ch 5 adjusting

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ch 5 adjusting
2011-09-15 23:53:51
adjusting losses

Chapter 5 - Adjusting Losses
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  1. Property Losses
    Adjuster must take certain steps in the initial process of adjusting a property loss. Verify coverage, other insurance, third party losses, deductibles, provisions, salvage
  2. Determining value and loss
    Insured is responsible to prove the value and cause of loss under a named peril policy and produce estimates of loss
  3. Depreciation
    Loss of value over time
  4. Salvage
    Unless otherwise agreed to, the salvaged property belongs to the insurance company when they pay the loss
  5. Claim Settlement Options
    • 1 - Repair the property
    • 2 - Replace the property with like kind and quality
    • 3 - Replace the property with new
    • 4 - Fair value for damaged property
  6. Payment and Discharge
    Payment of a claim in exchange for a release stating the claim was paid as a result of a settlement
  7. Liability losses
    Adjuster must verify coverage, determine liability, assess damages, gather statements, determine negligence
  8. Bodily Injury Claims
    Adjuster should consider medical expense, injury type, wage loss, pain and suffering, disability, disfigurement and preexisting conditions
  9. Special Damages
    Claims settlement option that includes medical expenses and loss of wages
  10. General Damages
    Claims settlement option that includes pain and suffering, punitive damages, loss of consortium, disfigurement and disability claims. Usually negotiated or determined in court. Intangible damages