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Rice
05-05-2005, 09:20 PM
The difference between a deductible and a self-insured retention. The answer states that for a deductible policy, the insurer pays the full claim and then collects the deductible from the insured. The insured must report all claims below the deductible for claims processing.

What is there to process if the claim is below the deductible? Maybe for an aggregate deductible limit? Why would the insurer pay the full claim and they try to collect the deductible when it could more easily pay the full claim minus the deductible?

Pachoo
05-05-2005, 09:42 PM
The difference between a deductible and a self-insured retention. The answer states that for a deductible policy, the insurer pays the full claim and then collects the deductible from the insured. The insured must report all claims below the deductible for claims processing.

What is there to process if the claim is below the deductible? Maybe for an aggregate deductible limit? Why would the insurer pay the full claim and they try to collect the deductible when it could more easily pay the full claim minus the deductible?

This is in relation to 3rd party suits. Someone sues the insured. The insurer settles with them for the full amount, then has to collect the deductible back from the insured.

isaac218
05-05-2005, 11:41 PM
Rice,
you seem to be freaking out a little bit. Don't worry, it will only be the most difficult exam you have ever taken. j/k Get some rest.

Rice
05-06-2005, 12:04 AM
Let's just say it's not the first time I've taken this exam!