2023 Texas Adjuster Study Guide| 367 QUESTIONS| ANSWERS ALL CORRECT
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Course
Texas Adjuster
Institution
Chamberlain University College Of Nursing
2023 Texas Adjuster Study Guide| 367 QUESTIONS| ANSWERS ALL CORRECT.PERILS Correct Answer: A CAUSE OF PROPERTY LOSSES UNDER AN INSURANCE
CONTRACT EX: WINDSTORM, HURRICANE, EXPLOSION, COLLAPSE OF BUILDING,
VANDALISM, ACCIDENTAL DISCHARGE, AND THEFT
LAW OF LARGE NUMBERS Correct Answer: A FUNDAMENT...
2023 Texas Adjuster Study Guide|
367 QUESTIONS| ANSWERS ALL
CORRECT
PERILS Correct Answer: A CAUSE OF PROPERTY LOSSES UNDER AN
INSURANCE CONTRACT EX: WINDSTORM, HURRICANE, EXPLOSION,
COLLAPSE OF BUILDING, VANDALISM, ACCIDENTAL DISCHARGE, AND THEFT
LAW OF LARGE NUMBERS Correct Answer: A FUNDAMENTAL CONCEPT IN
STATISTICS AND PROBABILITY THAT DESCRIBES HOW THE AVERAGE OF A
RANDOMLY SELECTED LARGE SAMPLE FROM A POPULATION. IT BASICALLY
RELIES ON THE PRINCIPLE THAT THE LARGER THE POOL, THE MORE
PREDICTABLE THE AMOUNT OF LOSSES WILL BE IN A GIVEN PERIOD
PRINCIPLE OF INDEMNITY Correct Answer: IS AN INSURANCE PRINCIPLE
STATING THAT AN INSURED MAY NOT BE COMPENSATED BY INSURANCE
COMPANY IN AN AMOUNT EXCEEDING THE INSURED'S ECONOMIC LOSS.
LIMITS OF LIABILITY Correct Answer: THE MAXIMUM AMOUNT THAT AN
INSURANCE POLICY WILL PAY. IT IS SPECIFIED ON THE POLICY
DECLARATION PAGE.
PROPERTY INSURANCE Correct Answer: COVERAGE FOR REAL AND PERSONAL
PROPERTY AGAINST LOSS OR DAMAGE FROM PERILS INSURED AGAINST.
LOSS SETTLEMENT Correct Answer: THE PROCESS USED TO DETERMINE
THE AMOUNT OF THE LOSS
ACTUAL CASH VALUE Correct Answer: THE VALUE OF THE PROPERTY BASED
ON THE CURRENT COST TO REPLACE IT MINUS DEPRECIATION.
AGREED VALUE Correct Answer: THE AMOUNT THAT THE INSURED AND
INSURER AGREE UPON DURING THE TIME OF POLICY INCEPTION.
REPLACEMENT COST Correct Answer: THE COST ASSOCIATED WITH
REPLACING PROPERTY AT CURRENT MARKET PRICES
MARKET VALUE Correct Answer: THE AMOUNT THAT THE PROPERTY IS WORTH IN A
COMPETITIVE MARKET. THIS AMOUNT IS ACCEPTED BY THE BUYER AND SELLER.
TORT Correct Answer: IS A WRONG THAT INVOLVES A BREACH OF CIVIL
DUTY OWED TO SOMEONE ELSE. THIS BREACH DETERMINES IF THAT
PERSON IS NEGLIGENCE.
,ELEMENTS USED TO DETERMINE NEGLIGENCE Correct Answer: A DUTY
OWED, A DUTY BREACHED, PROXIMATE CAUSE, AND DAMAGES
METHODS TO DETERMINE LOSS ARE: Correct Answer: ACV, MARKET
VALUE, REPLACEMENT COST, AGREED VALUE
CASUALTY INSURANCE Correct Answer: PROTECTS A PERSON FROM FINANCIAL
LOSS ARISING FROM BODILY INJURY OR PROPERTY DAMAGE TO OTHERS
HAZARD Correct Answer: IS A SITUATION THAT POSES A LEVEL OF THREAT TO
LIFE, HEALTH, PROPERTY, OR ENVIRONMENT.
