Texas All-Lines Adjuster Pre-Licensing Online Course Study Guide Answer Sheet 2024/2025 passed

Texas All-Lines Adjuster Pre-Licensing Online Course Study Guide Answer Sheet Insurance - correct answer coverage by contract whereby one party undertakes to indemnify (hold harmless) or guarantee another against loss by a specified contingency or peril NAIC - correct answer organization whose purpose is to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States Texas Department of Insurance (TDI) regulates - correct answer regulates the consumer interest in regard to insurance Head of the Texas Department of Insurance (TDI) is - correct answer The Insurance Commissioner Chapter 541-Unfair and Deceptive Insurance Practices - correct answer was set up by the State of Texas to establish certain practices which constitute unfair and/or deceptive insurance acts. Texas Insurance Code requires that the insurer: 1) acknowledge receipt of a claim, 2) begin investigation, 3) request items from claimant within _______ of receipt of claim - correct answer 15 days Purpose of insurance - correct answer to provide a way to spread risk over a large group of people Principle of Indemnity - correct answer insurance principle stating that an insured may not be compensated by the insurance company in an amount exceeding the insured's economic loss. It is a principle that returns the insured to their previous financial condition What are the two purposes of indemnity? - correct answer 1) to prevent the insured from profiting from a loss 2) to reduce moral hazard