Texas All Lines Adjuster - Claims Adjuster Concepts with answers 2024/2025

Texas All Lines Adjuster - Claims Adjuster ConceptsAbsolute Liability - correct answer Liability that is imposed on the ownership of vicious dog breeds (e.g. Pit Bulls or Rottweilers) or the participation in dangerous activities (e.g. storing explosives in your garage). Actual Cash Value - correct answer The cost of replacing damaged property at today's prices minus deductions for depreciation. Aggregate Limit - correct answer The most the policy will pay for all losses or claims made during the policy period, regardless of any other policy limits. Agreed Value - correct answer The maximum amount the insurer and policyholder agree to pay for property insured at policy issuance. All Lines Adjusters - correct answer These Adjusters handle all lines of insurance, including, but not limited to property and liability claims for both personal and commercial lines exposures. Arbitration - correct answer A process whereby a third party or parties review the case of disputed parties and renders a decision to resolve the dispute. Arbitration is binding on both parties. Assumption of Risk - correct answer Defense to negligence when the plaintiff or injured party voluntarily assumed the risk involved in participating in an event or activity. Average Value Method - correct answer Loss reserves are established based on average settlements of similar claims. Blanket Limit - correct answer A single limit of insurance that covers property located at more than one location or multiple types of property at the same location.