Weeks 8 & 9 (Total Loss Claims) - June

Submit

2. 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

3. 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?

(i) Average book values

(ii) Dealer Quote

(iii) Computerized Database

(iv) Bill of Sale

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

True

False

5. 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.

Submit

10. 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.

Submit

11. 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.

Submit

12. 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

Submit

13. 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

14. 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

15. 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

16. 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

Submit

17. 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

18. 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

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

5

6

10

11

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

True

False

Weeks 8 & 9 (Total Loss Claims) - June

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

2.

What first name or nickname would you like us to use?

2. 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.

3. 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?

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

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

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

7. 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 _____.

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

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

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

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

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

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

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

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

16. 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)

17. 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.

18. 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.

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

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