Texas Statutes and Rules Pertinent to Property & Casualty Insurance test with correct answe
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Course
Texas Property
Institution
Texas Property
Texas Statutes and Rules Pertinent to
Property & Casualty Insurance test with
correct answeTexas Statutes and Rules Pertinent to
Property & Casualty Insurance test with
correct answeTexas Statutes and Rules Pertinent to
Property & Casualty Insurance test with
correct answeTexas Statutes...
Texas Statutes and Rules Pertinent to
Property & Casualty Insurance test with
correct answer
2 or more Claims - CORRECT 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
3 accounts for the Texas P&C Guaranty Association - CORRECT ANSWERS-Workers
compensation insurance account
Automobile insurance account
Account for all other lines of insurance under the association
3 or more Claims - CORRECT ANSWERS-Insurer can decline to renew policy if the
insured has filed this many claims in the last 3 year period
Accrued Benefits - CORRECT ANSWERS-An order to pay income or death benefits
MUST include interest and the interest and unpaid compensation will be paid in one
lump sum
Actual Cash Value (ACV) Basis - CORRECT 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
Additional Premium Surchage - CORRECT 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
Approval of Rates and Forms - CORRECT 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.
, Assigned Risk - CORRECT ANSWERS-Plans would be considered a part of the
residual market facilities
Average Weekly Wage - CORRECT ANSWERS-Calculated from an average of income
within the 13 weeks prior to the injury.
Burial - CORRECT ANSWERS-$10,000 or actual cost for reasonable burial
expenses....whichever is less. If employee passes while away, employer will pay the
cost of transporting the body back to the place of regular employement
Cancellation - CORRECT ANSWERS-Requires 10 day notice to the insured. If done on
a policy anniversary, a 30 day notice is required
Cancellation of Commercial Auto - CORRECT ANSWERS-Insurer may cancel a liability
policy that has been in effect under 60 days for any reason. Must provide written notice
to the Insured within 10 days of the cancellation date
Cancellation of Homeowner's Insurance in effect over 60 Days - CORRECT
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
Casualty or Liability Insurance - CORRECT ANSWERS-Provides compensation or
indemnity for harm or wrong done to others that the insured is legally obligated to pay.
Catastrophe Area - CORRECT ANSWERS-Determined by the Commissioner that a city
or county is subject to unusually frequent and severe damage from windstorm and hail
and that windstorm and hail insurance is not reasonably available to a substantial
number of property
Catastrophe Eligibility - CORRECT ANSWERS-All construction, alteration, remodeling,
enlargement and repair, or addition to, any structure located in the catastrophic area
must be performed in compliance with the applicable building code standards, as set
forth in the plan of operation of the association. Property will be inspected and policies
last 1 year
Course & Scope of Employment - CORRECT ANSWERS-Labor Code defines this as
"any kind of activity that has to do with and originates in the business of the employer
and is performed by an employee while furthering the affairs or business of the
employer. Includes activity carried out on the employer's premises and at other
locations.
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