10/14/24, 3:37 PM SUPER-DUPER TEXAS ADJUSTER LICENSE NEWEST 2024 ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT D…
SUPER-DUPER TEXAS ADJUSTER LICENSE
NEWEST 2024 ACTUAL EXAM COMPLETE 300
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
Terms in this set (309)
Coverage by contract whereby one party undertakes
Insurance History and
to indemnity (hold harmless) or guarantee another
Regulation: Insurance
against loss by a specified contingency or peril.
An organization whose purpose is to organize the
Insurance History and regulatory and supervisory efforts of the various state
Regulation: NAIC insurance commissioners from around the United
States.
Protection of Consumer Regulates the consumer interest in regard to
Interests: The Texas insurance.
Department of Insurance
(TDI)
Protection of Consumer Insurance Commissioner
Interests: Head of the
Texas Department of
Insurance
Protection of Consumer was set up by the State of Texas to establish certain
Interests: Chapter 541 - practices which constitute unfair and/or deceptive
Unfair and Deceptive insurance acts.
Insurance Practices
, 10/14/24, 3:37 PM SUPER-DUPER TEXAS ADJUSTER LICENSE NEWEST 2024 ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT D…
Protection of Consumer within 15 days 1) acknowledge receipt of a claim 2)
Interests: Texas Insurance begin investigation 3) request items from the claimant.
Code requires what within
how many days of receipt
of a claim that the insurer?
Insurance: What is the to provide a way to spread risk over a large group of
purpose of insurance? people
IS AN INSURANCE PRINCIPLE STATING THAT AN
INSURED MAY NOT BE COMPENSATED BY
Insurance: Principle of INSURANCE COMPANY IN AN AMOUNT
Indemnity EXCEEDING THE INSURED'S ECONOMIC LOSS. It is a
principle that returns the insured to their previous
financial condition.
Insurance: What are the 1) to prevent the insured from profiting from a loss 2)
two purposes of to reduce moral hazard
indemnity?
(1) the potential for a financial loss or the statistical
chance of danger from exposure to a hazard or peril
Insurance: what is risk?
(2) the uncertainty about loss that exists whenever
more than one outcome is possible
Insurance: Proximate is the first event in an uninterrupted chain of events
Cause that leads to a loss
Speculative: affords the opportunity for gain as well as
Insurance: What are the 2 the possibility of loss
types of risk? Pure: a risk where there is the potential of real loss
due to exposure to a peril
Insurance: example of risk to avoid risks associated with swimming pools, don't
avoidance buy a home with a pool.
Insurance: example of risk to reduce fire damage, install a sprinkler system in
reduction home
Insurance: Example of risk insurance company accepts risk when they've
retention accepted the insured.
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