TX ADJUSTER TEST | 111 Questions with 100% Correct
Answers
Subrogate Subrogation is the right for an insurer to legally pursue a third party
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caused an insurance loss to the insured. This is done as a means of recovering the
amount of the claim paid by the insurance carrier to the insured for the loss. - Correct
Answer -While investigating a claim, you determine that the loss was caused by a
defective mechanism in the dishwasher. You would attempt
to_________________________?
Appraisal - Correct Answer -What is the process when an insurer and an insured have a
dispute regarding the amount of damage?
Material Misrepresentation - Correct Answer -
__________________________________________________is a significant
misstatement in an application form. If a company had access to the correct
information at the time of application, the company might not have agreed to accept
the application.
Age, Condition and Life Expectancy - Correct Answer -As an adjuster, you should base
depreciation on these three factors?
Umpire - Correct Answer -An_________________ is a person hired by the property
owner to settle the claim with insurance company on their behalf.
HO-A - Correct Answer -This type of policy provides coverage only for those perils that
are listed in the policy?
Additional Living Expenses - Correct Answer -_________________________ are extra
charges covered by homeowner's policies over and above the policyholder's customary
living expenses.
Occurrence - Correct Answer -_______________________is an event that results in an
insured loss/damages?
Actual Cash Value - Correct Answer -What is value of your property, based on the
current cost to replace it, minus depreciation?
Incurred Expenses - Correct Answer -Expenses that have already sustained and that
have not yet been paid are known as ____________________________________.
Declarations Page - Correct Answer -________________________________is the part
of the written insurance policy that states all the policy's specific's, including the name
of the policyholder, the type of property insured, the premiums, and the term limits for
the coverage.
Negligence - Correct Answer -What is the failure to use that degree of care which an
ordinary person of reasonable prudence would use under similar circumstances?
Overhead and Profit - Correct Answer -______________________________is the
amount of money dedicated to a general contractor's cost of doing a business and
earning a profit.
Third Party Loss - Correct Answer -____________________________is a situation
involving a person other than an insurer and the insured.
Reserves - Correct Answer -What is the amount representing actual or potential
liabilities kept by and insurer to cover debts to policyholder?
First Party Loss - Correct Answer -This loss involves only the insurer and the insured?
Liability - Correct Answer -What is the responsibility to another for one's negligence?
Severity - Correct Answer -_____________________ is the size of a loss, the extent of
damages.
Premium - Correct Answer -___________________________ is the amount paid by an
insured to an insurance company to obtain or maintain an insurance policy
Replacement Cost - Correct Answer -__________________________________is the
cost associated with replacing property at the current market price.
Policy Period - Correct Answer -The period of a policy is in force, from the beginning or
effective date to the expiration date is the ________________________________?
deductible - Correct Answer -The amount the insured must pay in a loss before any
payment is due is known as the ____________________________________.
Adjuster - Correct Answer -A person who investigates and settles insurance claims is
the ______________________?
$5000.00 - Correct Answer -Mary Johnson has an HO-B policy. Her coverage A limit of
liability is $250,000 and her coverage B limit is $125,000. Her policy has a 2%
deductible. What is her deductible? [Show Less]