TX ADJUSTER TEST
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. - ANSWhile investigating a claim, you
determine that the loss was caused by a defective mechanism in the dishwasher. You would
attempt to_________________________?
Appraisal - ANSWhat is the process when an insurer and an insured have a dispute regarding
the amount of damage?
Material Misrepresentation -
ANS__________________________________________________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 - ANSAs an adjuster, you should base depreciation on
these three factors?
Umpire - ANSAn_________________ is a person hired by the property owner to settle the claim
with insurance company on their behalf.
HO-A - ANSThis type of policy provides coverage only for those perils that are listed in the
policy?
Additional Living Expenses - ANS_________________________ are extra charges covered by
homeowner's policies over and above the policyholder's customary living expenses.
Occurrence - ANS_______________________is an event that results in an insured
loss/damages?
Actual Cash Value - ANSWhat is value of your property, based on the current cost to replace it,
minus depreciation?
Incurred Expenses - ANSExpenses that have already sustained and that have not yet been paid
are known as ____________________________________.
Declarations Page - ANS________________________________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 - ANSWhat is the failure to use that degree of care which an ordinary person of
reasonable prudence would use under similar circumstances?
Overhead and Profit - ANS______________________________is the amount of money
dedicated to a general contractor's cost of doing a business and earning a profit.
Third Party Loss - ANS____________________________is a situation involving a person other
than an insurer and the insured.
Reserves - ANSWhat is the amount representing actual or potential liabilities kept by and
insurer to cover debts to policyholder?
First Party Loss - ANSThis loss involves only the insurer and the insured?
Liability - ANSWhat is the responsibility to another for one's negligence?
Severity - ANS_____________________ is the size of a loss, the extent of damages.
Premium - ANS___________________________ is the amount paid by an insured to an
insurance company to obtain or maintain an insurance policy
Replacement Cost - ANS__________________________________is the cost associated with
replacing property at the current market price.
Policy Period - ANSThe period of a policy is in force, from the beginning or effective date to the
expiration date is the ________________________________?
deductible - ANSThe amount the insured must pay in a loss before any payment is due is
known as the ____________________________________.
Adjuster - ANSA person who investigates and settles insurance claims is the
______________________?
$5000.00 - ANSMary Johnson has an HO-B policy. Her coverage A limit of liability is $250,000
and her coverage B limit is $125,000. Her policy has a 2% deductible. What is her deductible?
Coverage A - ANSIf your policyholder has a 1% deductible, this percentage would be taken
from what coverage?
10% of COV B - ANSThe Homeowner's policy provides coverage's for Personal Property that is
away from the residence premises. The total limit of liability for off premises losses is
______________________________?
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. - ANSWhile investigating a claim, you
determine that the loss was caused by a defective mechanism in the dishwasher. You would
attempt to_________________________?
Appraisal - ANSWhat is the process when an insurer and an insured have a dispute regarding
the amount of damage?
Material Misrepresentation -
ANS__________________________________________________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 - ANSAs an adjuster, you should base depreciation on
these three factors?
Umpire - ANSAn_________________ is a person hired by the property owner to settle the claim
with insurance company on their behalf.
HO-A - ANSThis type of policy provides coverage only for those perils that are listed in the
policy?
Additional Living Expenses - ANS_________________________ are extra charges covered by
homeowner's policies over and above the policyholder's customary living expenses.
Occurrence - ANS_______________________is an event that results in an insured
loss/damages?
Actual Cash Value - ANSWhat is value of your property, based on the current cost to replace it,
minus depreciation?
Incurred Expenses - ANSExpenses that have already sustained and that have not yet been paid
are known as ____________________________________.
Declarations Page - ANS________________________________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 - ANSWhat is the failure to use that degree of care which an ordinary person of
reasonable prudence would use under similar circumstances?
Overhead and Profit - ANS______________________________is the amount of money
dedicated to a general contractor's cost of doing a business and earning a profit.
Third Party Loss - ANS____________________________is a situation involving a person other
than an insurer and the insured.
Reserves - ANSWhat is the amount representing actual or potential liabilities kept by and
insurer to cover debts to policyholder?
First Party Loss - ANSThis loss involves only the insurer and the insured?
Liability - ANSWhat is the responsibility to another for one's negligence?
Severity - ANS_____________________ is the size of a loss, the extent of damages.
Premium - ANS___________________________ is the amount paid by an insured to an
insurance company to obtain or maintain an insurance policy
Replacement Cost - ANS__________________________________is the cost associated with
replacing property at the current market price.
Policy Period - ANSThe period of a policy is in force, from the beginning or effective date to the
expiration date is the ________________________________?
deductible - ANSThe amount the insured must pay in a loss before any payment is due is
known as the ____________________________________.
Adjuster - ANSA person who investigates and settles insurance claims is the
______________________?
$5000.00 - ANSMary Johnson has an HO-B policy. Her coverage A limit of liability is $250,000
and her coverage B limit is $125,000. Her policy has a 2% deductible. What is her deductible?
Coverage A - ANSIf your policyholder has a 1% deductible, this percentage would be taken
from what coverage?
10% of COV B - ANSThe Homeowner's policy provides coverage's for Personal Property that is
away from the residence premises. The total limit of liability for off premises losses is
______________________________?
