GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which refers damaged property an insurer takes over to reduce its loss after paying a claim?
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Salvage
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Schedule
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credit life
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Retrospective Rating
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Explanation:
Detailed explanation-1: -By using subrogation, an insurance company can recover the amount of the insurance claim paid to the insured client from the party that caused the damage.
Detailed explanation-2: -Salvage: The sale of damaged goods for which the insured has been indemnified by the insurance company.-Subrogation: Collection by the insurance company of the amount of a paid claim from a negligent third party or his insurer.
Detailed explanation-3: -“Salvage value is the amount that can probably be obtained from a damaged item or for the components of a damaged item.” “Scrap value is a kind of savage value and is the amount that would probably be obtained for a property that was being broken up to obtain materials.
There is 1 question to complete.