Texas All Lines Adjuster - Insurance Concepts questions with answers 2024/2025

Texas All Lines Adjuster - Insurance ConceptsActuarial Department - correct answer Responsible for gathering and interpreting data for determining rates charged to the insurance buying public. Actuaries determine the probability of losses, which are key in determine premium rates. Admitted Insurer - correct answer Insurers that have applied for authority and have been authorized by the State's Commissioner of Insurance to conduct operations and write business in the state. Adverse Selection - correct answer A concept where people in a geographical area who are more susceptible to having losses are the primary people that seek to purchase insurance to cover those losses. Affinity Marketing - correct answer The insurer utilizes an affiliation with specific demographic or occupational groups, such as educators to market and sell its products and services. Aleatory Contract - correct answer A contract where there is an unequal exchange of value. Alien Insurer - correct answer An insurer founded in a country outside of the U.S., whether or not it is authorized to do business in a particular state. Apparent Authority - correct answer Authority that is created when an agent exceeds his/her express authority. Avoidance - correct answer Risk management technique where risk is eliminated by avoiding the activity that may cause a loss. Bilateral Contract - correct answer A contract where both parties make a promise to perform a duty or act. There is a breach of contract if either party fails to perform.