Proscholar

insurance correct answers financial took that protects individual and organizations from unforeseen and extraordinary financial losses by transferring risk to another party insured correct answers individual or organization that pays premiums in exchange for protection insurer correct answers company, group, or government agency offering financial protection how does insurance work? correct answers insured pays premium insurer promises to pay for specific losses if they occur insu...

Law of Large Numbers correct answers the more examples used to develop any statistic, the more reliable the statistic will be Underwriting correct answers The process and insurance company uses to decide whether to except or reject an application for a policy insurance. underwriters evaluate the risk and exposure of a potential policyholders they decide how much coverage the policyholder should receive how much they should pay for it or whether even to except the risk and insure them. underwr...

Abandonment correct answers When an insured relinquishes its claim to property to the insurer. Adjuster correct answers Licensed insurance professional who investigates or adjusts losses and also supervises the handling of claims. Adjuster, Staff and Independent correct answers Works for and represents the interests of an insurance company, either as a staff member or as an independent contractor to an insurer, including self-insurer. Adjuster, Publiic correct answers Works for and repr...

A person that markets and sells insurance policies to the public is known as A) the adjuster B) the Commissioner C) the governor D) the agent correct answers the agent In order for the adjusters to perform their job functions, they are required to know all of the following EXCEPT A) how much money the insured makes B) policy language C) case law derived from judicial decisions D) established company methods and procedures correct answers how much money the insured makes Wha...

Texas Department of Insurance correct answers Governing body regulating insurance companies and personnel. Commissioner correct answers The head of the state department of insurance. 2 years correct answers Length of appointment for insurance commissioner. Line correct answers The type of insurance Texas Governor correct answers Appoints the commissioner. Property and Casualty Adjuster correct answers Adjusts or supervises claims in all lines of P&C except workers' comp. Worke...

Union Plastics is a large manufacturing company, and they handle all their own insurance claims. If Stan was hired by Union Plastics to investigate suspicious claims and determine if the claim needs to be paid, Stan would be considered A) an insurance adjuster B) an insurance counselor C) an insurance agent D) an insurance commissioner correct answers an insurance adjuster Ace Property and Casualty of Texas has had several catastrophic losses on the coast because of some major storms,...

Horatio is a business owner who is part of a business owners group that are buying old commercial buildings in their small city and refurbishing them. Horatio has bought a beautiful historical building made mostly of wood. He installs a sprinkler system right away to prevent a fire. What risk management strategy is Horatio using? correct answers Risk Reduction A church has had the woodwork in the building refinished and new stain and varnish has been applied. The workers placed the rags and b...

In order to become a licensed Insurance Adjuster in the state of TX, an individual must be_______________ yrs old. correct answers 18 The Texas All Lines Adjuster License can only be held by residents of TX? T or F correct answers False List type of Insurance Adjuster Licenses available in Texas: correct answers 1. All Lines 2. Work Comp 3. Surety 4. Casualty & Property 5. Public Adjuster The TX All Lines Insurance Adjuster License is valid for 2 yrs, and subject to Continue Ed requ...

Absolute Liability correct answers Where the law imposes liability without regard to fault or negligence. Monoline Policy correct answers A policy that provides only one type of insurance on the policy: only property insurance. Compensatory Damages correct answers Monies paid to make an injured person whole again. Contributory Negligence correct answers Holds that if the injured party contributed to the injury in any way through his own negligence, he has no right to recover damages. ...

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? correct answers We have 6 months to reach a final settlement with you. Janelle has just graduated college and is interested in becoming an adjuster. she would like to be able to handle any type of claim. The most comprehensive type of license would be: correct answers All-Lines Jack and Reb...