Texas All Lines Adjuster Test Questions And Answers 100% Guaranteed Success.
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Texas All Lines Adjuster
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Texas All Lines Adjuster
Texas All Lines Adjuster Test Questions And Answers 100% Guaranteed Success.
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. T...
Texas All Lines Adjuster Test Questions And
Answers 100% Guaranteed Success.
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 amount 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 individual 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 the insurer.
Adjuster - Emergency - correct answer. Adjusters who are temporarily licensed by the
insurance commissioner to handle claims during catastrophes 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. Usually 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 called: 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 subtracted from
the final settlement amount. Often used when a claimant suffers bodily injury and is
unable 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 principal.
Agency Authority - implied - correct answer. Authority that an agent possesses by
implication of her behavior, regardless of whether this authority 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 occurrence).
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 preliminary 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 insurance contract will only pay IF and
WHEN covered damages occur. Neither party knows how much the 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) accept complaint and pay for damages, 2) deny
the complaint, or 3) accept the complaint with a right to 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 two 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 opposing 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 sudden and accidental damage
from any electrical current, except currents that are naturally generated, such as
lightning or static electricity.
Auto Policy - correct answer. Insurance policy designed to protect the policyholder
while owning, occupying, or operating a vehicle. 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-fault insurance; that is, insurance that
indemnifies the insured regardless of who was at fault in an accident. No-fault laws also
restrict the insured's right to sue the at-fault party.
Aviation - correct answer. Aviation insurance combines hull insurance for the aircraft
and liability insurance for any damage to others' property or to people who are not
passengers.
Bailee - correct answer. An individual or company that receives the property of
someone else for a special purpose, and returns the product after use.
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