Posted: Fri Dec 01, 2006 3:04 am Post subject: exam on saturday
I am taking my P & C exam on saturday, i took the pre-exam classes this week, i just had a question,
In class we learned that the main way a company and the insured come to an agreement on the amount of a loss is through the appraisal system, each get an appraisal, hire the umpire etc. but on my pre exam practice cd they are going with arbitration, they both can work, but the teacher says appraisal and to use it on the test, the exam cd says arbitration
which do i go with on the test, my plan is to use appraisal because the teacher says to, just wondering if this is just a normal issue or am i going to get a couple wrong because of that question _________________ Register Now to have your Insurance queries solved.
Hi Swen,
I really feel bad for you. I wish I could have been of some help for you.
Had you thrown this question to the community members, a few days earlier, I am sure you would have got a way out. Anyways, thats life. Hope you get the actual answer soon.
All the best,
Rebecca _________________ Register Now to have your Insurance queries solved.
promissor is the exam co. , but neither the book or cd is from them, i guess i go with what the teacher said and hope for the best _________________ Register Now to have your Insurance queries solved.
I think these issues are two seperate things. For the test question, the answer would be arbitration... as this is how almost all disputes can be settled. You can't settle an injury claim or a dispute of coverage by getting an appraisal.
The apprasial situation is mentioned in the automobile policy. If the insured and insurance carrier cannot agree on the amount, both can obtain apprasials of the damage, submit them to a third appraiser and have that 3rd apprasier decide. This avoids a suit against the insurance company. This is the "apprasial clause" in the auto policy. But this is really an arbitrated claim.
So obtaining apprasials would be a _part_ of the arbitration process but only on auto damage claims. Disputes are settled through the arbitration process.
Good luck! _________________ Register Now to have your Insurance queries solved.
I'd keep in mind the info in my prior post and see how the question is worded. If the question was asked about settling a disputed amount, I'd go with arbitration. If the question asked about determining the amount of a loss, I'd go with appraisal.
Insured's son is listed on the policy. Son drives the insured vehicle into a wall because he feels like it. What is covered? What is excluded (and why)?
Everything is covered. While intentional acts are excluded under portions of the policy, your contract is with the _named insured_, not the driver. The named insured did not make the intentional act.
ok, i passed my property and casualty exams, on the test they didnt have a choice between arbitration or appraisal like on the pretest, so it was easy for that question
i am pretty happy today,that i passed,but now i have to get working on the life/accident and health _________________ Register Now to have your Insurance queries solved.
Good to hear that you passed your exam. Please use the sign up form and be a part of the community and share with us your experience in the days to come.
Please use the 
