Property

Question 1

Who is loss adjuster?

Answer 1

Someone who is hired by insurance company to investigate cause of loss

Question 2

Who is loss assessor?

Answer 2

Someone who is hired by insurance company to handle all the claims process

Question 3

What is pro rata condition of average

Answer 3

Suppose that a homeowner takes out RM70,000 worth of fire insurance on his home. The home is actually valued at RM100,000. A fire subsequently breaks out in the home, causing RM10,000 worth of damage.

He then will get pro-rata condition of avg of RM7,000

Question 4

Type of policies under property insurance

Answer 4

1. Fire & special perils
2. All risks
3. Business Interruption
4. Houseowners
5. Householders
6. Theft/Burglary