Weeks 8 & 9 (Total Loss Claims) - June
For fill in the blank questions, please use all lower case letters in your answer and if your answer requires a number, use the actual number (1,2,3,4, etc. ). Thanks and best of luck as you take the quiz.
- 1.On total loss claims, how many days do we have to inspect the vehicle and make an offer?
- A.
5
- B.
6
- C.
10
- D.
11
- 2.According to Reg 64 216.7 (C), there are 5 methods permitted in determining the value of a T/L vehicle. Which method does NYCM use?
- A.
(i) Average book values
- B.
(ii) Dealer Quote
- C.
(iii) Computerized Database
- D.
(iv) Bill of Sale
- 3.Which code is used to tell Copart we would like them to complete the photo inspection and send it to Comsearch?
- A.
NY01-DTLE
- B.
NY02-APPR
- C.
NY12-TOYS
- D.
NY24-ATV
- 4.It is always best to say what we can do for our customers than what we can't do.
- A.
True
- B.
False
- 5.If the Market Value doesn't pay off the loan with the bank, we must request a [Blank].
- 6.On total losses where the vehicle is a current model year, use the Market Value based on the worksheet or the CCC Market Valuation Report, whichever is [Blank].
- 7.Leased vehicles do not include [Blank] on the CCC Market Valuation Report.
- 8.Title branding applies when the owner is retaining the loss vehicle and it is [Blank] model years old or newer.
- 9.If we are sending the title for branding, what must we do?
- A.
Send the unsigned title with the SVB letter to the DMV
- B.
Send the signed title with the SVB letter to the DMV
- C.
Send the signed title to Copart with the 907A
- D.
Send the unsigned title to Copart with the 907A
- 10.If the insured holds negligence and the claimant vehicle is totalled, the pro quote is deducted from the ACV at 100% no matter what the liability % is.
- A.
True
- B.
False
- 11.Once settlement figures are provided to the customer, the cut off day for rental is [Blank] days.
- 12.If there is a lien on an insured total loss claim, what information do we need to send to Title Procurement? (check all that apply)
- A.
Insured's SS #
- B.
Account #, if we have it
- C.
Contact # for the lienholder, if we have it
- D.
Amount of the pay off
- E.
Name of the lienholder
- 13.If NYCM is retaining the insured's total loss vehicle, it is important to let the customer know they should remove their belongings and plates from the vehicle and leave the keys with the vehicle.
- A.
True
- B.
False
- 14.If NYCM is retaining the insured vehicle, what is needed before payment can be issued? (check all that apply)
- A.
The loss vehicle
- B.
Current title
- C.
A signed property damage release
- D.
Original Lien Release if the DMV shows a lien, but insured states vehicle has been paid off.
- 15.For claimant total loss claims, what do we need to do before payment can be issued? (check all that apply)
- A.
Signed title
- B.
Claimant vehicle
- C.
Verify final TOL showing insured holds partial or all negligence.
- D.
Verify claimant is making claim directly with NYCM.
- 16.What is included with the check to the claimant regarding their total loss claim? (check all that apply)
- A.
A small gift from NYCM train store for doing business with us
- B.
Salvage Bid information sheet for Copart
- C.
CCC Market Valuation Report
- D.
T/L Appraisal
- E.
L36A or L36B, whichever applies
- 17.Once the ACV is received, what tasks need to be completed on PACE? (check all that apply)
- A.
Complete Vehicle Salvage Information under claimant risk tab
- B.
Submit to ISO once payment issued.
- C.
Add Salvager if applicable.
- D.
Determine if we need to set salvage reserves or collision/comp reserves and set the reserves accordingly.
- E.
Assign Salvage so Copart can dispatch a tow company to pick up the vehicle if applicable.
- 18.The current model year worksheet provides a depreciation schedule which is based on the current mileage of the loss vehicle.
- A.
True
- B.
False
- 19.Title Procurement will generate the necessary paperwork to the insured including the initial delay letter and the examiner will generate subsequent delay letters if needed.
- A.
True
- B.
False
- 20.What are four key factors that determine the vehicle market value?
- A.
Options, Location, Vehicle Weight, Mileage
- B.
Bill of Sale, Condition, Mileage, Options
- C.
Dealer Quote, Vehicle year, Options, Condition
- D.
Condition, Location, Options, Mileage
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