Texas All Lines Insurance Adjuster Question with complete solution 2023

Texas All Lines Insurance Adjuster Question with complete solution 2023Define Accident An unforeseen, unintended even; something unexpected Define Additional Living Expenses Extra charges covered by homeowner's policies over and above the policyholder's customary living expenses due to damage by a covered peril that makes the home temporarily uninhabitable. Define Actual Cash Value The value of your property, based on the current cost to replace it minus depreciation. Define Adjuster A person who investigates and settles insurance claims. Define Continuing Education Requirement State level requirement that insurance licensees periodically complete a minimum number of house of insurance related education in order to be eligible for license renewal. How many hours of CE and how often does Texas require? 30 hours every 2 years. Depreciation is based on what three things? Age, Condition and Life Expectancy Define Exclusion Provision in an insurance policy that indicates what is denied coverage. Examples of Exclusion are... Wear and Tear, Rust, Rot, Contamination, Mechanical Breakdown Define HO-B A type of Homeowner's policy that provides coverage to Coverage A for All Risks of Physical Loss, unless specifically excluded and to Coverage B on a Named Peril basis. Expenses that have already been sustained and that have not yet been paid, I.E. Additional Living Expenses. Incurred Expense Define Overhead and Profit The amount of money dedicated to a general contractor's cost of doing business and earning a profit. The industry standard is 10% and 10%. Liability Responsibility to another for one's negligence. You ran a red light and hit another vehicle. You're responsible because you failed to stop. For you to be liable, you have to be negligent. Loss Payee The party to whom money or insurance proceeds is to be paid in the event of a loss, i.e. the mortgagee on real property, refers to mortgage clause that says the insurance company has to protect the mortgage company. When Coverage 'A' claim is above a certain threshold, typically $5k, the mortgage company must be on the check. Non-Renewal A decision by an insurance company not to renew a policy