Week 3 Quiz- Recovery Specialist
Week 3 Quiz - Recovery Specialist
Test your knowledge and skills in recovery specialization with our Week 3 Quiz! This quiz is designed for professionals looking to enhance their understanding of claims management and insurance protocols.
Topics covered include:
- Handling rental agreements
- Property damage procedures
- Processing insurance claims
- Understanding disputes
1. We do not need to call the renter if they make a payment for all damages and partial fees.
A. True
B. False
2. If v2i accepts liability, when is the earliest time you can issue a refund to the renter if they paid a deductible at the branch?
A. When v2i has confirmed they are accepting liability and received our demand and payment is in route. (Escalated instance)
B. When the claim is closed.
C. If v2i states that v2i has accepted liability.
3. The Property Damage on a claim is $1,500.00. The renter wants to pay out of pocket but has an active insurance policy. What do you do?
A. File a claim with the renter’s insurance.
B. Approve to pay out of pocket and confirm a pay-by date.
C. Ask your supervisor.
D. Tell the renter that they cannot pay out of pocket.
4. If the rental has a corporate source code, when do you notify sales of the claim?
A. First Touch.
B. When sending the final letter.
C. When sending the first contact letter.
D. When referring to FFAM.
5. What write-off category do you use when writing off an insurance short pay for color, sand, buff?
A. Negotiated Settlement.
B. Customer Satisfaction – Marketing.
C. Disputed Liability.
D. Estimate Dispute.
Which of the following parties can you give the rental agreement to?
A. The renter.
B. v1 Insurance.
C. v2 Insurance.
D. Only b & c.
E. Only a & b.
7. What does the Operation (Op) Code “R&I” mean on an estimate?
A. Remove and Ignore.
B. Reinstate and ignore.
C. Reallocate and Install.
D. Remove and Install.
8. If the renter’s insurance calls and requests documents for an unbilled claim, you should:
A. Set a Reviewed Unshopped diary for the risk manager and upload an unshopped template.
B. Tell the renter’s insurance that we are still waiting on the documents.
C. Tell the renter’s insurance that we are still waiting on the documents and set the unshopped task.
D. Email the VR department and ask when the documents are going to be available.
You are allowed to diary the Risk Manager under the following circumstances:
A. When you need a deductible payment accepted at the branch moved to the DRU.
B. When you need a contact or DX report.
C. When the Risk Manager has not responded to a dispute diary set by the DRU.
D. Both a & b.
What are the 3 types of disputes?
A. Prior Damage / Insurance Concerns / Renter Does Not Want to Pay
B. Windshield / Insurance Concern / Drop-and-Go Concern
C. Branch Breakdown / Insurance Concern / Drop-and-Go Concern
D. Prior Damage / Not Found on Return / Other
11. What task do you set when researching prior damage?
A. Set Dispute
B. Prior Rental Agreements
C. Unshopped
D. Send Dispute to Group
12. What do you do when you receive an insurance short pay for $98.00?
A. Close the claim as Negotiated Settlement.
B. Close the claim as Estimate Dispute.
C. Contact insurance and negotiate the short pay, if unable to negotiate then close as Negotiated Settlement
D. Contact insurance and negotiate the short pay, if unable to negotiate then close as Estimate Dispute
13. How do you close a claim if the renter has Damage Waiver?
A. Void the demands and reverse the A/R.
B. Email the DRU Analyst to review.
C. Have the supervisor review and note the claim that it is ok to void for DW loss.
D. Close the demand and void the A/R.
14. You should reverse a payment if you applied it to the wrong Demand Profile.
A. True
B. False
15. What is the proper procedure when you receive an overpayment from insurance?
A. Apply the payment and issue a refund for the overpayment.
B. Speak with the insurance company and confirm that the payment is meant for this claim. After confirmation, send a refund if needed.
C. Contact the insurance company and advise that we are sending a refund.
D. Contact the insurance company, leave a message if the adjuster is unavailable, and send a refund to the insurance company.
16. What letter do you send to the renter on the second touch when there is no insurance reported and contact has not been made with the renter?
A. Billing Letter
B. Balance Due
C. Final Letter
D. First Contact
E. None of the above
17. What is the damage claim balance that can be set up on a payment plan?
A. $200.00
B. $300.00
C. $400.00
D. $500.00
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