Super-Duper Texas Adjuster License Test Review
3000!
Terms in this set (309)
Coverage by contract whereby one party undertakes to
Insurance History and
indemnity (hold harmless) or guarantee another against
Regulation: Insurance
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 insurance.
Interests: The Texas
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
Protection of Consumer within 15 days 1) acknowledge receipt of a claim 2) begin
Interests: Texas Insurance 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
Insurance: Principle of
COMPANY IN AN AMOUNT EXCEEDING THE
Indemnity
INSURED'S ECONOMIC LOSS. It is a principle that
returns the insured to their previous financial condition.
Insurance: What are the two 1) to prevent the insured from profiting from a loss 2) to
purposes of indemnity? reduce moral hazard
(1) the potential for a financial loss or the statistical
chance of danger from exposure to a hazard or peril (2)
Insurance: what is risk?
the uncertainty about loss that exists whenever more
than one outcome is possible
is the first event in an uninterrupted chain of events that
Insurance: Proximate Cause
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 buy
avoidance a home with a pool.
Insurance: example of risk to reduce fire damage, install a sprinkler system in home
reduction
Insurance: Example of risk insurance company accepts risk when they've accepted
retention the insured.
Insurance: example of risk purchasing insurance, transfers the risk from insured to
transference insurance company.
Insurance: what is a peril? The actual cause of a loss.
1) named peril -- specifies which perils are insured
Insurance: what are the two
against 2) open peril / all risk peril -- insures against all
types of perils?
perils unless specifically excluded in the policy
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