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All Lines Pre-License Course for Texas Adjusters 2024/2025 already graded A+
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All Lines Pre-License Course for Texas Adjusters 2024/2025 already graded A+
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All Lines Pre-License Course for TexasAdjusters
Accident - ANSSudden, unexpected events that cause property damage or bodily injury.
Actual Damages - ANSDamages that have a specified cost to repair them
Actual Total Loss - ANSComplete destruction of insured property, so that nothing of value
remains.
ACV (Actual Cash Value) - ANSThis is the value of the property after depreciation. As
ALE (Additional Living Expense) - ANSIf a homeowner is temporarily displaced from their home
due to a catastrophe to allow repairs, certain homeowner's policies provide coverage to help
defray this cost.
All Risk Policy - ANSThis policy is only in name as there is no policy that actually covers all
perils, though this policy is the most common. Every policy has some condition, provision, or
exclusion, which limits coverage.
Amendment - ANSA document attached to a policy reflecting a change to the policy language
made by the insurance company or the department of insurance
Assumption of Risk - ANSIf a person/company knows ahead of time that there is a possibility of
injury, or worse, and agree not to hold anyone else responsible if an accident occurs, there
really isn't negligence and insurance companies will generally not be liable and will resist paying
Attachment - ANScourt order allowing one person to take something of value belonging to
another into custody for a particular purpose.
Bailee - ANSPerson(s) who, with permission, take care of another person/company's property.
Basic Form - ANSThe least expensive structural ACV policy covers only three perils on the
structure and contents: fire, lightning, and demolition/removal. You may see the number "1" or
"A" in the form number, such as HO-1 or HO-A.
Barratry - ANSFraud or gross negligence of a ship's master or crew at the expense of its owner
or users
Blanket Coverage - ANSThis is a specific endorsement that provides a preset dollar amount to a
particular category, i.e. $500 for "tree removal", $10,000 for "personal property.
, Bodily Injury - ANSBodily injuries, legal defense, and compensation to other parties caused by
an insured.
Bond - ANSA secured, long-term IOU with issuer obligations
Broad Form - ANSA bit costlier than the Basic Form, it covers 16 named perils on structure and
content. It only pays (ACV), not (RCV). Often, you may see the number "2" or "B" in the form
number, such as HO2, HO-B.
Cause & Origin (C&O) Investigation - ANSInvestigations often used to determine how, when,
and why, specific damage occurred.
Cancellation - ANSAn insurance company or the insured can cancel a policy with 60 days'
notice for various reasons, such as a change in the coverage, criminal felony conviction,
misrepresentation in the policy application, etc.
Cargo - ANSGoods transported by truck, train, ship, or aircraft. Also known as Freight.
Claimant - ANS"First Party" files a claim against his own insurance company, aka "Second
Party." A "Third Party" is someone who files a claim against someone else's insurance company.
Collision Coverage - ANSAuto coverage for impact damage.
Comprehensive Coverage - ANSAuto coverage for non-collision damage, such as fire,
vandalism, theft, flood, etc.
Conditions - ANSThis is one of four basic parts of an insurance policy. This section has two
main parts, "Your Duties After Loss" and "Settlement Provisions."
Constructive Total Loss - ANSThe cost to repair an insured item exceeds the cost to replace the
item, regardless of RCV or ACV policy
Contents - ANSPersonal property such as clothing, furniture, televisions, computers, etc.
CE - ANS24 Continuing Education hours are required every two years. 50% (12) hours must be
in a classroom or classroom equivalent. Two hours must be ethics/consumer protection.
Contract - ANSA written agreement (i.e. insurance policy) between two competent parties.
Date Of Discovery - ANSThe date when the damages were noticed which is often different from,
and not to be confused with, the date of loss.
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