This seminar begins with a practically oriented inquiry into how losses are adjusted on a day-to-day basis. The seminar introduces not only the two key adjustment valuation measures – “actual cash value” and “replacement cost” – but also stresses to the students that the concepts are not as uniform and concrete as industry practice may suggest. It then explains why this matters and includes practical illustrations of loss adjustment scenarios in which it is either impractical, impossible, or at least implausible to recreate precisely what the insured had prior to the loss. These situations include older homes with ornate or impossible to replace materials; farm structures which cannot be rebuilt; and similar instances in which loss adjustment or settlement is complicated.
The seminar then turns to the increasingly frequent and vexing problem of who is a “resident” of a household for insurance purposes. For nearly two decades, states such as Indiana has used formulations such as, “[O]n the whole, the person will be a resident if all the facts demonstrate that he or she has maintained a ‘fixed abode’ in the household for some continuous time.” (Allstate Insurance Co v. Shockley (S.D. In. 1991)).
Practically speaking, this is not of much assistance to producers. The section (and the problem) is illuminated by examining some of the other rules for “residency,” such as:
The seminar then turns to issues connected with having a personal lines insured operate a business out of the insured home. This section discusses the prevalence of such arrangements, and also how those arrangements are treated under industry standard forms. This section concludes with a discussion of case law.
Presenter Richard S. Pitts
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|PLEASE READ - VOD CE INSTRUCTIONS AND STATE REQUIRED FORMS (0.15 MB)||Available after Purchase|
TN, SC - This course is approved for 2 hrs CE in these states
SC: This course is approved in SC but please complete the required affidavit in the materials section (zip file - IMPORTANT CE INFORMATION & STATE REQUIRED FORMS)
TN - This course is approved for 2 Hours CE in TN - Course#24026
OK - This course is approved for 2 hrs CE - Course# 1027468 (Producer)
LA - This course is approved for 2 hrs CE - Course#30338
KS - This course is approved for 2 hrs CE - Course # 989085 Gen-2 - Note - KAIA will file your earned CE electronically within 10 business day after course completions
UT - This course is approved for 2 hrs CE - Course # 29361
WV - This course is approved for 2 hrs CE - Course#106107
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