2022 Texas Adjuster Study Guide| 367 QUESTIONS| ANSWERS ALL CORRECT
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Claims Adjuster
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Claims Adjuster
PERILS Correct Answer: A CAUSE OF PROPERTY LOSSES UNDER AN INSURANCE CONTRACT EX: WINDSTORM, HURRICANE, EXPLOSION, COLLAPSE OF BUILDING, VANDALISM, ACCIDENTAL DISCHARGE, AND THEFT
LAW OF LARGE NUMBERS Correct Answer: A FUNDAMENTAL CONCEPT IN STATISTICS AND PROBABILITY THAT DESCRIBES HOW THE AV...
2022 texas adjuster study guide| 367 questions| answers all correct
2022 texas adjuster study guide
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2022 Texas Adjuster Study Guide| 367
QUESTIONS| ANSWERS ALL CORRECT
PERILS Correct Answer: A CAUSE OF PROPERTY LOSSES UNDER AN INSURANCE
CONTRACT EX: WINDSTORM, HURRICANE, EXPLOSION, COLLAPSE OF BUILDING,
VANDALISM, ACCIDENTAL DISCHARGE, AND THEFT
LAW OF LARGE NUMBERS Correct Answer: A FUNDAMENTAL CONCEPT IN
STATISTICS AND PROBABILITY THAT DESCRIBES HOW THE AVERAGE OF A
RANDOMLY SELECTED LARGE SAMPLE FROM A POPULATION. IT BASICALLY
RELIES ON THE PRINCIPLE THAT THE LARGER THE POOL, THE MORE
PREDICTABLE THE AMOUNT OF LOSSES WILL BE IN A GIVEN PERIOD
PRINCIPLE OF INDEMNITY Correct Answer: IS AN INSURANCE PRINCIPLE STATING
THAT AN INSURED MAY NOT BE COMPENSATED BY INSURANCE COMPANY IN AN
AMOUNT EXCEEDING THE INSURED'S ECONOMIC LOSS.
LIMITS OF LIABILITY Correct Answer: THE MAXIMUM AMOUNT THAT AN
INSURANCE POLICY WILL PAY. IT IS SPECIFIED ON THE POLICY DECLARATION
PAGE.
PROPERTY INSURANCE Correct Answer: COVERAGE FOR REAL AND PERSONAL
PROPERTY AGAINST LOSS OR DAMAGE FROM PERILS INSURED AGAINST.
LOSS SETTLEMENT Correct Answer: THE PROCESS USED TO DETERMINE THE
AMOUNT OF THE LOSS
ACTUAL CASH VALUE Correct Answer: THE VALUE OF THE PROPERTY BASED ON
THE CURRENT COST TO REPLACE IT MINUS DEPRECIATION.
AGREED VALUE Correct Answer: THE AMOUNT THAT THE INSURED AND INSURER
AGREE UPON DURING THE TIME OF POLICY INCEPTION.
REPLACEMENT COST Correct Answer: THE COST ASSOCIATED WITH REPLACING
PROPERTY AT CURRENT MARKET PRICES
MARKET VALUE Correct Answer: THE AMOUNT THAT THE PROPERTY IS WORTH IN
A COMPETITIVE MARKET. THIS AMOUNT IS ACCEPTED BY THE BUYER AND
SELLER.
TORT Correct Answer: IS A WRONG THAT INVOLVES A BREACH OF CIVIL DUTY
OWED TO SOMEONE ELSE. THIS BREACH DETERMINES IF THAT PERSON IS
NEGLIGENCE.
,ELEMENTS USED TO DETERMINE NEGLIGENCE Correct Answer: A DUTY OWED, A
DUTY BREACHED, PROXIMATE CAUSE, AND DAMAGES
METHODS TO DETERMINE LOSS ARE: Correct Answer: ACV, MARKET VALUE,
REPLACEMENT COST, AGREED VALUE
CASUALTY INSURANCE Correct Answer: PROTECTS A PERSON FROM FINANCIAL
LOSS ARISING FROM BODILY INJURY OR PROPERTY DAMAGE TO OTHERS
HAZARD Correct Answer: IS A SITUATION THAT POSES A LEVEL OF THREAT TO
LIFE, HEALTH, PROPERTY, OR ENVIRONMENT.
