Podcast
Questions and Answers
What happens if the settlement amount is within 60% of the payoff and the document listing 3 items is received?
What happens if the settlement amount is within 60% of the payoff and the document listing 3 items is received?
- The customer is required to pay the difference in a lump sum
- Management reviews it for possible approval of owner retain (correct)
- The customer must pay the insurance check first
- The owner retain is automatically approved
In what scenario would an owner retain be unapproved?
In what scenario would an owner retain be unapproved?
- When the vehicle is sold by the insurance company
- When any of the criteria cannot be met or due to a collision (correct)
- When the account qualifies for a Hold Harmless letter
- When there are extenuating circumstances
At what level are Owner Retain calls handled?
At what level are Owner Retain calls handled?
- Rep 1 level
- Management level
- Senior leadership level
- Rep 2 level (correct)
Under what circumstances would a Hold Harmless letter be requested?
Under what circumstances would a Hold Harmless letter be requested?
What are Forced Owner Retain accounts subject to?
What are Forced Owner Retain accounts subject to?
When should an email requesting an exception to the Hold Harmless letter rule be sent?
When should an email requesting an exception to the Hold Harmless letter rule be sent?
What determines whether an Owner Retain will be approved or unapproved?
What determines whether an Owner Retain will be approved or unapproved?
What type of Owner Retain is automatically unapproved?
What type of Owner Retain is automatically unapproved?
How much of the payoff amount must the insurance settlement be for an Owner Retain to be approved?
How much of the payoff amount must the insurance settlement be for an Owner Retain to be approved?
What must the insurance company send to approve an Owner Retain?
What must the insurance company send to approve an Owner Retain?
If the payoff amount is $15,000, what amount would the insurance company need to pay for a 60% settlement?
If the payoff amount is $15,000, what amount would the insurance company need to pay for a 60% settlement?
If the insurance company is paying $3,000 for an Owner Retain with a $7,000 payoff amount, how much would the customer need to pay?
If the insurance company is paying $3,000 for an Owner Retain with a $7,000 payoff amount, how much would the customer need to pay?
Flashcards are hidden until you start studying
