurer only has 10 days from time of statement of claim is issued to enter an appearance
d. if insurer serves a notice of intent to defend upon receipt of a statement of claim, it has another 30 days to enter an appearance
a. insured must verify the claim arose from the operation of the automobile
The insurer’s maximum liability for loss/damage to an auto, is the least of
a. actual cash value or cost to repair, rebuild or replace with like kind and quality
b. actual cash value or replacement cost
c. “valued” basis or replacement cost
d. “valued” basis or cost to repair, rebuild or replace with like kind and quality
a. actual cash value or cost to repair, rebuild or replace with like kind and quality
Under statutory conditions, insurer shall pay insurance money for which it is liable
a. Within 60 days after the accident
b. Within 60 days after the accident has been reported by the insured
c. Within 60 days after receipt of proof of loss by insurer
d. Within 60 days after accident or within 60 days if insurer chooses to repair damaged auto
c. Within 60 days after receipt of proof of loss by insurer
After being involved in an accident where injuries occurred, an insured must
a. contact a lawyer immediately
b. give prompt notice of the accident to the insurer
c. try to settle amicably with the injured parties
d. not do anything until he knows whether there will be a claim
b. give prompt notice of the accident to the insurer
If an insured contravenes certain statutory conditions, he/she would
a. still be entitled to all Statutory Accident Benefits
b. NOT be entitled to ANY Statutory Accident Benefits
c. be denied specific Accident Benefits
d. would still be entitled to all the Accident Benefits provided that he/she is not at fault for the accident
c. be denied specific Accident Benefits
If insured is unable to give either notice or proof of claims or refuses to do so or both, which of the following person(s) may give such a notice
a. the insured’s insurance agent
b. the lessor of the insured’s automobile
c. the insured’s parents who are out of the country with the insured
d. the insured’s automobile dealer
b. the lessor of the insured’s automobile
After a third party liability loss, the insured must
a. give personal notice of the loss
b. if possible, try to arrange settlements with the third party
c. not admit liability
d. notify the police and his insurance broker
c. not admit liability
Requirements after loss or damage to Automobile:
a. proof of loss must be submitted to insurer within 30 days of the accident
b. absolutely no repair to the auto, under all circumstances, is allowed by insured until insurer inspects vehicle
c. the insured is obligated to save and protect vehicle from further damage, at his/her own cost
d. the insured is obligated to save and protect vehicle from further damage, the cost of which to be provided by the insurer
d. the insured is obligated to save and protect vehicle from further damage, the cost of which to be provided by the insurer
