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snapsheet new hire

QuestionAnswer
Independent Appraiser (IA) Contractor hired by Insurance carrier to generate estimates on vehicles, requiring travel to vehicle and charging fees
Field Staff/Staff Appraiser In house employees that go to home and generate estimate ($140) 1-2 days to make appointment, ~6 days to go to home
Loss Adjustment Expense (LAE) Cost to obtain estimate, expenses allocated with settling claims
Deductible Part of covered loss that you've agreed to pay with own $
Adjuster Person who handles claim at FNOL
Estimate in Hand (EIH) Customer can go to their own shop, show pics and have them estimate
Automated Clearing House (ACH) Electronic network for financial transactions in US (basically direct deposit for settlement amounts)
OEM Original Equipment Manufacturers e.g Ford, GM, Toyota
1st Party Insured Person who caused accident, person whose insurance is being used
Snapsheet Generates ________ and Facilitates ____________ Generates estimates, facilitates settlement
3rd Party Claimant Person who got hit
Supplement Additional claim of damage added onto original estimate bc damage discovered later @ autoshop was not immediately apparent
SS Values Customer First, Speed, Integrity
2 Auto Policy Types Standard, Non Standard
Standard Policy Premiums less than Non Standard, drivers have fewer violations, claims, cancellations of other policies
Non Standard Policy Minimum coverage, drivers have multiple violations, cancellations or claims, cover drivers who cant find coverage at affordable rates
BPO Business Process Outsource, Insurance Office Call Center
Settlement Results in? Repair or Cash Payout
FNOL First Notice of Loss (800 # you call when filing a claim who send out the SS app)
DRP Direct Repair Program- Shops with strategic alliances with insurers, $300 or more, e.g "Allstate Good Hands"
COD Circle of Dependability, Farmers Insurance network of prescreened auto repair facilities
Created by: cchambers1
 

 



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