Quiz: Total Loss Process and Timeline PDF
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This document contains a quiz about the total loss process and timeline for vehicles. The questions cover topics such as the factors affecting vehicle valuation, insurance coverage, and payment procedures.
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Quiz: 1\. Which of these does not decrease the value of the Actual Cash Value of the vehicle? -Mileage -Year of the vehicle -Prior damage -Any modifications Key: -Any modifications 2\. This is usually acquired by the client at the moment of vehicle purchase and cannot be added/requested later...
Quiz: 1\. Which of these does not decrease the value of the Actual Cash Value of the vehicle? -Mileage -Year of the vehicle -Prior damage -Any modifications Key: -Any modifications 2\. This is usually acquired by the client at the moment of vehicle purchase and cannot be added/requested later on by personal insurance/delearhip. -Lien Holder -GAP -ACV -Salvage Key: -GAP 3\. In this scenario: Client is Prop213, DEF has 15/30/10 Policy Limits. Can the client choose the owner release option if the settlement offer is \$12000? -Yes -No Key: No 4\. Who will be paid first in the event that the vehicle has incurred the Storage fees, and the Totaled Vehicle is still with a Lienholder? -Client -Body Shop -Lienholder -GAP Insurance Key: Lienholder 5\. Who are these are qualified to do a VIN verification if the client chooses to still use his Salvaged vehicle after it is ensured roadworthy? -CHP -Body Shops -Insurance Company -Client Key: CHP
