Texas All-Lines Adjuster Self-Study Terms for 360 Training test (possible) fully solved 2024

Texas All-Lines Adjuster Self-Study Terms for 360 Training test (possible)Arbitration - correct answer A process under which two parties (the insured and the insurance company) can settle a claim dispute without the need to go to court. Three Arbitrators hear arguments from both parties and set the amount that should be paid under the claim. The determination made by the Arbitrators may or may not be binding. Assumption of Risk - correct answer Is a legal defense in a negligence claim. If the injured party undertook an activity known to involve risk (skydiving, for example) it may be difficult for the person to collect damages if they are injured. Bailee - correct answer An individual or company that has care, custody or control of someone else's valuable property. Betterments and Improvements - correct answer Protection generally provided tenants against loss to additions or changes made at their own expense that enhances the value of the property they occupy. Boiler and Machinery more commonly known as Equipment Breakdown Coverage. - correct answer A policy or coverage form designed to cover damage occurring to and damage occurring from a Boiler or other piece of machinery. Only sudden and accidental damage is covered. Breach of Duty - correct answer Failure to use a reasonable standard of care Builders Risk - correct answer A coverage form for commercial properties that provides coverage for a building under construction. It covers the building, the foundation, and any supplies and equipment that will become a part of the building. Coverage is provided within the structure or within 100 feet of the structure. Burglary - correct answer As defined in a Commercial Crime Policy, Burglary is the taking of property from a premises that is closed and locked. Furthermore, there must be visible signs of forced entry or exit.