Topic 12

Question 1

What are the 4 main methods to restore the claimant to the financial position prior to the loss?

Answer 1

1, cash
2, repair
3, replacement
4, reinstatement

Question 2

What is Average with regards to insurance?

Answer 2

If a policy holder under insures then only the proportionate payout will be made.

For example…
Content worth £15k only insured for £10k, if a claim for a £300 carpet is made only £200 will be paid.