Texas All Lines Adjuster bundled exams with correct answers

Accumulated Depreciation The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the...

The insured has filed a claim under the "Business Income Department Properties - Broad Form" because the primary buyer of products and services from the business has filed for bankruptcy under this form the primary buyers business would be known as A recipient location recipient location ...

insurance financial took that protects individual and organizations from unforeseen and extraordinary financial losses by transferring risk to another party insured individual or organization that pays premiums in exchange for protection insurer company, group, or government agency ...

DP - valuation DP-1 - ACV building & contents DP-2/3 - RCV building & ACV contents DP - limit for fair rental value 20% of A DP - coverages (A-E) A - dwelling B - other structures C - personal property D - fair rental value E - additional living expense DP - limit for ad...

All of the following are exempted from the requirement of an adjuster's license examination except: A. Those persons holding CPCU designation; B. those persons adjusting workers compensation claims; C. Those persons who have received the Associate in Claims (AIC) designation; D. Those persons who h...

While investigating a claim, you determine that the loss was caused by a defective mechanism in the dishwasher. You would attempt to_________________________? Subrogate Subrogation is the right for an insurer to legally pursue a third party that caused an insurance loss to the insured. This is done...

In order to become a licensed Insurance Adjuster in the state of TX, an individual must be_______________ yrs old. 18 The Texas All Lines Adjuster License can only be held by residents of TX? T or F False List type of Insurance Adjuster Licenses available in Texas: 1. All Lines 2. ...

Actual Cash Value (ACV) A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion Characteristic of an insurance contract. Means that one party (the insurer) sets th...

If an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved. $30,000 Which of the following statements best describes an inland marine policy? Pertains to Cargo with no fixed loca...

Accumulated Depresciation The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) An item's current market value right before being damaged or destroyed. Formula: (Replacement Cost-Accumulated Depreciatio...

A severe thunderstorm damaged a policyholder's residence. He called and asked how long it would be before he receives payment for his claim. Which of the following would NOT be an appropriate response? We have 6 months to reach a final settlement with you. Janelle has just graduated college...

Which regulatory body handles violations of related insurance issues only? Texas Insurance Code (TIC) What license carries the minimum requirements to handle homeowner's claims? Property, Casualty & Surety 30% of the questions on the license exam are considered "Knowledge-based" q...

Insurance Adjuster Any person who, as an independent contractor, or as an employee of an independent contractor, adjustment bureau, association, insurance company or corporation, local recording agent, managing general agent, or self-insured, investigates or adjusts losses on behalf of either an in...

abandonment a term that applies to property and signifies both a relinquishing of it and the letting go of all legal rights to it, as well, with the intent to claim a total loss. Abandonment of property to an insurance company is something sinusoids are expressly prohibited from doing in most prope...