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Texas PNC licensing exam solved 100% Correct
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Texas PNC licensing exam solved 100% Correct
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Texas PNC licensing exam solved 100% Correct$1,000 - ANSWER-Deductible that applies separately to building and contents under a
flood policy
$1,500 - ANSWER-Peril of theft limit for jewelry, watches, and furs
$2,500 - ANSWER-All peril limitation for business property on premises
$2,500 - ANSWER-Peril of theft limitation for fierarms and related equipment
10 - ANSWER-How many days of notice must an insurer give an insured in the event of
cancellation?
10 - ANSWER-Number of days notice for a hearing given by the commissioner when an
adjuster is accused of wrongdoing
15 - ANSWER-Number of BUSINESS days a claimant must be notified in writing of
acceptance or rejection of a claim after all requested information has been received
15 - ANSWER-Number of days an agent has to: acknowledge receipt of a claim,
commence investigation, forward necessary paperwork requesting information from a
claimant
18 - ANSWER-Minimum age requirement for an adjuster to be licensed
2 - ANSWER-An insurance adjusters license must be renewed every ___ years
250 - ANSWER-Standard deductible for coverages A, B, and C under a homeowners
policy
30 - ANSWER-Amount of notice required for nonrenewal of an insurance policy
30 - ANSWER-For how long is liability for newly acquired livestock covered?
30 - ANSWER-Number of days after which vandalism coverage is suspended due to
vacancy on a standard fire policy. Term for other policies is 60 days
30 - ANSWER-Number of days an agent has to resolve a claim that is the result of a
major natural disaster
30 - ANSWER-Number of days an agent has to resolve claims where arson is
suspected
30 - ANSWER-Number of days in the waiting period for flood insurance
,30 - ANSWER-Number of hours of continuing education needed during a license cycle
30 days - ANSWER-Amount of time one has to notify the commissioner of an address
change
4 - ANSWER-Number of years one is required to keep a record of continuing education
5 - ANSWER-Number of business days an adjuster has to send a check to the claimant
once a settlement has been reached
5 days - ANSWER-Notice period required for a commissioner to issue a temporary or
emergency license
6 - ANSWER-Number of construction classifications
60 - ANSWER-Number of days an agent has to investigate fraud
90 - ANSWER-Number of days an adjuster has to renew a license after expiration.
Payment must include a 50% penalty
A violent act dangerous to life, property, or infrastructure as certified by the US
secretary of treasury; results in damage within the US or an air carrier, vessel, or
premises of a US mission - ANSWER-Criteria of an act of terrorism
Absolute liability - ANSWER-The law imposes liability without regard to fault or
negligence
Accident limit - ANSWER-Used to include an incident that is sudden and unforeseen.
Accounts receivable floater - ANSWER-Floater that covers loss resulting from the
damage or destruction of accounts receivable records by paying the reasonable
expenses incurred to reestablish accounts receivable records. Does not pay for
accounting or billing errors
Actual cash value - ANSWER-Replacement cost minus depreciation
Advanced payment - ANSWER-A partial payment of a claim that is issued withour
obtaining a signed release.
Agent - ANSWER-One who sells insurance policies
Aggregate limit - ANSWER-Maximum amount of coverage available during the policy
period
, Agreed value - ANSWER-Payment of the policy limit for the property scheduled.
Typically applies to one of a kind, classic cars, and antiques. Items are insured for their
appraised value
Aid - ANSWER-First aid supplementary payments that are paid with no limit
Aleatory contract - ANSWER-A contract in which the values exchanged are not equal.
Ex: Someone insures a $300,000 house, but only pays $200 in premiums
Alien insurer - ANSWER-An insurer who is organized and domiciled outside the United
States
An earthquake endorsement, a schedule personal property endorsement, home
daycare endorsement, and personal injury indorsement - ANSWER-Common
endorsements to a homeowners policy
Analyze reports, gather evidence, verify evidence, observe the site, take photos, gather
medical reports, consult experts, identify conflicting information - ANSWER-Steps to
take when determining liability
Annual transit policy - ANSWER-Covers all incoming and outgoing shipments for a year.
Assignment clause - ANSWER-A clause that explains the policy may only be assigned
to another with the insurers written consent
Bad faith - ANSWER-Occurs when the insurer does not abide by the terms and spirit of
the policy. The insured must prove that the insurance company had no reasonable
basis for denying a claim or payment.
Bail bond - ANSWER-A bond that guarantees appearance in court
Basic causes of loss form - ANSWER-A named perils form that includes all of ther perils
learned in personal insurance, also includes sinkhold collapse and sprinkler leakage
Bid Bond - ANSWER-A bond used when writing a contract where the bidding company
makes a promise to complete the work as outlined in the bid
Binder - ANSWER-A temporary insurance contract
Blanket insurance form - ANSWER-Uses a single limit of insurance to cover multiple
buildings or their contents at multiple locations
Blanket schedule - ANSWER-Covers theft by any employee
Boat owners policy - ANSWER-A policy that covers boats under 26'
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