CLAIMS ADJUSTER PACKAGE DEAL

Multi Peril-Package Any policy which provides property & liability coverage (not homeowner) ISO policy Sold in Texas, but not Texas form Only Texas DP 1 Mainly the only TDP sold, now with plethora of endorsements Texas Standard Fire Policy Granddaddy of all Texas property po...

An adjuster is a fiduciary agent with a responsibility of loyalty to the interest of The insured and insurer An insurer gives which of the following as Consideration for an insurance policy? A Promise 00:42 01:33 The interest of the insured and all other persons in the prop...

Actual Cash Value (ACV) Cost to replace property with new property of like kind and quality less depreciation. Combined Single Limit One limit per occurrence is what we pay up to Split limit What we pay up to per person and per occurrence Deductible What the customer will ...

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...

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...

Frank owned a home that was destroyed by a hurricane. Both ABC and XYZ Banks were listed as additional interests on his homeowner policy. The insurance company will make a payment to: A. The first mortgagee, ABC B. The Insured C. Jointly to ABC and XYZ D. All listed interests D. All listed inte...

An "insurance claim" is a formal request to an insurance company requesting a payment, based on the terms of an insurance policy (contract). A "_______" party claim is made by a policyholder, insured, or beneficiary, directly against the insurance company. They are filed under policies s...

Staff or Company Adjuster work for the insurance companies such as State Farm and handle claims on behalf of the insurer; they are paid a salary with benefits Independent Adjuster work for the insurance companies to handle and evaluate certain claims on an as-needed basis; they are paid a...

Inception/Expiration Date an insurance policy covers the insured starting at 12:01am on the day on which coverage begins and expires at 12:01am on the expiration day of the policy. Occurrence Date Date of which the loss occurred 00:03 01:34 Identification of parties involve...

Accumulated Depreciation 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) A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formul...

What is ACV equation? Replacement cost-depreciation What is the coinsurance formula? Cov you did have / cov should've had x loss = claim payment - deductible 01:05 01:34 To serve in The Director's position they must ? Appointed by governor, member of governors cabinet, s...

The following are basic characteristics of a property or liability insurance contract, EXCEPT: A. Personal Contract B. Conditional Contract C. Loss Settlement Contract D. Contract of Adhesion C. Loss Settlement Contract The Insurers responsibility to pay for a property loss may be cond...

Liability Insurance PAP (Part A) Pays all the sums and insured must legally pay as damage due to BI/PD caused by an accident and resulting from the ownership, maintenance or use of a covered auto. Coverage Part A through F of a PAP A. Liability B. Medical Payments C. UM/UIM D. Physical D...

Insurance claim a formal request to an insurance company requesting a payment, based on the terms of an insurance policy (contract) 00:28 01:34 First-party claim is made by a policyholder, insured, or beneficiary, directly against the insurance company. First-party claims are file...