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Worksheets***Replaced in TEAMS FORMS*** Manager Scavenger Hunt GAP
Total questions: 10
Worksheet time: 2hrs 40mins
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The GAP contract is no longer valid to protect the loan.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
