PACKAGE DEAL FOR Texas All Lines Adjuster Test Correct Questions & Answers!!(COMPLETE BUNDLE)

Accumulated Depreciation - ANSWER The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date - ANSWER The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage ne...

Chapter 1 - ANSWER insurance - ANSWER financial took that protects individual and organizations from unforeseen and extraordinary financial losses by transferring risk to another party insured - ANSWER individual or organization that pays premiums in exchange for protection insurer - ANSWE...

Accumulated Depresciation -ANSWER 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) -ANSWER An item's current market value right before being damaged or destroyed. Formula: (Replacement Cost-Accumulate...

All of the following are exempted from the requirement of an adjuster's license examination except: A. Those persons holding CPCU designation; B. those persons adjusting workers compensation claims; C. Those persons who have received the Associate in Claims (AIC) designation; D. Those persons who h...

In order to become a licensed Insurance Adjuster in the state of TX, an individual must be_______________ yrs old. - ANSWER 18 The Texas All Lines Adjuster License can only be held by residents of TX? T or F - ANSWER False List type of Insurance Adjuster Licenses available in Texas: - ANSWER 1...

The insured has filed a claim under the "Business Income Department Properties - Broad Form" because the primary buyer of products and services from the business has filed for bankruptcy under this form the primary buyers business would be known as - ANSWER A recipient location recipient locati...

Actual Cash Value (ACV) - ANSWER A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula: (Replacement cost - Accumulated Depreciation) Adhesion - ANSWER Characteristic of an insurance contract. Means that one party (the insu...

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. - ANSWER While investigating a claim, you determine...

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? - ANSWER We have 6 months to reach a final settlement with you. Janelle has just graduated col...

If an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved. - ANSWER $30,000 Which of the following statements best describes an inland marine policy? - ANSWER Pertains to Cargo with n...

Commercial general liability ( CGL) - ANSWER This covers business liability hazards that are not covered under more specialiazed forms of insurance such as auto, marine, workers compensation and others. What are three forms of CGL - ANSWER Professional liability Product liability Premises lia...