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15 Cards in this Set
- Front
- Back
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This is needed when there are coverage issues or policy issues
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What is a reservation of rights letter.
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Late notice and voluntary payments are examples of this
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What are policy issues
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The purpose of a reservation of right letter is to do what?
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keep the insured informed of issues that affect thier claim and perserve our rights
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This is a unilateral, voluntary and intentional relinquishment of our rights.
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What is waiver
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Courts look at the insurers actions (or lack thereof) and the insured's actions when considering esptoppel. what is the deciding factor
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Harm, and whether the insured relied on the insurers actions to his detriment.
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What is the main difference between a non-waiver and a reservation of rights letter?
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A non-waiver is an ROR which the insured has agreed to...
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If it is determined that an ROR should be sent, how soon should it go out?
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ASAP
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Name something and insured could do that may create estoppel.
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invesstigate a claim where coverage issues are known, but not advising the insured.
only reserving some of the rights under the policy discovering additions facts that affect coverage, but failing to advise the insured. |
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What two ways should a resvation of rights letter be sent
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certified and regular mail.
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True or false. Its to make the letter readable, its ok to paraphrase policy language in an ROR
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False
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The claimant and/or the claimant's attorney should always be copied in on a reservation of rights letter as part of keeping them informed of their claims.
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NEVER. False
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You should send a copy of the ROR to an agent.
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Yes, absolutely.
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To prevent bad phone calls, its best just to send the letter to the insured and wait to see if they call you with questions
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NO. Always let them know whats coming.
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True or False...an initial ROR is ok to send if you don't know all the policy issues as long as you follow up in 45 to 60 days.
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True
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True or false...Don't bug you manager with ROR letters. They are busy enough
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False.
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