Property Claims Assessment Flashcards
6 cards from real CCP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Property Claims Assessment flashcards as text
What is the difference between actual cash value (ACV) and replacement cost value (RCV)?
Answer: ACV deducts depreciation from replacement cost; RCV pays to replace without depreciation deduction
Actual cash value equals replacement cost minus depreciation, reflecting the item's current worth. Replacement cost value pays the full cost to replace the item with a comparable new one without depreciation.
What is a proof of loss document?
Answer: A sworn statement by the insured detailing the facts, circumstances, and amount of the claimed loss
A proof of loss is a formal, sworn document submitted by the insured to the insurance company detailing the circumstances, cause, and financial amount of the claimed loss.
What is the purpose of a scene investigation in property claims?
Answer: To document the damage, determine the cause of loss, and identify any coverage issues
A scene investigation documents the extent of damage, determines the cause and origin of the loss, preserves evidence, and identifies any policy coverage issues or potential fraud indicators.
What is a policyholder's duty to mitigate damages after a loss?
Answer: The obligation to take reasonable steps to prevent further damage to the property
Policyholders have a legal duty to take reasonable steps to prevent additional damage after a loss (such as tarping a damaged roof), though the insurer typically reimburses these mitigation costs.
What role does an independent adjuster play in property claims?
Answer: An independent contractor hired by the insurer to investigate and evaluate claims
Independent adjusters are licensed professionals contracted by insurance companies to investigate, document, and evaluate property claims, often deployed during catastrophe events.
What is a deductible in property insurance?
Answer: The amount the policyholder must pay out of pocket before insurance coverage applies
A deductible is the fixed dollar amount or percentage the policyholder must pay first before the insurance company begins paying on a covered claim.