INDIRECT LOSS Correct Answer: TYPE OF LOSS THAT DOES NOT RESULT
FROM DIRECT DAMAGE OF A COVERED CAUSE OF LOSS OR PERIL BUT IS
INSTEAD A CONSEQUENCE OF THE DIRECT DAMAGE LOSS.
DIRECT LOSS Correct Answer: DIRECT PHYSICAL LOSS TO PROPERTY
INSURING AGREEMENT Correct Answer: THIS SECTION OF THE INSURANCE
POLICY SPECIFIES WHAT THE INSURANCE WILL PROVIDE COVERAGE FOR IN
EXCHANGE FOR PREMIUM PAYMENTS BY THEIR CUSTOMER.
DEDUCTIBLE Correct Answer: THE AMOUNT THE INSURED MUST PAY IN A
LOSS BEFORE ANY PAYMENT IS DUE FROM THE INSURANCE COMPANY.
WHERE IS A HOMEOWNER PERCENTAGE DEDUCTIBLE ALWAYS TAKEN
FROM? Correct Answer: COVERAGE A STRUCTURE POLICY LIMITS OF
LIABILITY THAT IS USED ON THE DECLARATION PAGE.
CANCELLATION Correct Answer: IS THE TERMINATION OF AN INSURANCE
POLICY BY EITHER SIDE AND IT MUST BE DONE IN WRITING
LIABILITY Correct Answer: A PERSON IS LEGALLY LIABLE FOR AN ACCIDENT
IF THAT PERSON IS FOUND RESPONSIBLE FOR BODILY INJURY OR
PROPERTY DAMAGE TO ANOTHER PARTY.
NEGLIGENCE Correct Answer: THE FAILURE TO EXERCISE THE CARE THAT
A REASONABLY PRUDENT PERSON CAN BE CHARACTERIZED BY THE
AVERAGE PERSON.
ADDITIONAL LIVING EXPENSES Correct Answer: CHARGES COVERED BY
HOMEOWNERS POLICY OVER AND ABOVE POLICY HOLDERS CUSTOMARY
LIVING DUE TO DAMAGE BY A COVERED PERIL AND MAKES THE HOME
TEMPORARY UNINHABITABLE.
EXPOSURE Correct Answer: THE MEASURE OF THE POSSIBILITY OF THE LOSS
,INSURED Correct Answer: THE PARTY TO AN INSURANCE ARRANGEMENT THAT
HAS AN INSURABLE INTEREST IN THE PROPERTY THAT IS BEING INSURED.
INSURER Correct Answer: INSURANCE COMPANY
LOSS HISTORY Correct Answer: IS THE INSURED HISTORY OF LOSSES WITH
OTHER COMPANIES. INSURANCE COMPANY VIEWS THIS AS INDICATION OF
INSURED PROPENSITY FOR A CLAIM IN FUTURE.
NOTICE OF LOSS Correct Answer: NOTICE REQUIRED BY THE INSURANCE
COMPANY IMMEDIATELY AFTER AN INCIDENT. POLICY HOLDER
RESPONSIBILITY AFTER A LOSS
DEPRECIATION Correct Answer: ACT OF LOWERING AN ITEM DUE TO VALUE
WEAR AND TEAR IT IS BASED ON AGE, CONDITION, AND LIFE EXPECTANCY.
