No matter how complex an incident may be, gathering the facts needed for a sound investigation comes down to these six questions
What is Who, What, When, Where, How, and Why
100
A CSRP candidate must demonstrate a superior level of knowledge in these six core areas of subrogation.
What is 1) Collision 2) Health Insurance 3) Medical Payments and No-fault 4) Products Liability 5) Property 6) Work Comp
100
These type of warranties do not have to be statements; they exist because the product was sold
What is an Implied Warranty?
100
Each state has this type of statute that specifies the time allowed for bringing Litigation
What is the Statute of 'L'imitations
100
This organization's mission is to enhance the stature and effectiveness of subrogation and recovery professionals through education, advocacy and the exchange of information
What is NASP
200
Defined by Black's Law Dictionary as "something that tends to prove or disprove an alleged fact"
What is Evidence?
200
These three elements are required in all contracts.
What is Offer, Acceptance, Consideration?
200
This type of warranty is any statement, except opinion, that is made with reference to the goods being sold.
What is an Express Warranty
200
When someone has this ability to avoid injury or damage and fails to do so, that person will have some liability of his or her own. Also know as 'evasive action'
What is 'L'ast Clear Chance
200
This along with Premiums and investments are three sources of revenue for insurance companies.
What is Subrogation?
300
The old adage among C&O experts "Do not be the only one to see the evidence" was formed to avoid this type of defense/accusation.
What is Spoliation?
300
The NASP ethics board can render these three penalties to any CSRP alleged of ethics violation
What is Warning, Probation, Expulsion
300
This warranty means the product is suitable for ordinary use and is representative of products of like kind and class in the marketplace
What is Warranty of Merchantability
300
This is a Chapter 7 bankruptcy, in which all of the non-exempt assets of the debtor can be taken by the trustee to satisfy the creditors
What is 'L'iquidation
300
This is known as the average days from the time recovery potential is recognized to closure and measures how long it takes a recovery unit to recovery or close a claim as unrecoverable.
What is Cycle Time?
400
This should be written at the conclusion of a written statement, and a line should be drawn underneath.
What is "THE END"?
400
Failure in any of these four duties would establish a products defect claim
What is Duty of Safe Design, Duty to Safely Manufacture, Construct, Assemble, and Package, Duty to Warn and Instruct, Duty to Test and Inspect Products
400
In this warranty, the seller warrants the product is fit for the intended use of the product.
What is Warranty of Fitness to a Particular Purpose
400
This type of intentional tort is the publication of defamatory matter by written or printed words
What is 'L'ibel
400
The foreseeability doctrine" was first discussed at length in this case involving a fire cracker and a crowd of people
What is the Squib Case
500
Ignoring this step before an investigation begins can cause a misplacement of resources and lead to significant cost overruns in areas such as expert fees and storage of evidence.
What is Determine the Budget?
500
These are the five classic injury scenarios for Worker's Compensation Subrogation Claims
What is 1) MVA 2) Product Failure/Accidents 3)Construction Accidents 4)Slip and Falls (Premises Accidents) and 5) MEDMAL
500
This Act protects consumer against the misuse of warranties and disclaimers and requires a Warranty be describes as "full" or "Limited"
What is Magnuson-Moss Act
500
This is a contract by which the rightful possessor of property conveys the right to use said property in exchange fro consideration/compensation.
What is a 'L'ease
500
Multiply by this factor in order to obtain FPS from MPH