TX ADJUSTER TEST Questions with 100% Correct Answers
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Course
WGU C483
Institution
WGU C483
TX ADJUSTER TEST Questions with 100% Correct Answers
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 lo...
TX ADJUSTER TEST Questions with 100% Correct
Answers
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.
While investigating a claim, you determine that the loss was caused by a defective mechanism in the
dishwasher. You would attempt to_________________________?
Appraisal
What is the process when an insurer and an insured have a dispute regarding the amount of damage?
Material Misrepresentation
__________________________________________________is a significant misstatement in an
application form. If a company had access to the correct information at the time of application, the
company might not have agreed to accept the application.
Age, Condition and Life Expectancy
As an adjuster, you should base depreciation on these three factors?
Umpire
An_________________ is a person hired by the property owner to settle the claim with insurance
company on their behalf.
HO-A
This type of policy provides coverage only for those perils that are listed in the policy?
Additional Living Expenses
_________________________ are extra charges covered by homeowner's policies over and above
the policyholder's customary living expenses.
Occurrence
_______________________is an event that results in an insured loss/damages?
Actual Cash Value
What is value of your property, based on the current cost to replace it, minus depreciation?
Incurred Expenses
Expenses that have already sustained and that have not yet been paid are known as
____________________________________.
Declarations Page
________________________________is the part of the written insurance policy that states all the
policy's specific's, including the name of the policyholder, the type of property insured, the premiums,
and the term limits for the coverage.
, Negligence
What is the failure to use that degree of care which an ordinary person of reasonable prudence would
use under similar circumstances?
Overhead and Profit
______________________________is the amount of money dedicated to a general contractor's cost
of doing a business and earning a profit.
Third Party Loss
____________________________is a situation involving a person other than an insurer and the
insured.
Reserves
What is the amount representing actual or potential liabilities kept by and insurer to cover debts to
policyholder?
First Party Loss
This loss involves only the insurer and the insured?
Liability
What is the responsibility to another for one's negligence?
Severity
_____________________ is the size of a loss, the extent of damages.
Premium
___________________________ is the amount paid by an insured to an insurance company to obtain
or maintain an insurance policy
Replacement Cost
__________________________________is the cost associated with replacing property at the current
market price.
Policy Period
The period of a policy is in force, from the beginning or effective date to the expiration date is the
________________________________?
deductible
The amount the insured must pay in a loss before any payment is due is known as the
____________________________________.
Adjuster
A person who investigates and settles insurance claims is the ______________________?
$5000.00
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