0 QUESTIONS AND CORRECT DETAILED ANSWERS|ALREADY GRADED A+

0 QUESTIONS AND CORRECT DETAILED ANSWERS|ALREADY GRADED A+ 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. 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 requirements set forth by TDI. T or F - ANSWER- True The All Lines License can be renewed within ____________ days of its expiration. - ANSWER- 90 days If you are audited by TDI and they find that you haven't completed the necessary CE hours to maintain your license, they can fine you __________ per uncompleted hour. - ANSWER- $50 Section 542.057 in the Tx Insurance Code was designed to ___________________________. - ANSWER- Insure prompt payment of claims Section 542.059 in the Tx Insurance code allows _________________________ to be expempt. - ANSWER- Catastrophe Within the first 15 calendar days of receiving the claim you must: - ANSWER- 1. Ack receipt of claim in writing. 2. Investigate 3. Request additional information from clmt. Once the insurance company receives the requested items they have 15 business days to: - ANSWER- 1. Except or deny claim 2. Request more time for arsin or engineering How many do you have after your license expires to renew it? - ANSWER- 90 days Texas All Lines Adjuster ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED ANSWERS|ALREADY GRADED A+ When does your license expire? - ANSWER- 2 years on your birthday How many business days do you have for arsin? - ANSWER- 30 business days How many business days do you have for engineering? - ANSWER- 45 business days Penalties for insurer's who delay paying claims beyond ___________ days unless delay is authorized by TX law. - ANSWER- 60 days How many days does the insurer have to send a check once they agree to pay the claim? - ANSWER- 5 business days The deceptive trade practices act prevents insurers from refusing a policy renewal based on? - ANSWER- 1. Age 2. Sex 3. Religion A carrier can refuse renewal of a policy due to _________ non weather related claims in ______________ years or less. - ANSWER- 3 & 3 Home Owners - A provides coverage A (structure) and Coverage B (personal property contents) on a ________________________. - ANSWER- Names Peril Home owners - B provides coverage A (structure) for ___________________, unless specifically excluded and coverage B (personal property contents) on a names peril basis. - ANSWER- All risk Coverage A (dwelling) has a _____________ % of coverage A limit of liability for other structure. - ANSWER- 10% Coverage B (Personal Property Contents) provides: - ANSWER- 1. Coverage of property anywhere in the world 2. Special limits on certain property, ie theft Special Limist of Liability: 1. Cash is limited to _____________. Texas All Lines Adjuster ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED ANSWERS|ALREADY GRADED A+ 2. Jewelry theft loss limited to __________________. - ANSWER- 1. $500; if you have over $500 that is stolen, you still only get $500. 2. $1000 max for 1 article stolen / $2500 max for more than 1 article stolen. Coverage C protects against _______________________. - ANSWER- Personal Liability Coverage D protects against __________________________. - ANSWER- Medical payment to others Animals or birds owned or kept by an insured or occupants of the premises are covered under _______________________________________. - ANSWER- Exclusions (birds and animals are not covered) Fire, Hurricane, Wind storm, theft are examples of what? - ANSWER- Peril What part of the policy do you find a persons name and locations? - ANSWER- Dec page Ending a policy before a renewal date is known as ______________________. - ANSWER- Cancellation Special limit only applies to ______________________? - ANSWER- Theft Guarantee and makes sure an obligation is met is what? - ANSWER- Surety Bond What do endorsements do on a policy? - ANSWER- Add coverage to the policy What is indemnity? - ANSWER- To hold harmless. Transferring your risk to an insurance policy. What are losses: 1. Direct loss 2. Indirect loss 3. Consequential loss 4. Liability loss - ANSWER- 1. Direct Loss: actual physical loss 2. Indirect loss: cannot use property due to loss. 3. Loss due to spoilage such as food.