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  • Auto Damage Appraiser
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Exam (elaborations)

Mass Automotive Damage Appraiser

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10 pages
2024/2025 Written for academic year
Institution Auto Damage Appraiser
Course Auto Damage Appraiser
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Preview 2 out of 10 pages

MASS AUTOMOTIVE DAMAGE APPRAISER

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MASS AUTOMOTIVE DAMAGE
APPRAISER

PrincipleooofooIndemnityoo-ooans--
Restorationootoooapproximateoopreviousoofinancialoocondition,oonooomoreoonoooless.

Periloo-ooans--Theooactualoocauseooofooaooloss

Lossoo-ooans--reductionooinoovalue/financialooloss/
amountoopaidoooutooinooclaimoosettlement

DirectooLossoo-ooans--physicalooharmootoooaootangibleooproperty

indirectooloss/consequentialooLossoo-ooans--
anooeconomicoolossoothatooresultsoofromooaoodirectooloss

ProximateooCauseoo-ooans--
whenoothereooisooanoounbrokenoochainooofooeventsoobetweenooanoooccurrenceooandooaool
oss,oothenoothatoooccurrenceooisootheooproximateoocauseooofooloss

Occurrenceoo-ooans--anooevent,ooincident,ooorooconditionoothatoocausesoodamage

OriginalooOccurenceoo-ooans--
causesoodamageoothatoothenooleadsootooomore,ooproximateooofooallooresultingoolosses

Damagesooareoocoveredooif:oo-ooans--
causedoobyoocoveredooperil,ooorooifootheirooproximateoocauseoowasooaoocoveredooperil

riskoo-ooans--potenialooforooloss,ooinsuredooitem

hazardoo-ooans--anythingoothatooincreasesooexposure

periloo-ooans--
exposureootoooinjury,ooloss,oooroodestruction;oograveoorisk;oojeopardy;oodanger

valuationoo-ooans--Theooprocessooofooestimatingoowhatooanooitemooisooworth
1.ooactualoocashoovalue/market(ACV)
2.ooreplacementoocost(RC)
3.oofunctionalooreplacementoocost

, 4.oostatedooamount
5.oovalued'ooguaranteedoovalue

actualoocashoovalueoo-ooans---ACV-
ooaoovaluationoomethodoothatootakesoointoooaccountoodepreciation
-sameooasoomarketooandoodepreciatedoovalue
-ACVoooffersooloweroopremiumsooforoolessoocoverage

AcvooFormulaoo-ooans--acv=replacementoocost-depreciation

replacementoocostoo-ooans--todaysooprice

depreciationoo-ooans--
anooitemsooestimatedooforoolossoovalueoodueootooowearooandootear/age

ReplacementooCost(RC)oo-ooans--
basedooonooreplacingooanoomiteooatoocurrentoomarketoopricesooregardlessooofoodepreciati
on

FunctionalooReplacementooCostoo-ooans--
Paysootoooreplaceooanoooutdatedooobsoleteooitemoowithooaoofunctionallyooequivalentooitem
oonotooidentical
-levelooofoocoverageoofallsoobetweenooRCooandooACV

StatedooAmountoo-ooans--
Propertyoovalueooisoostatedoobyootheooinsuredoowhenooapplyingooforooinsurance
-
Whenoolossoooccurs,oopolicyoopaysooupootoootheoostatedooamountooorooACV,oowhichevero
oisooless


valuedoopolicyoo-ooans--guaranteedoovalue-
oodeterminedoopriorootoootheooissuanceooofoopolicy
Avoidsootheooconfusionooofooassessingooappreciationoooroodepreciation

ACVooActualooCashooValueoo-ooans--usuallyoobeneficialootoootheoopolicyooholder

ACVoo-ooans--generallyooreflectsoocurrentoomarketoovalueooofooanooitem

policyoolimitsoo-ooans--
establishootheoomaximumoopayoutooofooanooinsuranceoopolicy.ooinooautoooeachootypeooofo
ocoverageoohasooaoolimit


salvageoo-ooans--portionoooroovalueoopropertyoothatooremainsooafterooloss

handlingoosalvageoo-ooans--1.ooinsureroodeductsoosalvageoofromoosettlementooamount

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December 13, 2024
Number of pages
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Written in
2024/2025
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