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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
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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
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Depreciation
Loss of value over time
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Salvage
Unless otherwise agreed to, the salvaged property belongs to the insurance company when they pay the loss
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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
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Payment and Discharge
Payment of a claim in exchange for a release stating the claim was paid as a result of a settlement
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Liability losses
Adjuster must verify coverage, determine liability, assess damages, gather statements, determine negligence
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Bodily Injury Claims
Adjuster should consider medical expense, injury type, wage loss, pain and suffering, disability, disfigurement and preexisting conditions
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Special Damages
Claims settlement option that includes medical expenses and loss of wages
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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
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