Exam (elaborations)
Texas Property & Casualty License QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GRADED A+
- Course
- Institution
Texas Property & Casualty License QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GRADED A+
[Show more]
Content preview
Texas Property & Casualty License1. Abandonment - ANS-insured cannot abandon partially damaged property and expect to
be paid for its full value
2. Absolute Liability - ANS-Liability without fault (Child drowns in pool)
3. Actual Loss - ANS-Another suffers a loss
4. Adjusters must meet the following time requirements in Texas - ANS--15 days to
acknowledge claim, commence investigation and request all information (Proof of loss
notice)
5. -15 business days to accept or deny the claim, once all required information is received
6. -5 business days to write the check after liability is determined
7. -The above requirements may be modified, if suspected arson or weather related
catastrophe
8. Alien - ANS-Another country
9. Arbitration - ANS-Deal with disagreements on coverage issues
10. Auto Policy - Insurer Cancellation - ANS-Insurer can only cancel within 60 days with
underwriting reason or non-payment and 10 day notice to insured.
11. After 60 days - Insurer can only cancel with 10 day notice for non-payment, DL
suspended/revoked, fraudulent claim, or veh registration suspended/revoked.
12. Bodily Injury - ANS-Injuries including pain and suffering
13. Bodily Injury (personal auto policy) - ANS-Bodily harm, sickness or disease including
death
14. Bodily Injury covers injuries caused by the insured including what? - ANS-Medical
Expenses, Lost Wages, Pain & Suffering
15. Breach of Duty - ANS-Failure to comply with a duty
16. Cancellation Requirements - ANS-Insurer - must provide a 10 day advance written
notice to the insured that the policy will be cancelled.
17. Insured - no notice required
18. Collision (Physical Damage) - ANS-Covers specified perils only (collision with another
veh or object)
19. Upset of the vehicle (overturned)
20. Exclusions:
21. -Sound and video equipment - unless permanently installed. If permanently installed -
$1500 max.
22. -Personal property in the car
23. -Customized equipment - unless endorsed
24. -Wear and tear
25. -Mechanical or Electrical breakdown or failure
26. -Road damage to tires
27. -War
28. -Freezing
, 29. Compensatory Damage - ANS-To indemnify the injured party
30. Comprehensive Loss - ANS-Covers Fire, Explosion, Wind, Hail, Earthquake, Flood,
Vandalism, Theft, Glass Breakage, Contact with bird or animal
31. Conditions - ANS-Contains the duties and rights of both parties
32. Continuing Education - ANS-30 hrs required during license cycle
33. 50% Classroom setting/ Classroom equivalent
34. 2 hrs of Ethics
35. Keep records for at least 4 yrs in case of audit
36. No grace period given for completing continuing education
37. Contractual Liability - ANS-Insured assumes another's liability under a written agreement
38. Defamation - ANS-Making oral or written statements that are false, malicious, or
derogatory to the financial condition of any insurer or agent
39. Definition of agent - ANS-Anyone who solicits insurance or aids in placing risk, delivering
policies, or collecting policies on behalf of an insurance company.
40. Direct Liability - ANS-Insured is the wrongdoer (Tortfeasor)
41. Disparagement - ANS-Dishonesty about competition including their services or business
methods
42. Domestic - ANS-Same state
43. Elements of a legal contract (CALC) - ANS-C - Competent parties (18/Right frame of
mind)
44. A - Agreement (Both parties agree)
45. L - Legal Purpose (The risk is LEGAL)
46. C - Consideration (It has to be fair)
47. Examples of License Revocation or Renewal Refused - ANS--Violation of insurance laws
48. -Misappropriation of funds or defraud a policyholder(cannot reapply for five years)
49. -License suspension - stopped from selling for period of time
50. -Failure to complete continuing education, $50 fine per hour not completed
51. -Performing agent duties without a license (Class B Misdemeanor, $500 fine, no license
for 5 yrs)
52. Fair Credit Reporting Act - ANS-to protect consumers when adverse action (increase in
rates) resulting from review of credit
53. Foreign - ANS-Another state
54. How does the law of large numbers apply in insurance? - ANS-Actuaries use the law of
large numbers to estimate claims
55. Insurance (covers which type of risk?) - ANS-Pure Risk Only
56. Insuring Agreement? - ANS-Insurers promise to pay
57. Investigations and Examinations by the Commissioner - ANS-At least once every five
years or more often if deemed necessary
58. Legal Duty - ANS-Owe an obligation to act or not act
59. Liability Exclusions - ANS-Use of vehicle without permission
60. Use of vehicle used as a public or taxi transporter
61. Use of vehicle in prearranged racing or speed contest
62. Loss caused intentionally by the insured
63. Damage to property owned or being transported by the insured
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ashley96. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80796 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now