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Insurance: Personal Lines, Texas Questions And Answers With Verified Solutions Already Passed!!!
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Insurance: Personal Lines, Texas Questions And Answers With Verified Solutions Already Passed!!!
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Insurance: Personal Lines, TexasQuestions And Answers With Verified
Solutions Already Passed!!!
Absolute Liability - ANSWERS✔✔Liability that arises from an extremely
dangerous situation. Absolute liability is often found in cases involving explosives.
Also known as "strict" liability. For ex. , you are absolutely liable if you keep a
wild animal as a pet.
Accident - ANSWERS✔✔A sudden & unexpected event, occurring at a specific
time & place.
Actual Cash Value (ACV) - ANSWERS✔✔The cost to replace an item of property
@ the time of loss, less an allowance for depreciation. Often used to determine
amount of reimbursement for a loss (Replacement cost minus Depreciation).
Additional Insured - ANSWERS✔✔A person, firm, or corporation other than the
Named Insured on a policy, or a lender named in a mortgage clause, who is
protected against loss by the terms of the policy.
Additional Living Expenses - ANSWERS✔✔A coverage designed to reimburse
the insured for an increase in living expenses necessitated by loss to the dwelling.
This Indirect Loss must be the result of Direct Loss by a covered Peril.
Adjuster - ANSWERS✔✔Represents the insurance company and acts for the
company in working on agreements as to the amount of a loss and the liability of
the company.
, Admitted Company - ANSWERS✔✔A company that meets the state insurance
department 's standards and is authorized by the Director to do business in the
state.
Agent/Producer - ANSWERS✔✔An individual appointed by an insurance
company to solicit, negotiate, effect, or countersign insurance contracts on its
behalf.
Aggregate/Producer - ANSWERS✔✔A type of policy limit found in liability
policies that limits coverage to a specified total amount for all losses occurring
within the policy period.
Alien Company - ANSWERS✔✔An insurance company incorporated in a country
other than the United States.
Allied Lines - ANSWERS✔✔Property coverages that are closely associated w/ &
frequently sold w/ fire insurance: Dwelling Buildings & Contents form,
Earthquake insurance, Sprinkler Leakage, etc.
All-Risk Insurance - ANSWERS✔✔Insurance protecting the insured from loss
arising from any Peril other than those specifically excluded by name. This
contrasts with Named Peril Insurance, which names the Peril or Perils insured
against.
Application - ANSWERS✔✔A questionnaire that is filled out by an agent & the
prospect seeking insurance. The form contains rating & underwriting information.
The applicant is expected to make representations by answering questions to the
best of his knowledge (truthfully).
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