PUNITIVE DAMAGE Correct Answer: THE AMOUNT AWARDED BY THE COURT
WHICH IS INTENDED TO REFORM OR DETER THE DEFENDANT FROM
ENGAGING IN SIMILAR CONDUCT IN THE FUTURE
COMPARATIVE NEGLIGENCE Correct Answer: IS A PARTIAL LEGAL DEFENSE
THAT REDUCES THE AMOUNT OF DAMAGES THAT A PERSON CAN RECOVER
BASED UPON THE AMOUNT THAT THIS PERSON'S OWN NEGLIGENCE
CONTRIBUTED TO THE LOSS
CONTRIBUTORY NEGLIGENCE Correct Answer: IS A LAW DEFENSE WHERE A PERSON
NEGLIGENCE CONTRIBUTED TO THE HARM THAT HE OR SHE SUSTAINED
ASSUMPTION OF RISK Correct Answer: A doctrine under which a plaintiff may not recover
for injuries or damage suffered from risks he or she knows of and has voluntarily assumed
ADVERSE SELECTION Correct Answer: THE TENDENCY OF INSURED'S WHO
PRESENT A HIGHER PROBABILITY OF LOSS TO PURCHASE OR RENEW
INSURANCE MORE OFTEN THAN THOSE WHO PRESENT A LOWER PROBABILITY
ATTRACTIVE NUISANCE Correct Answer: A dangerous place, condition, or object
that is particularly attractive to children.
OCCURRENCE Correct Answer: AN EVENT THAT RESULTS IN AN INSURED
LOSS WHICH RESULTS IN BODILY INJURY OR DAMAGES
, BETTERMENT Correct Answer: IMPROVEMENT OF PROPERTY THAT PUTS IT
IN A BETTER CONDITION THAN IT WAS BEFORE THE OCCUPANCY OR LOSS
ALL RISK INSURANCE Correct Answer: "open perils" insurance - protecting the insured
from loss arising from any peril other than those perils specifically excluded by name
APPRAISAL Correct Answer: IS A FORM OF DISPUTE RESOLUTION THAT OCCURS
WHEN THERE IS A DISPUTE BETWEEN THE INSURED AND THE INSURANCE
COMPANY REGARDING THE AMOUNT OF THE CLAIM OR LOSS. BOTH PARTIES
HIRE AN APPRAISAL AND IF CANT DECIDE THEN THEY WILL HIRE AN UMPIRE
BREACH OF CONTRACT Correct Answer: THE FAILURE TO COMPLY WITH TERMS
OR CONDITIONS OF AN INSURANCE POLICY THAT MAY RESULT IN
RESTRICTED COVERAGE OR VOID THE POLICY.
BODILY INJURY Correct Answer: Physical pain, illness or any impairment of
physical condition
CONCEALMENT Correct Answer: The withholding of known facts which, if material,
can void a contract or not pay out on claims related to that material information
DAMAGES Correct Answer: THE AMOUNT CLAIMED BY OR AWARDED TO AN
INJURED PARTY AS COMPENSATION FOR LIABILITY OWING TO BODILY INJURY
OR PROPERTY DAMAGE
FRAUD Correct Answer: INTENTIONAL LYING OR MISREPRESENTATION BY
POLICY HOLDER OR CLAIM ADJUSTERS OF A MATERIAL FACT IN ORDER TO
INFLATE A CLAIM PAYMENT OR RECEIVE A CLAIM PAYMENT THAT WOULD
OTHERWISE NOT BE PAID OR VOID THE CONTRACT
INCURRED EXPENSES Correct Answer: EXPENSES THAT HAVE ALREADY
BEEN SUSTAINED AND HAVE NOT BEEN PAID EX: AN ADDITIONAL LIVING
EXPENSE CLAIM IS A REIMBURSEMENT OF INCURRED EXPENSES.
LOSS PAYEE Correct Answer: the person designated on an insurance policy as the
one to be paid in case the property is damaged/destroyed
CLAIMANT Correct Answer: IS A PARTY WHO MAKES A CLAIM
CO INSURANCE CLAUSE Correct Answer: A clause in an insurance policy under
which the insured agrees to maintain insurance equal to some specified percentage of
the property value or otherwise to assume a portion of any loss
COLLISION Correct Answer: COVERAGE THAT PAYS FOR DAMAGES TO YOUR
CAR WITHOUT REGARDS TO WHO CAUSED THE ACCIDENT. Covers a collision
with another object, car, or from a rollover.
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