Podcast
Questions and Answers
What is the purpose of an insurance appraisal?
What is the purpose of an insurance appraisal?
- To calculate the cost of replacing a property (correct)
- To assess the liability of the policyholder
- To determine coverage issues
- To estimate the market value of a property
In what section of an insurance policy is the Appraisal provision typically found?
In what section of an insurance policy is the Appraisal provision typically found?
- Liability Exclusions
- Coverage Limitations
- Loss Settlement (correct)
- Premium Payments
What is the role of the Appraisal process in resolving disagreements between the insurance carrier and policyholder?
What is the role of the Appraisal process in resolving disagreements between the insurance carrier and policyholder?
- It imposes binding decisions on both parties
- It determines coverage and liability issues
- It is an alternative to filing a lawsuit
- It determines the amount of loss only (correct)
Under what circumstances can the Appraisal process be invoked according to a typical HO3 policy?
Under what circumstances can the Appraisal process be invoked according to a typical HO3 policy?
In the appraisal clause, if the two appraisers fail to agree, what is the next step?
In the appraisal clause, if the two appraisers fail to agree, what is the next step?
What is the purpose of mediation in insurance disputes?
What is the purpose of mediation in insurance disputes?
What happens if a party is dissatisfied with the decision in non-binding arbitration?
What happens if a party is dissatisfied with the decision in non-binding arbitration?
What distinguishes binding arbitration from non-binding arbitration?
What distinguishes binding arbitration from non-binding arbitration?
What is the role of litigation in insurance disputes?
What is the role of litigation in insurance disputes?
What can insureds do during litigation if they are unhappy with the result?
What can insureds do during litigation if they are unhappy with the result?
What is the potential consequence for insurers in litigation?
What is the potential consequence for insurers in litigation?
What is the purpose of insurance arbitration?
What is the purpose of insurance arbitration?
What is the timeframe for the arbitration hearing in insurance arbitration?
What is the timeframe for the arbitration hearing in insurance arbitration?
What is the key feature of non-binding arbitration?
What is the key feature of non-binding arbitration?
What is the potential outcome of a lawsuit against an insurer?
What is the potential outcome of a lawsuit against an insurer?
What is the significance of settlement in the context of litigation?
What is the significance of settlement in the context of litigation?
