Weeks 8 & 9 (Total Loss Claims) - June

It is always best to say what we can do for our customers than what we can't do.

• True

• False

If the Market Value doesn't pay off the loan with the bank, we must request a ________.

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 ________.

Leased vehicles do not include ________ on the CCC Market Valuation Report.

Title branding applies when the owner is retaining the loss vehicle and it is ________ model years old or newer.

Once settlement figures are provided to the customer, the cut off day for rental is ________ days.

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.

• True

• False

Once the ACV is received, what tasks need to be completed on PACE? (check all that apply)

• Complete Vehicle Salvage Information under claimant risk tab

• Submit to ISO once payment issued.

• Add Salvager if applicable.

• Determine if we need to set salvage reserves or collision/comp reserves and set the reserves accordingly.

• Assign Salvage so Copart can dispatch a tow company to pick up the vehicle if applicable.

If NYCM is retaining the insured vehicle, what is needed before payment can be issued? (check all that apply)

• The loss vehicle

• Current title

• A signed property damage release

• Original Lien Release if the DMV shows a lien, but insured states vehicle has been paid off.

For claimant total loss claims, what do we need to do before payment can be issued? (check all that apply)

• Signed title

• Claimant vehicle

• Verify final TOL showing insured holds partial or all negligence.

• Verify claimant is making claim directly with NYCM.

What is included with the check to the claimant regarding their total loss claim? (check all that apply)

• A small gift from NYCM train store for doing business with us

• Salvage Bid information sheet for Copart

• CCC Market Valuation Report

• T/L Appraisal

• L36A or L36B, whichever applies

Which code is used to tell Copart we would like them to complete the photo inspection and send it to Comsearch?

• NY01-DTLE

• NY02-APPR

• NY12-TOYS

• NY24-ATV

If we are sending the title for branding, what must we do?

• Send the unsigned title with the SVB letter to the DMV

• Send the signed title with the SVB letter to the DMV

• Send the signed title to Copart with the 907A

• Send the unsigned title to Copart with the 907A

What are four key factors that determine the vehicle market value?

• Options, Location, Vehicle Weight, Mileage

• Bill of Sale, Condition, Mileage, Options

• Dealer Quote, Vehicle year, Options, Condition

• Condition, Location, Options, Mileage

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)

• Insured's SS #

• Account #, if we have it

• Contact # for the lienholder, if we have it

• Amount of the pay off

• Name of the lienholder

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.

• True

• False

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.

• True

• False

On total loss claims, how many days do we have to inspect the vehicle and make an offer?

• 5

• 6

• 10

• 11

The current model year worksheet provides a depreciation schedule which is based on the current mileage of the loss vehicle.

• True

• False