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?
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?
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?
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?
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?
Flashcards
What doesn't reduce Actual Cash Value?
What doesn't reduce Actual Cash Value?
Vehicle modifications do not affect the vehicle's Actual Cash Value (ACV).
GAP insurance definition
GAP insurance definition
A type of insurance that covers the difference between the vehicle's value and what the lender/lienholder is owed, in case of a total loss or theft.
Prop 213 settlement and owner release
Prop 213 settlement and owner release
If the settlement offer is lower than the client's policy limits, the owner release is not an option.
Lienholder payment priority
Lienholder payment priority
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VIN verification authority
VIN verification authority
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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.
