Agreed Value
Agreed Value is an important concept in insurance where the insurance company and policyholder agree on a fixed value for an item upfront, before any loss occurs. This is different from regular insurance where the value is determined after a loss. It's commonly used for special items like classic cars, art, or jewelry. When someone mentions Agreed Value on their resume, they're typically showing experience with high-value insurance policies or specialized coverage types.
Examples in Resumes
Processed over 200 Agreed Value policies for classic car collections
Developed underwriting guidelines for Agreed Value and Stated Value coverage options
Managed a portfolio of high-net-worth clients with Agreed Value insurance policies
Typical job title: "Insurance Underwriters"
Also try searching for:
Where to Find Insurance Underwriters
Professional Organizations
Job Boards
Industry Resources
Example Interview Questions
Senior Level Questions
Q: How do you determine when Agreed Value coverage is more appropriate than Actual Cash Value for a client?
Expected Answer: Should explain the evaluation process considering factors like item uniqueness, market volatility, and client needs. Should mention examples of when each type is most beneficial.
Q: Describe a challenging situation where you had to negotiate an agreed value with a client.
Expected Answer: Should demonstrate experience in handling complex valuations, client communication skills, and knowledge of market values and appraisal processes.
Mid Level Questions
Q: What documentation do you require for an Agreed Value policy?
Expected Answer: Should list necessary documents like professional appraisals, photographs, receipts, and explain why each is important for determining and supporting the agreed value.
Q: How often should Agreed Value policies be reviewed and why?
Expected Answer: Should discuss the importance of regular reviews due to market changes, depreciation/appreciation, and maintaining appropriate coverage levels.
Junior Level Questions
Q: What is the difference between Agreed Value and Actual Cash Value?
Expected Answer: Should explain that Agreed Value is predetermined and guaranteed, while Actual Cash Value considers depreciation at time of loss.
Q: What types of items typically qualify for Agreed Value coverage?
Expected Answer: Should mention common items like classic cars, antiques, art, jewelry, and explain why these items are suitable for this coverage.
Experience Level Indicators
Junior (0-2 years)
- Basic understanding of insurance policies
- Knowledge of valuation methods
- Customer service skills
- Basic policy processing
Mid (2-5 years)
- Policy analysis and recommendation
- Claims processing experience
- Risk assessment abilities
- Negotiation skills
Senior (5+ years)
- Complex policy structuring
- High-value item expertise
- Advanced risk management
- Team leadership and training
Red Flags to Watch For
- No knowledge of valuation methods
- Lack of experience with high-value items
- Poor understanding of documentation requirements
- Limited knowledge of different insurance coverage types
