12 Questions
What is the primary factor that determines if an Owner Retain will be approved or unapproved?
Cause of Loss
Which type of loss automatically leads to an unapproved Owner Retain?
Collision
What criteria must be met for an Owner Retain can be approved ?
Insurance maintaining Full coverage
If the insurance settlement for an Owner Retain is $4,000 and the payoff amount is $10,000, how much would the customer have to pay to meet the 60% settlement requirement?
$2,000
What happens if the insurance company's settlement for the Owner Retain is below 60% of the payoff amount?
The customer must pay the difference
How is the required payment amount calculated if the insurance settlement is not 60% of the payoff amount for an Owner Retain?
By multiplying 60% by the payoff amount
What happens if the settlement amount is within 60% of the payoff and the document listing 3 items is received?
Customer is required to pay the difference between the insurance company settlement and the payoff in a lump sum.
Under what circumstances would an owner retain be unapproved?
If any of the required criteria are not met or if the loss is due to collision.
What is the purpose of a Hold Harmless letter for owner retain accounts with positive equity?
To replace the Letter of Guarantee (LOG).
When should Rep 2s reach out to Rep 1s for assistance regarding owner retain calls?
When the account does not qualify for a Hold Harmless letter.
What action is required for accounts where the vehicle was sold by a tow yard after total loss?
The customer is eligible for a lowered payment.
When should Reps send an email to TM and TL for requesting exceptions related to Hold Harmless letters?
If they believe an exception should be made due to extenuating circumstances.
Test your knowledge on the approval criteria for Owner Retain in insurance. Learn what determines if an Owner Retain will be approved or unapproved based on Cause of Loss and specific criteria that need to be met.
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