***Replaced in TEAMS FORMS*** Manager Scavenger Hunt GAP

1. Use form SGGP319 to answer the following question:

a. Who determines the Actual Cash Value?

• Guaranteed Asset Protection

• Lien Holder

• Primary Insurer

• Selling Dealership

1. Use form SGGP319 to answer the following question:

b. The addendum waives the amount equal to the __________ less the ____________.

• Unpaid Gross Balance less the Actual Cash Value

• Unpaid Net Balance less the Actual Cash Value

• Actual Cash Value less the Unpaid Net Balance

• Actual Cash Value less the Unpaid Gross Balance

1. Use form SGGP319 to answer the following question:

c. The customer has a $1,500 primary insurance deductible.

How much of that deductible amount is the customer’s responsibility?

• $500

• $750

• $1,000

• $1,500

2.       Use ECANGP 8/21 to answer the following question:

a.       Which of these is NOT an exclusion from the coverage?

• Loss outside of US, its territories, or Canada

• Unrecovered Theft

• Prohibited Commercial Purpose

• Mechanical or Electrical Breakdown

• Illegal Acts

2.       Use ECANGP 8/21 to answer the following question:

b.  The unpaid net balance includes interest and deferred payments.

True or False?

• TRUE

• FALSE

2.       Use ECANGP 8/21 to answer the following question:

c.  Which of these is NOT a required document?

• Loan/Lease Agreement

• Complete Payment History

• Police Report

• Primary Insurance Settlement Statement / Evaluation

• Valid Driver's License

3. Search for form CMGPSET to answer the following question:

a. How is the unpaid net balance treated if the customer financed for 160% of the vehicle MSRP?

• 75%

• 100%

• 150%

• 160%

3. Search for form CMGPSET to answer the following question:

b. What is the maximum amount that this waiver addendum/benefit will pay?

• 50%

• $50,000

• $60,000

• 150%

3. Search for form CMGPSET to answer the following question:

c. What happens if the customer refinances the vehicle?

• The GAP contract is valid until the original expiration.

• The GAP contract will still cover a total loss.

• The GAP contract is no longer valid to protect the loan.

• The loan is still covered if customer files a claim.

3. Search for form CMGPSET to answer the following question:

d. How many days from the settlement day must the customer submit the first document? All documents?

• 30/90

• 90/180

• 90/120

• 90/210