INDIRECT LOSS Correct Answer: TYPE OF LOSS THAT DOES NOT RESULT FROM
DIRECT DAMAGE OF A COVERED CAUSE OF LOSS OR PERIL BUT IS INSTEAD A
CONSEQUENCE OF THE DIRECT DAMAGE LOSS.
DIRECT LOSS Correct Answer: DIRECT PHYSICAL LOSS TO PROPERTY
INSURING AGREEMENT Correct Answer: THIS SECTION OF THE INSURANCE POLICY
SPECIFIES WHAT THE INSURANCE WILL PROVIDE COVERAGE FOR IN EXCHANGE
FOR PREMIUM PAYMENTS BY THEIR CUSTOMER.
DEDUCTIBLE Correct Answer: THE AMOUNT THE INSURED MUST PAY IN A LOSS
BEFORE ANY PAYMENT IS DUE FROM THE INSURANCE COMPANY.
WHERE IS A HOMEOWNER PERCENTAGE DEDUCTIBLE ALWAYS TAKEN FROM?
Correct Answer: COVERAGE A STRUCTURE POLICY LIMITS OF LIABILITY THAT IS
USED ON THE DECLARATION PAGE.
CANCELLATION Correct Answer: IS THE TERMINATION OF AN INSURANCE POLICY
BY EITHER SIDE AND IT MUST BE DONE IN WRITING
LIABILITY Correct Answer: A PERSON IS LEGALLY LIABLE FOR AN ACCIDENT IF
THAT PERSON IS FOUND RESPONSIBLE FOR BODILY INJURY OR PROPERTY
DAMAGE TO ANOTHER PARTY.
NEGLIGENCE Correct Answer: THE FAILURE TO EXERCISE THE CARE THAT A
REASONABLY PRUDENT PERSON CAN BE CHARACTERIZED BY THE AVERAGE
PERSON.
ADDITIONAL LIVING EXPENSES Correct Answer: CHARGES COVERED BY
HOMEOWNERS POLICY OVER AND ABOVE POLICY HOLDERS CUSTOMARY
LIVING DUE TO DAMAGE BY A COVERED PERIL AND MAKES THE HOME
TEMPORARY UNINHABITABLE.
EXPOSURE Correct Answer: THE MEASURE OF THE POSSIBILITY OF THE LOSS
,INSURED Correct Answer: THE PARTY TO AN INSURANCE ARRANGEMENT THAT
HAS AN INSURABLE INTEREST IN THE PROPERTY THAT IS BEING INSURED.
INSURER Correct Answer: INSURANCE COMPANY
LOSS HISTORY Correct Answer: IS THE INSURED HISTORY OF LOSSES WITH OTHER
COMPANIES. INSURANCE COMPANY VIEWS THIS AS INDICATION OF INSURED
PROPENSITY FOR A CLAIM IN FUTURE.
NOTICE OF LOSS Correct Answer: NOTICE REQUIRED BY THE INSURANCE
COMPANY IMMEDIATELY AFTER AN INCIDENT. POLICY HOLDER
RESPONSIBILITY AFTER A LOSS
DEPRECIATION Correct Answer: ACT OF LOWERING AN ITEM DUE TO VALUE WEAR
AND TEAR IT IS BASED ON AGE, CONDITION, AND LIFE EXPECTANCY.
