Settlement Details
What amounts do we put in the Settle Amt in Settlement Details?
Amount we settle on (eg. rounded valuation amount, or rounded comp calc amount)
After a signed Proof of Loss is received, what letter does the Adjuster send to the insured?
Arbitration-Exception to Proof letter.
What are two ways to proceed with a Replacement Cost total loss?
1. Replace with brand-new auto of the same make and model, with similar equipment and trim level.
2. Take a cash settlement with no requirement to replace their vehicle.
What amount to put in "ACV" box?
Settlement amount.
Insured rear-ended Vehicle 1 and then was rear-ended by Vehicle 2. The estimates are $1,245 and $6,457, respectively. The ACV has been deemed to be $10,900. Is this vehicle repairable?
No, the limit to repair at 63% is $7,622.37 so the repairable calculator is red by $79.63.
What amounts do we put in the Valuation in Settlement Details?
Amount from the Audatex valuation (exact amount, not rounded)
Expense line for Umpire Fee payment.
Dispute Resolution.
What are the air conditioning and tire levy amounts?
$100 and $25, respectively.
Where can you find the data for "Mileage", "No. of Cyl" and "Disp"?
Audatex valuation.
The ACV has been deemed to be $11,700 and estimate is $10,240. The insured really wants it repaired. Can we repair it for the insured?
Yes, max to repair is $10,389.60.
Audatex ACV came back at $5,788 and Comparable Calculator is $6,132. Settlement was rounded to $6,200 and accepted. What do you input in Valuation?
$5,788
Where must the vehicle be in order to issue a partial payment?
In possession of SGI.
When is the deductible waived under Replacement Cost Coverage?
Paintless Dent Repair with a $50, $100, or $200 deductible and damage is less than $150
or
Vehicle is a Total Loss
How do we determine which Salvage branch to reach out to when requesting a salvage value?
Branch of where the vehicle is located.
What type of items can be inputted into column "Other Adjustments" in the Comparable Calculator?
Transmission type, Additional equipment
When using a comparable calculator, what would the Type be?
Fair Market Research.
The Arbitration Award is required to be issued in __ days.
15 days. Pursuant to Section 39.
The vehicle is 28 months old. What inflation rate would we use?
4%
What types of information would be inputted in "Remarks" box?
OTL, claim 1 of 2 + claim #, if equipment was removed, if keys were dropped off at another location, etc
What information should be inputted into the comparable calculator?
1. Ask to Sell %
2. Loss KMs
3. KMs Adjust
4. Condition Ratings
Audatex ACV came back at $4,651 and settlement was rounded to $4,700. What should the type be?
Same, No Variance.
A Proof of Loss is not required when this document is received.
Arbitration Award.
What should the adjuster do if the red warning exists on the top of the RCC Worksheet?
Investigate why; Contact dealership to see if it is due to negative equity.
Are you required to do anything further after selecting VOID on a salvage notification? If so, what?
Call the Salvage branch to confirm they are aware. *They do not get notifications for void or retained salvage so this is an important step*
If the insured provides photos of their 4 summer tires on OEM rims with a tread depth of 9/32nds. What would be payable to them?
$390.