TEXAS ALL LINES ADJUSTER LICENSE INSURANCE TERMS AND RELATED CONCEPTS CHAPTER 1 QUESTIONS AND CORRECT ANSWERS

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TEXAS ALL LINES ADJUSTER LICENSE INSURANCE TERMS AND RELATED CONCEPTS CHAPTER 1 QUESTIONS AND CORRECT ANSWERS

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TEXAS ALL LINES ADJUSTER LICENSE INSURANCE TERMS AND RELATED CONCEPTS CHAPTER 1 QUESTIONS AND CORRECT ANSWERS

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TEXAS ALL LINES ADJUSTER LICENSE
INSURANCE TERMS AND RELATED
CONCEPTS CHAPTER 1 QUESTIONS AND
CORRECT ANSWERS

LawA2ofA2LargeA2NumbersA2-A2Ans--
theA2moreA2examplesA2usedA2toA2developA2anyA2statistic,A2theA2moreA2reliableA2theA2statis
ticA2willA2be

UnderwritingA2-A2Ans--
TheA2processA2andA2insuranceA2companyA2usesA2toA2decideA2whetherA2toA2exceptA2orA2re
jectA2anA2applicationA2forA2aA2policyA2insurance.A2underwritersA2evaluateA2theA2riskA2andA2
exposureA2ofA2aA2potentialA2policyholdersA2theyA2decideA2howA2muchA2coverageA2theA2pol
icyholderA2shouldA2receiveA2howA2muchA2theyA2shouldA2payA2forA2itA2orA2whetherA2evenA2t
oA2exceptA2theA2riskA2andA2insureA2them.A2underwritingA2involvesA2measuringA2riskA2expo
sureA2andA2determiningA2theA2premiumA2thatA2needsA2toA2beA2chargedA2toA2ensureA2thatA2
risk.

perilA2-A2Ans--
AA2causeA2ofA2propertyA2lossesA2I.E,A2fire,A2lightning,A2explosion,A2windstorm,A2hurricane,
A2collapseA2ofA2building,A2vandalism,A2accidentalA2discharge,A2theft.

hazardA2-A2Ans--
IsA2aA2situationA2thatA2posesA2aA2levelA2ofA2threatA2toA2life,A2Heath,A2property,A2orA2environ
ment.

DirectA2lossA2-A2Ans--DirectA2physicalA2lossA2toA2property

IndirectA2lossA2-A2Ans--
AA2lossA2thatA2arisesA2asA2aA2resultA2ofA2damageA2toA2property,A2otherA2thanA2theA2directA2
lossA2toA2theA2property.A2IfA2youA2ownA2aA2taxiA2andA2someoneA2totalsA2outA2yourA2taxi,A2y
ouA2can'tA2makeA2moneyA2becauseA2youA2can'tA2driveA2yourA2taxiA2forA2fares.

PrincipleA2ofA2indemnityA2-A2Ans--
InsuranceA2willA2notA2payA2moreA2thanA2theA2costA2ofA2theA2incident

PropertyA2insuranceA2-A2Ans--
CoversA2theA2lossA2ofA2realA2andA2personalA2propertyA2fromA2perilsA2suchA2asA2fire,A2theft,
A2windstorm

, InsuringA2AgreementA2-A2Ans--
SummarizesA2theA2majorA2promisesA2ofA2theA2insurerA2inA2exchangeA2forA2premiumA2pay
mentsA2byA2theirA2customer.

DeductibleA2-A2Ans--
AmountA2youA2mustA2payA2beforeA2youA2beginA2receivingA2anyA2benefitsA2fromA2yourA2ins
uranceA2company

CancellationA2-A2Ans--
TerminationA2ofA2anA2insuranceA2policyA2byA2insuranceA2companyA2orA2insurerA2beforeA2t
heA2renewalA2date.A2AllA2noticesA2mustA2beA2doneA2inA2writing.

LimitA2ofA2LiabilityA2-A2Ans--
TheA2maximumA2amountA2forA2whichA2anA2insurerA2isA2liable.A2TheA2policyA2ofA2declaratio
nsA2specifiesA2limits.

LossA2settlementA2-A2Ans--
TheA2processA2usedA2toA2determineA2theA2amountA2ofA2theA2loss.

MethodsA2usedA2toA2settleA2lossesA2-A2Ans--ActualA2cashA2value-
A2valueA2ofA2theA2property,A2basedA2onA2theA2currentA2costA2toA2replaceA2it,A2minusA2applic
ableA2depreciation.

ReplacementA2cost-
A2theA2costA2associatedA2withA2replacingA2propertyA2atA2currentA2marketA2prices.

AgreedA2value-
A2theA2amountA2thatA2theA2insuredA2andA2insurerA2agreeA2uponA2duringA2theA2timeA2ofA2pol
icyA2inception.

MarketA2value-
A2theA2amountA2theA2propertyA2isA2worthA2inA2aA2competitiveA2market.A2ThisA2amountA2isA2
acceptedA2byA2theA2buyerA2andA2seller.

CasualtyA2insuranceA2-A2Ans--
ProtectsA2aA2personA2fromA2financialA2lossA2arisingA2fromA2bodilyA2injuryA2orA2propertyA2da
mageA2toA2othersA2arisingA2outA2ofA2:A2ownershipA2ofA2property,A2operationA2ofA2aA2motorA2
vehicle,A2personalA2activities,A2businessA2activities,A2robbery,A2andA2Worker'sA2comp.

liabilityA2-A2Ans--
AA2personA2isA2legallyA2liableA2forA2anA2accidentA2ifA2thatA2personA2isA2foundA2responsibleA
2forA2bodilyA2injuryA2orA2propertyA2damageA2toA2anotherA2party.A2UsuallyA2basedA2uponA2t
heA2negligentA2actsA2ofA2thatA2person.

negligenceA2(n)A2-A2Ans--carelessness

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