TEXAS STATUTES AND RULES PERTINENT TO PROPERTY & C
TEXAS STATUTES AND RULES PERTINENT TO PROPERTY & C
Exam (elaborations)
TEXAS STATUTES AND RULES PERTINENT TO PROPERTY & CASUALTY INSURANCE |ACCURATE ANSWERS
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TEXAS STATUTES AND RULES PERTINENT TO PROPERTY & C
Institution
TEXAS STATUTES AND RULES PERTINENT TO PROPERTY & C
Property Insurance - ACCURATE ANSWERS Usually covers a building, the contents of a building or both
Casualty or Liability Insurance - ACCURATE ANSWERS Provides compensation or indemnity for harm or wrong done to others that the insured is legally obligated to pay.
Texas P&C Definition - ACCUR...
TEXAS STATUTES AND RULES
PERTINENT TO PROPERTY &
CASUALTY INSURANCE
TEXAS STATUTES AND RULES PERTINENT TO PROPERTY & CASUALTY INSURANCE |
ACCURATE ANSWERS
Property Insurance - ACCURATE ANSWERS✔✔ Usually covers a
building, the contents of a building or both
Casualty or Liability Insurance - ACCURATE ANSWERS✔✔ Provides
compensation or indemnity for harm or wrong done to others that the
insured is legally obligated to pay.
Texas P&C Definition - ACCURATE ANSWERS✔✔ It is lawful for
any insurance company doing business in Texas under the proper
certificate of authority, except life insurance companies, to insure
houses, buildings and all other kinds of property against loss or damage
,by fire: to take all kinds of insurance on goods, merchandise, or other
property in the course of transportation, whether on land or water, or any
vessel afloat, wherever the same may be; to lend money on bottomry or
respondentia; to cause itself to be insured against any loss or risk it may
have incurred in the course of its business.
Approval of Rates and Forms - ACCURATE ANSWERS✔✔ All policy
forms, endorsements and rates must be approved by the Commissioner
and filed no more than 60 days before the date of delivery or use. After
these 60 days, the filed form or endorsement is considered approved,
unless otherwise disapproved by the Commissioner.
Cancellation of Homeowner's Insurance in effect over 60 Days -
ACCURATE ANSWERS✔✔ Failure of the Insured to pay the premium,
increase in the hazard that is in control of the insured and would cause a
premium increase on the policy, Insured submits a fraudulent claim
and/or the Department discovers the continuation of this policy would
violate the Insurance Code or any other law governing the business of
insurance in this state
Written Notice - ACCURATE ANSWERS✔✔ Insurer may cancel a
policy my mail to the Insured at least 10 days before the effective date of
cancellation
2 or more Claims - ACCURATE ANSWERS✔✔ An Insurer issuing
standard fire, homeowners, and farm or ranchowners insurance policies
may assess a premium surcharge at the time a policy is renewing if this
amount of claims happened in the preceding policy year. Not losses from
natural causes or that were filed and not paid by the Insurer
, Additional Premium Surchage - ACCURATE ANSWERS✔✔ If there is
another claim made following the year of the 2 claims. The board will
set the amount of any surcharge except that it cannot exceed 10% of the
total premium
3 or more Claims - ACCURATE ANSWERS✔✔ Insurer can decline to
renew policy if the insured has filed this many claims in the last 3 year
period
Liquidated Demand - ACCURATE ANSWERS✔✔ In case of total loss
of insured property by fire, a fire insurance policy must be held and
considered to be a ____________________ ____________________
against the company for the full amount of the policy. This regulation
does not apply to personal property. Insurers are required to include this
provision verbatim in each fire insurance policy issued on real property
in Texas
Actual Cash Value (ACV) Basis - ACCURATE ANSWERS✔✔ This is
how all property losses are settled in Texas. Recovery may NOT exceed
the smallest of the following 4 amounts: ACV of the property at the time
of the loss, policy limit for the coverage, amount necessary to
repair/replace the property, OR amount reflecting the insured's interest in
the property at the time of loss
Notice of Settlement of Claim under Casualty Insurance - ACCURATE
ANSWERS✔✔ When a casualty insurer makes an offer to settle, the
Insurer must notify the insured within 10 days. Once the claim is settled,
the Insurer must notify the Insured within 30 days
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