PUNITIVE DAMAGE Correct Answer: THE AMOUNT AWARDED BY THE COURT
WHICH IS INTENDED TO REFORM OR DETER THE DEFENDANT FROM ENGAGING
IN SIMILAR CONDUCT IN THE FUTURE
COMPARATIVE NEGLIGENCE Correct Answer: IS A PARTIAL LEGAL DEFENSE THAT
REDUCES THE AMOUNT OF DAMAGES THAT A PERSON CAN RECOVER BASED
UPON THE AMOUNT THAT THIS PERSON'S OWN NEGLIGENCE CONTRIBUTED TO
THE LOSS
CONTRIBUTORY NEGLIGENCE Correct Answer: IS A LAW DEFENSE WHERE A
PERSON NEGLIGENCE CONTRIBUTED TO THE HARM THAT HE OR SHE SUSTAINED
ASSUMPTION OF RISK Correct Answer: A doctrine under which a plaintiff may not recover
for injuries or damage suffered from risks he or she knows of and has voluntarily assumed
ADVERSE SELECTION Correct Answer: THE TENDENCY OF INSURED'S WHO
PRESENT A HIGHER PROBABILITY OF LOSS TO PURCHASE OR RENEW INSURANCE
MORE OFTEN THAN THOSE WHO PRESENT A LOWER PROBABILITY
ATTRACTIVE NUISANCE Correct Answer: A dangerous place, condition, or object that is
particularly attractive to children.
OCCURRENCE Correct Answer: AN EVENT THAT RESULTS IN AN INSURED LOSS
WHICH RESULTS IN BODILY INJURY OR DAMAGES
, BETTERMENT Correct Answer: IMPROVEMENT OF PROPERTY THAT PUTS IT IN A
BETTER CONDITION THAN IT WAS BEFORE THE OCCUPANCY OR LOSS
ALL RISK INSURANCE Correct Answer: "open perils" insurance - protecting the insured from
loss arising from any peril other than those perils specifically excluded by name
APPRAISAL Correct Answer: IS A FORM OF DISPUTE RESOLUTION THAT OCCURS
WHEN THERE IS A DISPUTE BETWEEN THE INSURED AND THE INSURANCE
COMPANY REGARDING THE AMOUNT OF THE CLAIM OR LOSS. BOTH PARTIES
HIRE AN APPRAISAL AND IF CANT DECIDE THEN THEY WILL HIRE AN UMPIRE
BREACH OF CONTRACT Correct Answer: THE FAILURE TO COMPLY WITH TERMS
OR CONDITIONS OF AN INSURANCE POLICY THAT MAY RESULT IN RESTRICTED
COVERAGE OR VOID THE POLICY.
BODILY INJURY Correct Answer: Physical pain, illness or any impairment of physical
condition
CONCEALMENT Correct Answer: The withholding of known facts which, if material, can
void a contract or not pay out on claims related to that material information
DAMAGES Correct Answer: THE AMOUNT CLAIMED BY OR AWARDED TO AN
INJURED PARTY AS COMPENSATION FOR LIABILITY OWING TO BODILY INJURY
OR PROPERTY DAMAGE
FRAUD Correct Answer: INTENTIONAL LYING OR MISREPRESENTATION BY POLICY
HOLDER OR CLAIM ADJUSTERS OF A MATERIAL FACT IN ORDER TO INFLATE A
CLAIM PAYMENT OR RECEIVE A CLAIM PAYMENT THAT WOULD OTHERWISE
NOT BE PAID OR VOID THE CONTRACT
INCURRED EXPENSES Correct Answer: EXPENSES THAT HAVE ALREADY BEEN
SUSTAINED AND HAVE NOT BEEN PAID EX: AN ADDITIONAL LIVING EXPENSE
CLAIM IS A REIMBURSEMENT OF INCURRED EXPENSES.
LOSS PAYEE Correct Answer: the person designated on an insurance policy as the one to be
paid in case the property is damaged/destroyed
CLAIMANT Correct Answer: IS A PARTY WHO MAKES A CLAIM
CO INSURANCE CLAUSE Correct Answer: A clause in an insurance policy under which the
insured agrees to maintain insurance equal to some specified percentage of the property value or
otherwise to assume a portion of any loss
COLLISION Correct Answer: COVERAGE THAT PAYS FOR DAMAGES TO YOUR CAR
WITHOUT REGARDS TO WHO CAUSED THE ACCIDENT. Covers a collision with another
object, car, or from a rollover.
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