Exam (elaborations)
SC Appraiser License: Questions & Answers
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SC Appraiser License: Questions & Answers
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SC Appraiser License: Questions & AnswersPunishment for embezzlement Correct Ans - fines and possible
imprisonment (up to 15 years
Know who administers punishment of U.S. Section 1033. Correct Ans -
SC Attorney General
Insurance Commissioner/Director Duties and Powers Correct Ans - 30
day public notification for hearings/meetings
Can suspend, revoke, and cancel licenses
Process of Appraisal Correct Ans - when the insured and insurer
disagree, can invoke appraisal
Umpire is Correct Ans - un-biased, disinterested and competent
what age to become appraiser Correct Ans - 18
Depreciation Correct Ans - reduction of value due to age and use
Responsibilities of the insured Correct Ans - allow the insurer to
inspect and appraise the damaged property
Owner of the salvage Correct Ans - is the insurer
Purpose of the salvage Correct Ans - minimize the cost of the claim
actual insurance payment is Correct Ans - a settlement
Draft authority Correct Ans - is required to settle a claim
Proof or burden of loss rests with Correct Ans - the insured.
An Appraiser must give an honest unbiased appraisal of the damage and leave
a legible copy of the appraisal. Correct Ans - Insured must report the
accident to the insurer, allow the insurer to inspect the vehicle, protect the
vehicle from further damage, proof of loss and provide medical records.
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