TX ADJUSTER TEST | 111 Questions with 100% Correct Answers.

TX ADJUSTER TEST | 111 Questions with 100% Correct Answers. Subrogate Subrogation is the right for an insurer to legally pursue a third party that 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.