Podcast
Questions and Answers
What is the first requirement to open a policy?
What is the first requirement to open a policy?
- A lengthy legal process
- A compliant defendant (correct)
- A high settlement demand
- An aggressive negotiation approach
What is considered a 'compliant defendant'?
What is considered a 'compliant defendant'?
- Someone who cancels their insurance after an accident
- Someone who refuses to speak to the adjuster
- Someone who admits fault immediately
- Someone who cooperates with the insurance company and legal process (correct)
If the defendant denies liability and there is no independent proof, what can the adjuster do?
If the defendant denies liability and there is no independent proof, what can the adjuster do?
- Reduce the settlement by 90%
- Reject the policy limit offer (correct)
- Close the case immediately
- Automatically accept the claim
Why would a defendant file a bad faith claim against their insurance company?
Why would a defendant file a bad faith claim against their insurance company?
What strategy is recommended before submitting a second demand letter?
What strategy is recommended before submitting a second demand letter?
What is the purpose of sending a second demand letter after a denial?
What is the purpose of sending a second demand letter after a denial?
Who is the plaintiff in a bad faith claim?
Who is the plaintiff in a bad faith claim?
What does it mean to 'open policy limits'?
What does it mean to 'open policy limits'?
What should be included in a demand to increase the chance of acceptance?
What should be included in a demand to increase the chance of acceptance?
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Study Notes
- A compliant defendant is the first requirement to open a policy.
- A "compliant defendant" cooperates with the insurance company and legal process.
- The adjuster should reject the policy limit offer if the defendant denies liability and there is no independent proof.
- A defendant may file a bad faith claim against their insurance company if the insurance company refused to settle within policy limits, exposing the defendant to excess liability.
- Asking the insurance company why they denied the first demand is recommended before submitting a second demand letter
- The purpose of sending a second demand letter after a denial is to provide any missing information and trap the insurance company into a mistake.
- In a bad faith claim, the plaintiff is the defendant in the original case.
- "Open policy limits" means forcing the insurance company to pay beyond policy limits due to a bad faith refusal.
- Strong evidence of liability and damages should be included in a demand to increase the chance of acceptance.
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