Property Insurance Loss Adjusting

Level: Intermediate

Why you need this course:
After completing this course, you’ll be able to analyze and value a property loss.

Upon successful completion of this course, you should be able to:

• Explain the extent and importance of an insurable interest in a given loss situation.
• Explain how the rights of those with insurable interest are protected.
• Describe the differences in insurance coverage for real property, personal property, fixtures, and improvements and betterments.
• Explain the evolution of covered perils.
• Explain the difference in the coverage analysis of a specified-perils policy and a risk of direct physical loss policy.
• Explain how the burden of proof for a specified-perils policy differs from the burden of proof for a risk of direct physical loss policy.
• Describe how definitions and additional coverages affect covered causes of loss in a policy.
• Describe the various perils typically insured under property insurance.
• Explain why various exclusions are included in property policies and what the common exclusions are.
• Explain the concept of concurrent causation and the various approaches used to deal with it.
• Explain the difference between replacement cost and actual cash value (ACV).
• Given a loss to a specific piece of property, calculate:
• ACV
• Market value
• Explain the application and effect of valued policy laws.
• Explain the repair or replace option and its appropriate use.
• Given a loss, explain the settlement to be made under the following provisions:
• Stated or agreed value
• Selling price
• Original cost
• Warranty services
• Pair or set
• Given a loss, calculate an adjustment that includes the following:
• Policy limits and special limits of liability
• Deductibles
• Coinsurance
• Other insurance
• Given a loss involving other insurance, calculate the settlement using the following:
• Pro rata share method
• Payment by equal shares method
• Explain how waiver and estoppel can occur and can be avoided with respect to the insured’s duties following a loss.
• Given a proof of loss, determine whether it is properly completed, and, if not, explain how and why it should be rejected.
• Explain the purpose and operation of the appraisal procedure.

Cost: $20 per Professional Development Hour (PDH). Information on Professional Development Hours (PDH) provided can be found here.

Property Insurance Loss Adjusting Topics Include:

• Insurable interest in a loss situation
• Rights of those with insurable interest
• Differences in coverage for real property, personal property, fixtures, and improvements and betterments
• The evolution of covered perils
• Coverage analysis of a specified-perils policy and a risk of direct physical loss policy
• Burden of proof for a specified-perils policy and for a risk of direct physical loss policy
• Definitions and additional coverages
• Various perils typically insured
• Various exclusions included in property policies
• Concurrent causation
• Replacement cost and actual cash value (ACV)
• Calculating ACV and market value
• Valued policy laws
• The repair or replace option
• Typical settlement provisions
• Pro rata share and payment by equal shares
• How to avoid a waiver and estoppel
• Properly completing a proof of loss
• Appraisal procedure

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