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6 Cards in this Set
- Front
- Back
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What is the final stage in a claims process? |
Actual monetary settlement. |
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What are the different ways a claim can be settled? |
Payment of money Paying for repairs Replacement Reinstatement |
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What is the easiest method to grant indemnity? |
Payment of money to the insured. |
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How does reinstatement work? |
The insurers in case of extensive damage, take control of the repairs themselves |
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What are the problems with reinstatement for the insurer? |
The insurer has to pay the full amount even if it exceeds the sum insured. |
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What is salvage? |
If the damaged item has any residual value it can be reused to try and reduce the payout |
