Standard Fire Policy
Under the Standard Fire Policy's 'requirements in case loss occurs,' what must the insured do in ADDITION to giving immediate written notice of the loss?
Answer
Protect property from further damage, separate damaged and undamaged property, and furnish an inventory
The condition requires the insured to 'protect the property from further damage, forthwith separate the damaged and undamaged personal property, put it in the best possible order, and furnish a complete inventory of the destroyed, damaged, and undamaged property, showing in detail quantities, costs, actual cash value, and amount of loss claimed.' The signed and sworn proof of loss follows within 60 days after the loss.
Source: Standard Fire Policy, Requirements in case loss occurs (N.C. Gen. Stat. §58-44-16(f)(13))
Not the answer
- Hire a contractor approved in advance by the insurer before making any repair to the damaged property, and submit that contractor's written estimate
- File a police report for every loss, regardless of its cause or amount, and provide a copy of that report to the insurer before any claim payment is made
- Obtain three separate written repair estimates from licensed contractors and submit all of them to the insurer before any repair work begins
Practice this
The Texas All-Lines Adjuster exam is 150 questions with a scaled passing score of 70, which is neither the number nor the percentage correct. This test uses 70% as a yardstick. The app’s page carries a free ten-question test drawn from the same bank, marked as you go.
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