Texas All Lines Adjuster questions n answers 2024

Texas All Lines AdjusterAdjuster - correct answer an individual license under Insurance Code Article 21.07-4 All lines, Property & Casualty, Workers Compensation - correct answer Types of Texas adjusters CPCU designated, Associat in claims (AIC) designation, completed course or exam with 12 months, expired license 91-364 days - correct answer Exempt from licensing exam License expires on - correct answer 2nd anniversary of issue date Must apply after - correct answer 90 days expired Must retest after - correct answer one year Required to complete _________ hours of CE with a two year period - correct answer 30 Must complete at least two CE hours in - correct answer Ethics and/or consumer protection Exempt from required CE after - correct answer 20 years Failure to complete require CE - correct answer Fine of $50 per credit hour not completed Law of large numbers - correct answer helps to predict the number of losses they will pay in a given time The principal of Indemnity - correct answer no insured should be in a better financial position after loss The Principal of Insurable Interest - correct answer a party must have an insurable interest to purchase insurance. Contract - correct answer a legal agreement between two competent parties that promises a certain performance in exchange for a certain considerations Considerations - correct answer something of value- may consist of money, an act, a promise or giving up a legal right In insurance contract the _____________ __ __________ is the promise to pay if a loss occurs - correct answer Consideration of the insurer In insurance contract the ___________ __ ____________ is the policy premium and promise to meet conditions of the contract. - correct answer considerations of the insured Competent parties - correct answer Legal requirement for those accepting an offer. Legal Purpose - correct answer Essential element of an agreement incontract law-must comply with laws and public policy Contract of adhesion - correct answer one party has substantially more power than the other in creating the contract. Aleatory contract - correct answer performance depends on the occurrence of a certain event Personal contract - correct answer a contract that binds a person but does not include such person's heirs or assignees since the contract requires a personal performance that does not have an adequate substitute. Unilateral contracts - correct answer ,an act is exchanged for a promise. Once the insured pays the policy premium,