Podcast
Questions and Answers
Which factor does not contribute to a decrease in the Actual Cash Value of a vehicle?
Which factor does not contribute to a decrease in the Actual Cash Value of a vehicle?
Answer hidden
What is typically acquired by the client at the time of vehicle purchase and cannot be added later?
What is typically acquired by the client at the time of vehicle purchase and cannot be added later?
Answer hidden
In the case of a settlement offer of $12,000, can the client opt for the owner release option under a 15/30/10 policy?
In the case of a settlement offer of $12,000, can the client opt for the owner release option under a 15/30/10 policy?
Answer hidden
Who is prioritized for payment when storage fees are incurred for a totaled vehicle still held by a lienholder?
Who is prioritized for payment when storage fees are incurred for a totaled vehicle still held by a lienholder?
Answer hidden
Which entity is authorized to perform a VIN verification for a salvaged vehicle deemed roadworthy?
Which entity is authorized to perform a VIN verification for a salvaged vehicle deemed roadworthy?
Answer hidden
Study Notes
Quiz Questions and Answers
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Question 1: What factor does not reduce the vehicle's actual cash value?
- Mileage does decrease value
- Vehicle year affects value
- Prior damage decreases value
- Modifications do not decrease value
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Question 2: When is a lien holder acquired?
- It is acquired at the time of vehicle purchase; cannot be added later.
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Question 3: Can a client with a specific policy choose the owner release option with a specific settlement offer?
- No; the scenario given does not permit the option.
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Question 4: Who gets paid first for storage fees if a vehicle is with a lienholder?
- Lienholder gets paid first.
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Question 5: Who can verify a VIN if a salvaged vehicle is used further?
- CHP (California Highway Patrol) can verify the VIN.
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Description
This quiz covers essential concepts in vehicle valuation, lienholder acquisition, and policy-related decisions. Test your knowledge on how various factors impact a vehicle's cash value and understand the hierarchy of payments regarding storage fees. Ideal for individuals looking to deepen their understanding of automotive insurance and lien laws.
