2024 Texas Adjuster Exam Questions with Verified Answers

2024 Texas Adjuster Exam Questions with Verified Answers If an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved. $30,000 Which of the following statements best describes an inland marine policy? Pertains to Cargo with no fixed location Alex is traveling through College Station and hits a deer, and the damages are $1500. He has comprehensive coverage with a $500 deductible. What will you pay? $1000 This department is responsible for making rates and determines the rates charged by the insurer Actuarial department Johnny has 30/60/25 limits on his auto policy, and he negligently ran into a parked car driven by Steve Garcia. What is the maximum amount of coverage that can be provided for the damage to Steve's car? 25,000 Your customer has HO-B homeowners policy with a Coverage A limit os $300,000. His mortgage payment is $1,400 per month. He can't stay in his home for 1 month due to a claim that was caused by smoke. He is staying in a local hotel for 1 month. The cost of the hotel is $900 for the moth. How much will you pay your policyholder for Additional Living Expenses $900 Insurance for ocean vessels is the ______ type of insurance? oldest Your insured has a homeowners policy with a Coverage A limit of $50,000, His coverage B limit is $20,000. His deductible is 1%. He has 30 trees that are damaged during the fire. How much are you going to pay on his claim? 2500 If you have a covered loss, in excess of a limit, you can apply that excess towards the deductible. This best describes? Absorbing the deductible What type of contract exists when the insurance policy is valid even though there is an unequal exchange? Aleatory Contract What is the intentional or unintentional impression by the insurance company that a certain fact exists when it does not? Estoppel An event that results in an insured loss / damages. Occurrence Joseph ross owns a 2014 Toyota Avalon. while at the mall shopping, someone hit his car and left a big dent on the right side of his car. He does not know who hit his car, and there are no witnesses to this accident. What type of insurance protection does he need to protect him from financial loss in this situation Comprehensive Morris has a Texas Dwelling policy on his property. His property burns down in a fire. He claims that he has also sustained a financial loss because he is not able to rent the property to his tenants. What can you tell him? He has coverage for loss of fair Rental Value Method of dispute resolution that occurs when there is a dispute regarding whether or not something is covered under the policy Arbitration A customer claims he tripped on a stair in John's Art Gallery and broke his leg. The only way the customer will have a successful claim against John's insurance is? John must be found legally liable for the incident Janet thompson works for universal insurance company of Texas. She is involved in a work related accident in the supply room. She immediately notifies her supervisor about the accident. Universal insurance company must report the injuries within how many days of being notified of the injury? 8 days Provisions in an insurance policy that indicates what is not covered? Exclusions As a public administrator you want to get insurance for your county's bridges and tunnels. What kind of policy would you look for? Inland Marine Lewis has a Texas dwelling policy on his property in Lewisville Texas. His tenant called him to tell him that the property was broke into and all of his contents were stolen. Lewis files a claim for his tenant's stolen contents. What do you tell Lewis about his claim? The contents are covered up to 10% of the Coverage B limit of liability. Is the size of a loss, the extent of damages Severity What is the intentional relinquishment of a known right by the insurance company or agent upon which the insured relies Wavier You have concluded your claim investigation and called your policyholder to discuss the settlement of their claim. How long do you have to make payment to your policyholder? 5 Calendar days The cost having the most significant impact in bringing about the loss under a first-party insurance policy Proximate Cause Steve Garcia is exempted from taking the State Adjuster License Exam. Which of the following is a reason for his exemption? Within the past 12 months he completed a certified adjuster pre-licenseing education program and pass the required exam. while derrick is taking inventory he accidentally drops a crate of milk on a customer foot. what is the stores liability? Premises Liability We have an expert-written solution to this problem! Pam's home has been burglarized. The total value of the stolen contents is $7,000. You advise her that she needs to file a police report. Which of the following statements is correct? A police report is needed per section 1 conditions What are the types of adjuster licenses approved for issuance in Texas? All Lines, Property, Property and Casualty, Surety, Workers Compensation What is any intentional lying or misrepresentation by policyholders in order to inflate a claims payment or receive a claims payment that would otherwise not be paid Fraud Steve's Worker's compensation claim has been rejected. Steve reported his claim 43 days after the incident occurred. What is a possible reason why? He did not report his injury to his employer within 30 days Larry is an Insurance Agent with Texas Capital insurance company. One of his customers called his office and requested a change in coverage on his policy. Larry advised the customer he would make the change on the policy, but failed to change it in the system. His customer's claim is denied 6 months later for not having the proper coverage. The claim department paid the customers claim and filed what type of claim on Larry's commercial property. Errors and Omissions The transfer of Pure risk from one party to another for a price through a legal contract that spells out the terms, perils covered, and property/perils excluded. Insurance Marcia sustained a loss to her property as a result of vandalism. All of her damages will be settled at replacement cost except