Texas All Lines Adjuster License Mile High Adjusters Study Guide With Complete Solution

Staff Adjuster - Answer Adjusters who work exclusively for an insurance company Independent adjuster - Answer An individual who is employed as an independent contractor to an adjusting / staffing company and handles claims for an insurance company Public adjuster - Answer Adjusters that represent the insured by negotiating claims with the insurance company. Insurer - Answer Any insurance company or self-insured. An organization or entity that facilitates the pooling of funds and the payment of benefits (second party). Insured - Answer A person or organization covered by an insurance policy. (first party) Claimant - Answer A person or organization making a claim against an insured. (third-party) Commissioner - Answer A State officer who administers insurance laws and regulations. TDI - Answer Texas Department of Insurance Licensee - Answer An individual holding a license under the authority of the Texas Insurance codes. Provider - Answer An individual or organization including a corporation, partnership, depository institution, insurance company, or entity chartered by the Farm Credit Administration as defined in the insurance code, registered with the Department to offer continuing education courses for licenses and/or pre-licensing instruction for Adjusters. Texas department of insurance license number - Answer an identification number that the department assigns to the licensee located on the adjuster's license certificate How many questions are on the all lines adjuster test and how long do students have to take it? - Answer 150 questions and 180 minutes What does DTPA stand for? - Answer Deceptive Trade Practices Act Negligence - Answer failure to use the care that a reasonable and prudent person would have used under the same or similar circumstances. (unintentional tort) Intentional torts - Answer Acts committed without negligence but resulting in damages Strict liability - Answer also referred to as absolute liability, meaning not dependent on negligence or intent to harm, but based on the theory of the duty of making something safe that is inherently dangerous. Name the five parts of a typical homeowner's policy - Coverages A-E - Answer A, main dwelling. B, other structures. C, personal property or contents. D, loss of use (ALE). E, other coverages which would include endorsements. Replacement cost (RC or RCV) - Answer This is what the insured would pay to rebuild or repair the home based on current construction cost. this is different from market value and does not include the value of the land.62 Actual cash value (ACV) - Answer This is the replacement cost of a property minus depreciation from age or condition These are available if the insured wants more coverage than a policy provides for certain items. Some of the most common of these expand or increase coverage for jewelry, Fine Arts, camera equipment, coin or stamp collections, computer equipment, radio and television satellite dishes as well as antennas. - Answer Endorsements How long does the insured have to provide an itemized list of the household items lost or damaged and the cost of repairing them after reporting a loss? - Answer 60 days If the house has a mortgage on it, who is the check made out to for a claim? - Answer Checks are made payable to the insured and the lienholder Repairs must be completed in ______ days (& contractor's bill received) in order for the 2nd check for the recoverable depreciation to be sent? - Answer 365 An insured or claimant may submit a written request for an additional _____ days for the completion of repairs (to receive a 2nd check for the recoverable depreciation)? - Answer 180 abandonment - Answer the relinquishing ownership of damaged property to the insurance company on a partial loss actual cash value (ACV) - Answer the replacement cost of like kind and quantity at the time of loss, less a reasonable amount of depreciation due to age and condition additional living expense (ALE) - Answer the necessary increase in living expense resulting from a loss by a covered Peril, and incurred by the insured, to continue the normal standard of living of the named insured's household adjuster - Answer an individual who investigates or adjusts losses on behalf of either an insurer or self-insured, or any person who supervises the handling of claims agent - Answer an individual who sells Insurance, either an independent ______ who represents many insurance companies or an exclusive ______ who only represents one insurance company Amendment - Answer an addition, deletion, or change to a legal document or policy. All parties to the agreement must formally consent to an _______by signing it. Only then does the _______ become an integral part of the document, binding on all parties to the original agreement. appeal bonds - Answer this type of bond is required of the defendant in a lawsuit who elects to appeal a verdict appraisal - Answer the process of involving a third-party appraiser, or umpire, to govern a dispute of a claim settlement amount Assumption of liability - Answer the act of taking responsibility through agreement for something that person may not be legally liable for Bail Bonds - Answer used to guarantee that an accused will appear at a date assigned by the court Bailor - Answer a person who voluntarily gives up possession of the property (hint: abandonment) Barratry - Answer willful and illegal sinking of a ship at sea or its cargo bid bonds - Answer used as a promise to accept a bid if a warded to a company and to guarantee that a performance bond will be obtained prior to commencement of a job business Interruption insurance - Answer a form of insurance for direct losses under commercial property insurance policies that protect against loss of income as a result of an insured peril claim - Answer any request or demand for payment under the terms of the insurance contract class action lawsuit - Answer a legal action filed by one or more persons on behalf of themselves and others having an identical interest in the alleged wrongdoing commissioner - Answer a state officer who administers the state insurance laws and regulations completion bonds - Answer required by lenders to guarantee that outstanding loans against a job are paid upon completion contents - Answer personal property that is not part of the dwelling or structure contract - Answer a reciprocal agreement coverage - Answer specific protection for an insured under an insurance policy damages - Answer the result of an insured's tort or wrongdoing. Consequences of a loss or amount and type of losses suffered declarations - Answer the section of an insurance policy identifying the insured, endorsements, coverages, limits, and premiums dealer's property - Answer merchandise on consignment deductible - Answer amount of loss to be paid by the policyholder direct damage - Answer a loss covered by a specific named peril endorsement - Answer a written agreement attached to the policy expanding or limiting the benefits otherwise payable under the policy estoppel - Answer the result of a waiver, or of the conduct from which a waiver can be implied estimates - Answer an approximate calculation of amount, extent, quantity, magnitude, position, degree or worth of something exclusions - Answer a loss or risk that the policy does not cover Fidelity bonds - Answer bonds that protect an employer for losses by an employee field adjuster - Answer an insurance ___________ who works primarily outside of an office and often meet personally with the public first party - Answer the party buying the protection of the contract and using it to transfer the risk (insured) fraud - Answer filing of a fabricated or exaggerated claim to an insurance company by a policyholder or third party claimant hazard - Answer a condition that enhances the chance of a loss