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Texas All lines adjuster license insurance terms and related concepts Chapter 1 already graded A+ 2024/2025 $9.99
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Texas All lines adjuster license insurance terms and related concepts Chapter 1 already graded A+ 2024/2025
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Texas All lines adjuster license insurance terms and related concepts Chapter 1 already graded A+ 2024/2025

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  • January 6, 2024
  • 10
  • 2023/2024
  • Exam (elaborations)
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  • Texas all lines adjuster

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Texas All lines adjuster license insurance
terms and related concepts Chapter 1

Law of Large Numbers - ANSthe more examples used to develop any statistic, the more reliable
the statistic will be

Underwriting - ANSThe process and insurance company uses to decide whether to except or
reject an application for a policy insurance. underwriters evaluate the risk and exposure of a
potential policyholders they decide how much coverage the policyholder should receive how
much they should pay for it or whether even to except the risk and insure them. underwriting
involves measuring risk exposure and determining the premium that needs to be charged to
ensure that risk.

peril - ANSA cause of property losses I.E, fire, lightning, explosion, windstorm, hurricane,
collapse of building, vandalism, accidental discharge, theft.

hazard - ANSIs a situation that poses a level of threat to life, Heath, property, or environment.

Direct loss - ANSDirect physical loss to property

Indirect loss - ANSA loss that arises as a result of damage to property, other than the direct loss
to the property. If you own a taxi and someone totals out your taxi, you can't make money
because you can't drive your taxi for fares.

Principle of indemnity - ANSInsurance will not pay more than the cost of the incident

Property insurance - ANSCovers the loss of real and personal property from perils such as fire,
theft, windstorm

Insuring Agreement - ANSSummarizes the major promises of the insurer in exchange for
premium payments by their customer.

Deductible - ANSAmount you must pay before you begin receiving any benefits from your
insurance company

Cancellation - ANSTermination of an insurance policy by insurance company or insurer before
the renewal date. All notices must be done in writing.

Limit of Liability - ANSThe maximum amount for which an insurer is liable. The policy of
declarations specifies limits.

, Loss settlement - ANSThe process used to determine the amount of the loss.

Methods used to settle losses - ANSActual cash value- value of the property, based on the
current cost to replace it, minus applicable depreciation.

Replacement cost- the cost associated with replacing property at current market prices.

Agreed value- the amount that the insured and insurer agree upon during the time of policy
inception.

Market value- the amount the property is worth in a competitive market. This amount is
accepted by the buyer and seller.

Casualty insurance - ANSProtects a person from financial loss arising from bodily injury or
property damage to others arising out of : ownership of property, operation of a motor vehicle,
personal activities, business activities, robbery, and Worker's comp.

liability - ANSA person is legally liable for an accident if that person is found responsible for
bodily injury or property damage to another party. Usually based upon the negligent acts of that
person.

negligence (n) - ANScarelessness

Tort - ANSA civil wrong committed against someone else. This breach would determine if that
person is negligent. The essential elements used to determine negligence :
duty owed
Duty breached
Proximate cause
Damages

Punitive Damages - ANSMoney a court requires a defendant to pay in order to punish and make
an example of the defendant. "Punitive" (punished or punishment by the court)

Comparative Negligence - ANSIs a partial legal defense that reduces the amount of damages
that a person can recover based upon the amount that this person's own negligence contributed
to the loss. (Two or more people Sharing fault in a negligent situation)

Contributory Negligence - ANSIs a law defense where a person's own negligence contributed to
the harm that he or she sustained

assumption of risk - ANSIs a defense which bars a person that voluntarily and knowingly
subjected oneself to danger.

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