Texas property and casualty task test with possible solution A+ Graded
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Course
Texas Property
Institution
Texas Property
Texas property and casualty task test
with possible solution A+ GradedTexas property and casualty task test
with possible solution A+ GradedTexas property and casualty task test
with possible solution A+ GradedTexas property and casualty task test
with possible solution A+ GradedTexas prope...
Texas property and casualty task test
with possible solution A+ Graded
acceptance - CORRECT ANSWERS-when the insurer accepts the offer by issuing a
policy
adjuster - CORRECT ANSWERS-person who investigates and settles claims for an
insurer.
administrative penalty - CORRECT ANSWERS-a person who violates a cease and
desist order is subject to this. may not exceed a 1,000 for eac violation or 5,000 for all
violations
admitted insurer - CORRECT ANSWERS-insurer that has sought permission from the
commissioner of insurance and been granted authrority to sell insurance policies in Tx.
Theyre allowed to sell insurance here not incorporated here.
Alien - CORRECT ANSWERS-an insurer that was formed, incorporated or has its home
office in another county
appointment - CORRECT ANSWERS-a person wishing to sell insurance must have an
insurance license and an appt from an insurer selling policies in Tx. if a producer,
appointed with one insurer wishes to sell for a second insurer, that producer need only
request appointment. cancelling the appt allows insurers terminate their relationship
with a producer.
appraisal - CORRECT ANSWERS-a claims dispute resolution method used to settle a
question about the amt of the claim payout. example: an insurerer and insured cannot
agree on the amt of a loss to damaged property.
arbitration - CORRECT ANSWERS-a claims dispute resolution method designed to
settle a question of coverage provided for a loss. for example: insurer and insured
cannot agree on the definition of a coverage or a peril.
avoidance - CORRECT ANSWERS-the elimination of the risk. insurance cannot do this
, Binder - CORRECT ANSWERS-temporary legal agreement showing that certain
amounts of coverage are in force at certain limits. Can be written or verbal. Typically
shows the insured, the insurer, the limits of insurance, but does not always show the
premium amount. effectiveness terminates upon policy issuance. Shows coverage date
and coverage amt.
boycott - CORRECT ANSWERS-refusing to do business with someone
cancellation - CORRECT ANSWERS-discontinuation of a policy prior to the expieration
date of the policy.
Certificate of authority - CORRECT ANSWERS-admitted insurers receive this. Think of
this as an insurance license for the insurer.
certificate of insurance - CORRECT ANSWERS-A brief description of insurance
coverage prepared by an insurer or its agent and commonly used by policyholders to
provide evidence of insurance.
coercion - CORRECT ANSWERS-compelling someone to act against their own interest.
For ex: telling a claimant that they must sign a release before they will receive aid in
handling the claim would be coercion
concealment - CORRECT ANSWERS-deliberate hiding on info imp to issuing the policy.
even if the applicant is not directly asked about the subject.
conditions - CORRECT ANSWERS-the obligations and duties of the parties in the
contract; assignment- insured may not transfer ownership rights without written consent
of the insurer. bankrupcy- if insured becomes bankrupt it does not release insurer from
fulfilling its obligations under the policy. cancellation-10 days for non pay
consideration (4 ps) - CORRECT ANSWERS-exchange of values by both parties.
Premium payments for promise to pay. the insureds consideration is the premium
payment along with the completed application. The insureres consideration is their
promise to pay the claim. negotiation is not one of these elements.
Continuing education - CORRECT ANSWERS-insurance licenses in Tx expire after 2
years. to maintain a license, a producer must complete the continuing education
requirements before the expiration of the license: 24 total hrs, 50% in a classroom or
classroom equivalent, 2 hrs covering ethics. a penalty of 50$ for every hour not properly
completed will apply. if licensee does not complete the 24 hours of CE before the
expiration date of the license the licensee will have 90 days to complete the deficient
number of hrs and pay a fine of 50 per deficient hr.
Contract of adhesion - CORRECT ANSWERS-offered to the first party, the insured, by
the second party, the insurer, requiring the first party to accadept or reject the contract
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