All Lines Pre-License Course for Texas Adjusters

Accident - Answer- Sudden, unexpected events that cause property damage or bodily injury. Actual Damages - Answer- Damages that have a specified cost to repair them Actual Total Loss - Answer- Complete destruction of insured property, so that nothing of value remains. ACV (Actual Cash Value) - Answer- This is the value of the property after depreciation. As ALE (Additional Living Expense) - Answer- If a homeowner is temporarily displaced from their home due to a catastrophe to allow repairs, certain homeowner's policies provide coverage to help defray this cost. All Risk Policy - Answer- This policy is only in name as there is no policy that actually covers all perils, though this policy is the most common. Every policy has some condition, provision, or exclusion, which limits coverage. Amendment - Answer- A document attached to a policy reflecting a change to the policy language made by the insurance company or the department of insurance Assumption of Risk - Answer- If a person/company knows ahead of time that there is a possibility of injury, or worse, and agree not to hold anyone else responsible if an accident occurs, there really isn't negligence and insurance companies will generally not be liable and will resist paying Attachment - Answer- court order allowing one person to take something of value belonging to another into custody for a particular purpose. Bailee - Answer- Person(s) who, with permission, take care of another person/company's property. Basic Form - Answer- The least expensive structural ACV policy covers only three perils on the structure and contents: fire, lightning, and demolition/removal. You may see the number "1" or "A" in the form number, such as HO-1 or HO-A. Barratry - Answer- Fraud or gross negligence of a ship's master or crew at the expense of its owner or users Blanket Coverage - Answer- This is a specific endorsement that provides a preset dollar amount to a particular category, i.e. $500 for "tree removal", $10,000 for "personal property.