Texas Property / Casualty

TEXAS PROPERTY / CASUALTY QUESTIONS WITH CORRECT VERIFIED ANSWERS What is the formula for finding Actual Cash Value (ACV) ? Answer Deprecation Cost - Replacement Cost (Dep - Rep) Define the appraisal process - Answer When there is a disagreement on the value of an insured item, an appraiser can be called in to make the final call. If he is called in, his word is law. Which Personal Auto Policy Coverage covers loss of income? Answer PiP - Personal injury protection What is a hazard? Answer Increases chances of loss What percent of coverage A is coverage B on an HO 3 policy? Answer Personal Injury Protection What is an Insurable Interest and when must it exist? Answer When there is a financial interest in an accident at the time of loss What is the maximum an insured can collect from their homeowner policy per tree for a covered loss? Answer Up to $500 PER TREE What coverage's are included in a Standard Fire Policy? Answer Fire, Lightning and Removal - Extra coverage can be added on How many hours of ethics must you have to complete your continuing education requirements each license renewal? Answer 2 Hours for Ethics What determines if an adjuster should total a vehicle? Answer When the repair cost is greater than the car's original value What are the minimum splits of automobile liability in Texas? Answer 30 / 60 / 25 What is the maximum number of days a property can be vacant before coverage increases? Answer 60 days and only 30 days under the Standard Fire Policy (SFP) Define mono-line coverage - Answer Coverage with only ONE line (mono = 1) Does the insured have to admit blame in order for an adjuster to pay a claim? Answer No What is hanger keepers coverage Answer Coverage for aircraft