Insurance Claim Repudiation and Estimation

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Who is responsible for the disposal of motor salvage?

PSG Insure Short-term Administration

The Insurer-approved salvage agents on behalf of the Insurers (correct)

PSG

The Insurer

What is a condition for a salvage retention?

The salvage agent's approval

The client's approval

The insured's approval

The Insurer's approval (correct)

In which case is the insured entitled to the ownership of the salvage?

When the salvage value is more than the insured amount

When the claim is settled

Never, according to the policy (correct)

When the Insurer is not entitled to the salvage

What happens when the sum of the insured amount and the actual salvage value is less than the market/retail value of the vehicle?

The insured retains the salvage Signup and view all the answers

Who is responsible for providing the Registration certificate for the old vehicle?

The Financial institution Signup and view all the answers

Where is the Buyback option available from?

The salvage agent Signup and view all the answers

What should be estimated if a repudiation may be successfully challenged?

The probable total cost of the claim Signup and view all the answers

When estimating a SASRIA claim, what should be done?

Retain the estimate until SASRIA admits liability Signup and view all the answers

What happens to the estimate when an Ombudsman claim is finalized?

The estimate is amended to reflect the total amount of transactions processed Signup and view all the answers

What should be included in the estimate for an Ombudsman claim that is not covered under the policy?

The full estimate of the claim plus the OSTI fees Signup and view all the answers

When should salvage income be considered in the estimate?

Never, as it is not allowed Signup and view all the answers

What happens to the estimate when a provisional ruling is received from the OSTI?

The claim is immediately re-estimated to reflect the settlement amount Signup and view all the answers

What type of document is required for interim payments on claims where cover is confirmed and liability is admitted?

Provisional Agreement of Loss document Signup and view all the answers

What is the primary reason for repudiation of a claim?

The claim does not meet the policy's terms and conditions for coverage Signup and view all the answers

What is the purpose of a formal repudiation letter?

To outline the policy provisions that were breached Signup and view all the answers

What is the next step if an insured disputes a repudiation?

The insured can engage with the insurance company directly to dispute the repudiation Signup and view all the answers

Who can reject a claim?

The insurer Signup and view all the answers

What is the name of the document used when a claim is settled on an ex-gratia basis?

Ex-Gratia Agreement of Loss document Signup and view all the answers

What happens to salvage that has no value?

It is disposed of by the salvage agent and PSG is informed. Signup and view all the answers

Why is it important to follow up on salvage?

To ensure timely receipt of salvage income. Signup and view all the answers

What is the principle of average?

A principle that requires insurers to pay a proportion of the claim amount based on the level of under-insurance. Signup and view all the answers

When may an insurer not apply the principle of average?

If the client is within a 10% margin of under-insurance. Signup and view all the answers

What type of claims involve situations where an individual faces a claim or demand for damages from a third party?

Third-party liability claims Signup and view all the answers

Who is responsible for causing harm to someone else or their property in third-party liability claims?

The insured Signup and view all the answers

What is a requirement for insurers to collect and process personal data?

Specifying the purpose of data collection Signup and view all the answers

Why must insurers maintain appropriate security measures?

To prevent unauthorized access to personal information Signup and view all the answers

In the event of a data breach, what must insurers do?

Notify affected individuals and the relevant authorities as soon as possible Signup and view all the answers

What right do individuals have regarding their personal information under POPIA?

The right to access, correct, and request deletion of their data under specific circumstances Signup and view all the answers

What is necessary for insurers to demonstrate compliance with POPIA?

Implementing policies and procedures for managing personal information Signup and view all the answers

What is the purpose of POPIA's requirement for insurers to ensure data accuracy and integrity?

To ensure the accuracy and integrity of personal data held by insurers Signup and view all the answers