3 basic steps of claims investigation - Correct Answer verifying insurance coverage
obtain additional information about the claim
verify and compare
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what are the 3 types of claim reports - Correct Answer initial for first field -( 24hrs to 7 days(
interim or status report - (15-30 days informed)
full formal report
what are the 2 methods to making estimates for claims - Correct Answer Time and Material method
Unit cost method
In Texas, the signed and sworn proof of loss statement must be sent to the insured claimant within how many days of their insured's claim notification to the insurance carrier? - Correct Answer 15 days
In Texas, the signed and sworn proof of loss statement must be returned to the insurance company by the insured within how many days? - Correct Answer 91 Days
Texas regulations required the insurer to notify the named insured in writing within how many days after the date of the initial settlement offer - Correct Answer 10 days
The insurer must notify the named insured within how many days after the claim is settled - Correct Answer 30 days
what is a declaratory judgment action - Correct Answer when the insurer presents the coverage question to the court for a decision on coverage
Subrogation - Correct Answer is the transfer by the insured to the insurance company of the insured's right of recovery against others
What is the most common way for an insurance company to pursue subrogation? - Correct Answer File a claim with the responsible party's insurance company
Supplementary payments - Correct Answer pay for cost of a bond, first aid, interest on a judgment, defense and investigation of claim
what are the liability steps in proper sequence - Correct Answer analyze reports
gather evidence
verify and compare evidence
observe the accident site
take photographs
gather medical reports
consult experts
identify conflicting information
5 coverage's that may be selected for an auto policy - Correct Answer A - Iiablity
B - medical payments
B - personal injury protection
C - under/un insured motorists
D - physical damage
personal injury protection - Correct Answer medical, funeral, AND LOSS OF INCOME 80%
what is the minimum medical coverage - Correct Answer 500$
Texas minimum for UM/UIM coverage are - Correct Answer 30/60/25
per person, per occurrence for BI, property damage
CSL - 85,000
what is the standard deductible for property damage under the UI motorist coverage in the personal auto policy - Correct Answer 250$
what is the purpose of an amendatory endorsement - Correct Answer purpose of this endorsement is to bring the personal auto policy, which is used in almost all states, into compliance with Texas regulations when it is purchased by a Texas insured. [Show Less]