Adjuster Pro

The Standard Fire Policy -1st used in 1918 in NY -Provided homeowner & commercial property protection. -ACV valuation -Named peril policy -Only covered fire & lightening "165 Line" Policy The original Standard Fire Policy spent 165 lines explaining new insurance concepts that are still used today: -Concealment & misrepresentation -Property & perils excluded from coverage -Insurance cancellation due to an increase in hazards -Obligations to a mortgagee -Insured's duties in th...

The Personal Auto Policy (PAP) A policy that combines liability insurance with other optional coverages PAP Policies can cover -Individuals and residing family members -People driving car with owner's permission -Four-wheeled vehicles under 10,000 lbs *Insurable interest is required Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More PAP Policies will indemnify for: -Property Damage -Personal Injury ...

Agent one who receives the authority to act on behalf of someone else Sales agent Contracted to sell and service insurance policies on behalf of the insurer Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:54 Full screen 6 Ways to Show Appreciation for Your Child's Teacher Adjusters Contracted to settle claims that arise against the insurer Power to bind What the agent says or does can bind the insurer Agents should take the utm...

agreement One of the 4 requirements of a legally binding contract. All parties involved must agree to the terms of the contract. Can also refer to a binder, which is the preliminary substance of a contract. aleatory A characteristic of an insurance contract. Means " depending on unknown future event." An insurance contract will only pay IF and When covered damages occur. Neither party knows how much the contract will end up paying when they enter into the contract. Previous ...

Define Insurance Insurance is a tool that protects people from overwhelming financial losses. Explain how Insurance works Under an insurance contract, the insured pays a scheduled fee called a premium. In return, the insurer promises to pay for specified losses if they occur. Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:02 / 0:15 Full screen Brainpower Read More What is insurance? Insurance transfers risk. A person or organization called the i...

Which kind of losses are covered under a standard fire policy? Direct All fires are not covered by the Standard Fire policies, only those that: are hostile and have a flame or glow Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More At what time does a fire policy go into affect? 12:01am standard time at the location of the insured's property A property is insured under two Standard Fire policies ...

Commercial Property Insurance - covers direct and indirect losses related to business property - does not include farms and 1-4 family dwellings - insures on an ACV basis - RC is available as an endorsement if the insured meets the coinsurance minimum What are the 4 sections of a commercial property policy? dec page, conditions, coverage forms, and causes of loss forms Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brain...

Herb owns a processing plant outside of town that services all the local farmers. He's been using over-the-road transportation but wants to streamline his business by using the railroads. He contacts ABC Railway Transport and the two come to an agreement: ABC Railway will run a sidetrack onto Herb's business premises, if Herb agrees not to hold ABC Railway responsible for certain liabilities that could result from the sidetrack's use. This agreement would fall under __________ in Herb's Comm...

Texas Adjuster Exam questions fully solved & updated 2024.

Adjuster Pro; QUESTIONS AND ANSWERS 100% SOLVED John is doing some lawn maintenance using a steel blade on his weed-whacker. He fails to properly tighten the blade and it comes loose while he is trimming some tall grass at the edge of his property. The blade flies off towards his neighbor's house and crashes into the HVAC unit, severing the lines and effectively destroying the unit. Which coverage in John's homeowners policy might pay for the damage he caused to his neighbor...