Across
- 1. Loss Draft issued by the insurance company as payment for the damages
- 4. Release of funds from banked claim funds
- 7. A supplemental document to the adjuster's report providing additional information about the payments.
- 11. This is a letter stating the homeowner would like to do the repairs themselves.
- 13. Documents that show what has been paid for by the borrower out-of-pocket.
- 16. An insurance agent will have to verify the _________ in addition to the claim or policy #.
- 19. Repair requiring a licensed contractor
- 20. What is needed to release additional funds after the initial draw
- 21. Once all repairs are completed, the insurance company will release ________ depreciation.
- 24. A W9 is needed for all banks when the loan is in…
- 26. A list of materials needed to complete the repairs
- 28. Document filled out by contractor only, needed before final draw
- 30. Account on loan where claim funds are held during processing
- 32. A caller is not fully verified until they have provided ________ verification points.
- 33. The actual cost to replace a structure at its pre-loss condition.
- 34. Tax document needed to make check payable to third party
- 35. Whose name is the Lender Placed Insurance claim check made out to?
- 36. Document needed for USDA claims specifically
- 38. Where will Lender Placed Insurance Department send the claim check and adjuster's report?
- 40. repairs Repairs completed without the use of a contractor
- 41. The maximum amount the insurance company will issue for a claim
- 42. When mortgage payments are made on time they are...
- 43. The total issued by the insurance company after the deductible & depreciation have been removed from the Replacement Cost Value
- 44. A requirement on every call, no matter the caller.
- 45. When the borrower's original adjuster's report does not include all the damages, the insurance company may issue _________.
Down
- 2. Claim estimate from insurance company, needed before first draw
- 3. Document signed by borrower, needed before first draw (except for Freedom loans)
- 5. If a borrower has Lender Placed insurance, who is typically their insurance company?
- 6. State Farm is an example of ________ insurance
- 8. If the original adjuster's report did not include all of the damages the insurance company paid out for, it needs to be ________.
- 9. Claim payment document from insurance company, needed before first draw
- 10. The value of a property that is lost over time due to factors such as age and wear and tear.
- 12. The court documentation explaining why a specific check amount was issued if no adjuster's report is available.
- 14. Court document stating a person will have authorization to represent or act on another's behalf while alive.
- 15. Another name for USDA
- 17. The value of the damaged or destroyed item(s) at the time of the loss.
- 18. The entity that represents the homeowner in a court case.
- 22. We ask that the check be __________ before it is sent to Loss Drafts, in case we need to deposit it for any reason.
- 23. When mortgage payments are past due they are…
- 25. Insurance provided on the mortgage company's behalf
- 27. How we determine loan status for BOA & USDA loans
- 29. What is needed for Loss Drafts to be able to speak with anyone other than a named borrower on the loan?
- 31. How we determine loan status for non-BOA & non-USDA loans
- 35. The process where the check is deposited and funds are disbursed throughout the repairs.
- 37. The process where a check is signed and sent back to the borrower.
- 39. The amount the insured is responsible for in case of a loss