Texas Adjusters School (Questions with 100% correct answers)

If an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved. correct answers $30,000 Which of the following statements best describes an inland marine policy? correct answers Pertains t...

All of the following are criteria for an accident to have occurred "in the course of" the employment under a workers' compensation policy, EXCEPT: correct answers While performing a task that a fellow worker requested, that was unusual to the employee's job description, but occurred on the emplo...

abandonment correct answers a term that applies to property and signifies both a relinquishing of it and the letting go of all legal rights to it, as well, with the intent to claim a total loss. Abandonment of property to an insurance company is something sinusoids are expressly prohibited from doin...

Accumulated Depreciation correct answers The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date correct answers The deadline for providing the insurer with an acreage report, which is used to determine the amount ...

Insurance Adjuster correct answers Any person who, as an independent contractor, or as an employee of an independent contractor, adjustment bureau, association, insurance company or corporation, local recording agent, managing general agent, or self-insured, investigates or adjusts losses on behalf ...

Law of Large Numbers correct answers A statistical concept that describes how the average of a randomly selected large sample from a population is likely to be close to the average of the whole population Underwriting correct answers The process an insurance company uses to decide whether to acce...

All of the following are exempted from the requirement of an adjuster's license examination except: A. Those persons holding CPCU designation; B. those persons adjusting workers compensation claims; C. Those persons who have received the Associate in Claims (AIC) designation; D. Those persons who h...

Insurance History and Regulation: Insurance correct answers Coverage by contract whereby one party undertakes to indemnity (hold harmless) or guarantee another against loss by a specified contingency or peril. Insurance History and Regulation: NAIC correct answers An organization whose purpose is...

All of the following pieces of information can be found in the conditions section of an insurance policy EXCEPT: correct answers Causes of loss that are not covered Which of the following best defines the principle of indemnity? correct answers After a loss, the insured should be restored to his ...

The insured has filed a claim under the "Business Income Department Properties - Broad Form" because the primary buyer of products and services from the business has filed for bankruptcy under this form the primary buyers business would be known as correct answers A recipient location recipient...

A severe thunderstorm damaged a policyholder's residence. He called and asked how long it would be before he receives payment for his claim. Which of the following would NOT be an appropriate response? correct answers We have 6 months to reach a final settlement with you. Janelle has just gradua...

Absolute Liability correct answers Where the law imposes liability without regard to fault or negligence. Monoline Policy correct answers A policy that provides only one type of insurance on the policy: only property insurance. Compensatory Damages correct answers Monies paid to make an injure...

In order to become a licensed Insurance Adjuster in the state of TX, an individual must be_______________ yrs old. correct answers 18 The Texas All Lines Adjuster License can only be held by residents of TX? T or F correct answers False List type of Insurance Adjuster Licenses available in Tex...

Horatio is a business owner who is part of a business owners group that are buying old commercial buildings in their small city and refurbishing them. Horatio has bought a beautiful historical building made mostly of wood. He installs a sprinkler system right away to prevent a fire. What risk manage...