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TX ADJUSTER TEST Exam LATEST ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS.
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TX ADJUSTER TEST Exam LATEST ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS.
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TX ADJUSTER TEST Exam LATESTACTUAL EXAM QUESTIONS AND
CORRECT ANSWERS (VERIFIED
ANSWERS)
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 as a means of recovering the amount of the claim paid by the insurance
carrier to the insured for the loss. - (correct answer) -While investigating a claim, you determine that the
loss was caused by a defective mechanism in the dishwasher. You would attempt
to_________________________?
Appraisal - (correct answer) -What is the process when an insurer and an insured have a dispute
regarding the amount of damage?
Material Misrepresentation - (correct answer) -
__________________________________________________is a significant misstatement in an
application form. If a company had access to the correct information at the time of application, the
company might not have agreed to accept the application.
Age, Condition and Life Expectancy - (correct answer) -As an adjuster, you should base depreciation on
these three factors?
Umpire - (correct answer) -An_________________ is a person hired by the property owner to settle the
claim with insurance company on their behalf.
HO-A - (correct answer) -This type of policy provides coverage only for those perils that are listed in the
policy?
Additional Living Expenses - (correct answer) -_________________________ are extra charges covered
by homeowner's policies over and above the policyholder's customary living expenses.
Occurrence - (correct answer) -_______________________is an event that results in an insured
loss/damages?
, Actual Cash Value - (correct answer) -What is value of your property, based on the current cost to
replace it, minus depreciation?
Incurred Expenses - (correct answer) -Expenses that have already sustained and that have not yet been
paid are known as ____________________________________.
Declarations Page - (correct answer) -________________________________is the part of the written
insurance policy that states all the policy's specific's, including the name of the policyholder, the type of
property insured, the premiums, and the term limits for the coverage.
Negligence - (correct answer) -What is the failure to use that degree of care which an ordinary person of
reasonable prudence would use under similar circumstances?
Overhead and Profit - (correct answer) -______________________________is the amount of money
dedicated to a general contractor's cost of doing a business and earning a profit.
Third Party Loss - (correct answer) -____________________________is a situation involving a person
other than an insurer and the insured.
Reserves - (correct answer) -What is the amount representing actual or potential liabilities kept by and
insurer to cover debts to policyholder?
First Party Loss - (correct answer) -This loss involves only the insurer and the insured?
Liability - (correct answer) -What is the responsibility to another for one's negligence?
Severity - (correct answer) -_____________________ is the size of a loss, the extent of damages.
Premium - (correct answer) -___________________________ is the amount paid by an insured to an
insurance company to obtain or maintain an insurance policy
Replacement Cost - (correct answer) -__________________________________is the cost associated
with replacing property at the current market price.
Policy Period - (correct answer) -The period of a policy is in force, from the beginning or effective date to
the expiration date is the ________________________________?
deductible - (correct answer) -The amount the insured must pay in a loss before any payment is due is
known as the ____________________________________.
Adjuster - (correct answer) -A person who investigates and settles insurance claims is the
______________________?
$5000.00 - (correct answer) -Mary Johnson has an HO-B policy. Her coverage A limit of liability is
$250,000 and her coverage B limit is $125,000. Her policy has a 2% deductible. What is her deductible?
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