Chapter 12 Valuation of Motor Vehicles

What this document is

Code of Maryland Regulations (COMAR) 31.15.12 - Chapter 12 Valuation of Motor Vehicles is a regulation published by Maryland Division of State Documents (dsd.maryland.gov), Code of Maryland Regulations. It is one of the Maryland documents that insurance license exam questions are written from, including maryland property & casualty, maryland personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• COMAR 31.15.12.03D (Third-Party Claimants; Cash Settlement Offer)

  “D. Third-Party Claimants. Within 10 days after an insurer determines that a motor vehicle of a third-party is a total loss, the insurer shall make an offer of a cash settlement pursuant to Regulation .04 of this chapter.”

• COMAR 31.15.12.04A (Cash Settlement; Minimum Offer)

  “the insurer's minimum offer, subject to applicable deductions, shall be: A. The total of: (1) The retail value for a substantially similar motor vehicle from a nationally recognized valuation manual or from a computerized data base that produces statistically valid fair market values for a...”

• COMAR 31.15.12.03B (Duties After Total Loss; First-Party Claimants in General)

  “Except as provided in §C of this regulation, within 10 business days after an insurer determines that a motor vehicle of a first-party claimant is a total loss, the insurer shall: (1) Make an offer of a cash settlement pursuant to Regulation .04 of this chapter; or (2) If authorized by the policy,...”

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