Question

What is the primary responsibility of a surveyor and loss assessor when dealing with losses?

a.

Prioritize the insurer's interests over the insured's.

b.

Investigate, manage, quantify, validate, and deal with losses arising from any contingency.

c.

Ensure quick claim settlements without thorough investigations.

d.

Avoid reporting losses that are not covered by insurance policies.

Answer: (b).Investigate, manage, quantify, validate, and deal with losses arising from any contingency. Explanation:The primary responsibility of a surveyor and loss assessor is to investigate, manage, quantify, validate, and deal with losses arising from any contingency.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What is the primary responsibility of a surveyor and loss assessor when dealing with losses?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What code of conduct is a surveyor and loss assessor expected to strictly adhere to?

Q. In the context of surveying and loss assessment, what should a surveyor declare regarding any interest in the subject-matter?

Q. What duty does a surveyor have regarding confidentiality and neutrality when dealing with losses?

Q. What responsibility does a surveyor have in relation to the causes and circumstances of the loss?

Q. What is the maximum period within which a surveyor or loss assessor should submit their report to the insurer after appointment?

Q. How can the period for submitting a surveyor's report be extended beyond 30 days?

Q. How are surveyors and loss assessors categorized?

Q. What are the three categories into which surveyors and loss assessors may be classified?

Q. According to the Code of Conduct, what does "integrity" imply for a surveyor and loss assessor?

Q. According to the Code of Conduct, when should a surveyor and loss assessor disclose their appointment?

Q. What is the responsibility of a surveyor and loss assessor regarding confidentiality?

Q. What does practical training for a surveyor and loss assessor involve?

Q. What is required for a surveyor and loss assessor to obtain a license for a specific area?

Q. What may the IRDA prescribe for obtaining a license under Regulation 3?

Q. What is the responsibility of a licensed surveyor and loss assessor regarding submission of returns?

Q. What authority does the IRDA have regarding inspection of survey work and books of surveyors and loss assessors?

Q. What is a "Composite Insurance Agent"?

Q. What is the minimum qualification required to become an insurance agent in areas with a population of 5,000 people or more?

Q. What functions are included in the scope of brokers that go beyond corporate or individual agents?

Q. What is the minimum capital requirement for a direct broker, reinsurance broker, and composite broker?

Recommended Subjects

Are you eager to expand your knowledge beyond IC 14 Regulations of Insurance Business? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!