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Texas All Lines Adjuster Test LATEST ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS.
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Texas All Lines Adjuster Test LATEST ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS.
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Texas All Lines Adjuster Test LATEST ACTUAL EXAMQUESTIONS AND CORRECT ANSWERS (VERIFIED
ANSWERS)
Accumulated .Depreciation .- .(correct .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 .- .(correct .answer) .-
The .deadline .for .providing .the .insurer .with .an .acreage .report, .which .is .used .to .determine .the .amou
nt .of .coverage .needed .and .the .premium .charged .for .a .particular .crop.
Actual .Cash .Value .(ACV) .- .(correct .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)
Actual .Production .History .- .(correct .answer) .-A .history .of .a .farmer's .crop .yields .over .a .multi-
year .period, .which .is .used .to .determine .the .normal .production .level .of .a .farm.
Adhesion .- .(correct .answer) .-Characteristic .of .an .insurance .contract. .Means .that .one .party .
(the .insurer) .sets .the .terms, .and .the .other .(the .policyholder) .can ."take .it .or .leave .it."
Adjusted .Gross .Revenue .(Crop .Insurance) .- .(correct .answer) .-Narrowest .
(and .least .expensive) .form .of .Crop .Revenue .Insurance. .Insures .farm .revenue .as .a .whole .instead .of .i
ndividual .crops. .Guarantees .a .percentage .of .the .insured .farm's .average .revenue.
Adjuster .- .(correct .answer) .-
An .agent .who, .for .compensation, .processes .insurance .claims. .Can .represent .either .the .insured .or .th
e .insurer.
Adjuster .- .Emergency .- .(correct .answer) .-
Adjusters .who .are .temporarily .licensed .by .the .insurance .commissioner .to .handle .claims .during .catas
trophes .or .emergencies .that .produce .an .overwhelming .number .of .claims .in .a .short .period .of .time.
,Adjuster .- .Independent .- .(correct .answer) .-Self-
employed .adjusters .who .contract .with .multiple .insurers .at .the .same .time. .Paid .on .a .commission .or .
fee-plus-expenses .basis .for .each .claim. .Also .called: .Fee .Adjuster, .Bureau .Adjuster
Adjuster .- .Public .- .(correct .answer) .-
An .adjuster .who .is .hired .to .represent .the .claimant .and .help .determine .a .fair .indemnification. .Usuall
y .specializes .in .appraisals .and .negotiation. .Paid .commission, .usually .a .percentage .of .final .settlement
.
Adjuster .- .Staff .- .(correct .answer) .-
Salaried .employee .of .one .insurance .company .who .can .work .locally, .regionally, .or .nationally. .Also .cal
led: .Company .Adjuster
Advance .Payment .Settlement .- .(correct .answer) .-
A .settlement .option .that .lets .the .insurer .offer .some .financial .relief .to .the .claimant .before .the .claim
.has .been .fully .settled. .The .insurer .makes .advance .payments .to .the .claimant, .which .are .then .subtra
cted .from .the .final .settlement .amount. .Often .used .when .a .claimant .suffers .bodily .injury .and .is .una
ble .to .work.
Agency .Authority .- .(correct .answer) .-The .Agent's .authority .to .act .on .behalf .of .someone .else, .usually
.an .insurer. .This .authority .is .derived .from .the .agent's .contract .with .the .insurer.
Agency .Authority .- .express .- .(correct .answer) .-
Authority .that .is .expressly .given .to .the .agent .in .writing. .Allows .agent .to .act .on .behalf .of .the .princip
al.
Agency .Authority .- .implied .- .(correct .answer) .-
Authority .that .an .agent .possesses .by .implication .of .her .behavior, .regardless .of .whether .this .authorit
y .is .granted .in .writing.
Agency .Authority .- .apparent .- .(correct .answer) .-
Authority .that .an .agent .possesses .based .on .the .appearance .of .representing .the .insurer.
Agent .- .(correct .answer) .-
Someone .who .has .received .authority .from .an .insurer .to .sell .or .service .insurance .policies.
Aggregate .Limit .- .(correct .answer) .-
A .type .of .policy .limit .found .in .some .health, .liability, .and .property .damage .policies. .It .represents .the
.total .amount .the .insurer .will .pay .for .all .losses .
(as .opposed .to .an .occurrence .limit, .which .denotes .the .total .amount .the .insurer .will .pay .per .occurre
nce).
Agreement .- .(correct .answer) .-One .of .the .four .requirements .of .a .legally .binding .contract. .All .parties
.involved .must .agree .to .the .terms .of .the .contract. .Can .also .refer .to .a .binder, .which .is .the .prelimina
ry .substance .of .a .contract.
, Agricultural .Producer .- .(correct .answer) .-A .business .that .grows, .harvests, .and .sells .crops .for .profit.
Aleatory .- .(correct .answer) .-
A .characteristic .of .an .insurance .contract. .Means ."depending .on .an .unknown .future .event." .An .insur
ance .contract .will .only .pay .IF .and .WHEN .covered .damages .occur. .Neither .party .knows .how .much .t
he .contract .will .end .up .paying .when .they .enter .into .the .contract.
Answer .- .(correct .answer) .-
In .liability .cases, .the .defendant's .response .to .a .complaint. .There .are .three .possible .answers: .1) .acce
pt .complaint .and .pay .for .damages, .2) .deny .the .complaint, .or .3) .accept .the .complaint .with .a .right .t
o .insert .evidence .into .the .case.
Annual .Depreciation .- .(correct .answer) .-
An .item's .Replacement .cost .divided .by .the .number .of .years .in .its .expected .lifespan.
Appraisal .- .(correct .answer) .-
A .negotiation .method .which .allows .the .claimant .and .the .insurer .each .to .select .an .appraiser. .The .tw
o .appraisers .in .turn .select .an .Umpire. .The .appraisers .then .work .together .to .determine .a .settlement
.amount. .If .they .cannot .agree, .the .Umpire .steps .in. .Agreement .by .any .two .of .the .three .is .binding.
Arbitration .- .(correct .answer) .-
A .negotiation .method .in .which .the .opposing .parties .each .submit .their .evidence .to .a .mutually-
agreed-
upon .and .neutral .third .party, .called .an .arbitrator. .The .arbitrator .reviews .the .positions .of .each .oppo
sing .side, .and .makes .a .final .and .legally .binding .decision.
Arbitrator .- .(correct .answer) .-The .mutually-agreed-
upon .and .neutral .third .party .in .an .arbitration .who .reviews .the .positions .of .each .opposing .side, .and
.makes .a .final .and .legally .binding .decision.
Artificially .Generated .Current .- .(correct .answer) .-
Also .called ."artificial .current." .A .peril .covered .in .some .property .insurance .policies. .It .includes .sudde
n .and .accidental .damage .from .any .electrical .current, .except .currents .that .are .naturally .generated, .s
uch .as .lightning .or .static .electricity.
Auto .Policy .- .(correct .answer) .-
Insurance .policy .designed .to .protect .the .policyholder .while .owning, .occupying, .or .operating .a .vehicl
e. .Usually .combines .liability .coverage .and .property .coverage .into .one .policy.
Automobile .- .(correct .answer) .-
In .Insurance .policies, .Automobile .generally .means .any .vehicle .designed .for .use .on .public .roads.
Automobile .No-Fault .Laws .- .(correct .answer) .-
Laws .in .effect .in .some .states .that .require .any .owner .of .a .vehicle .to .purchase .no-
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