TEXAS ADJUSTER ALL-LINES LICENSE 2 QUESTIONS AND CORRECT ANSWERS

TEXAS ADJUSTER ALL-LINES LICENSE 2
QUESTIONS AND CORRECT ANSWERS

SubrogationA2-A2Ans--
CountyA2MutualA2InsuranceA2CompanyA2isA2attemptingA2toA2makeA2MaytagA2reimburseA2t
hemA2forA2waterA2damagesA2thatA2wereA2causedA2byA2aA2defectiveA2valveA2onA2theirA2refri
gerator.A2ThisA2processA2isA2knownA2asA2___________?

AppraisalA2clauseA2-A2Ans--
WhatA2isA2theA2propertyA2insuranceA2provisionA2forA2whenA2anA2insurerA2andA2anA2insured
A2haveA2aA2disputeA2regardingA2theA2amountA2ofA2damageA2onA2aA2claim?


MaterialA2misrepresentationA2-A2Ans--
___________A2isA2aA2significantA2misstatementA2inA2anA2applicationA2form.A2IfA2aA2compa
nyA2hadA2accessA2toA2theA2correctA2informationA2atA2theA2timeA2ofA2application,A2theA2com
panyA2mightA2notA2haveA2agreedA2toA2acceptA2theA2application

Age,A2condition,A2andA2lifeA2expectancyA2-A2Ans--
AsA2anA2adjuster,A2youA2shouldA2baseA2depreciationA2onA2theseA2threeA2factors?

PublicA2adjusterA2-A2Ans--AA2___________A2isA2aA2personA2hiredA2byA2theA2consumer/
propertyA2ownerA2toA2settleA2theA2claimA2withA2theA2insuranceA2companyA2onA2theirA2behal
f.

AdditionalA2livingA2expensesA2-A2Ans--
___________A2areA2extraA2chargesA2coveredA2byA2homeowner'sA2policiesA2overA2andA2a
boveA2theA2policyholder'sA2normalA2livingA2expenses.

$800A2-A2Ans--
InsuredA2livesA2inA2DallasA2andA2hasA2aA2Homeowner'sA2Policy.A2InsuredA2hadA2aA2fireA2at
A2theirA2homeA2andA2cannotA2liveA2inA2theA2homeA2forA21A2monthA2whileA2repairsA2areA2bei
ngA2made.A2InsuredA2hasA2toA2stayA2inA2aA2hotelA2forA21A2month.A2TheA2insured'sA2mortga
geA2isA2$1,200/month.A2TheA2costA2ofA2theA2hotelA2isA2$800/
month.A2HowA2muchA2areA2youA2goingA2toA2payA2theA2insuredA2forA2AdditionalA2LivingA2Ex
pensesA2(ALE)?

OccurenceA2-A2Ans--___________A2isA2anA2eventA2thatA2resultsA2inA2anA2insuredA2loss/
damages.

ActualA2cashA2valueA2-A2Ans--
WhatA2isA2theA2valueA2ofA2yourA2property,A2basedA2onA2theA2currentA2costA2toA2replaceA2it,A
2minusA2depreciation?

,IncurredA2expensesA2-A2Ans--
ExpensesA2thatA2haveA2alreadyA2beenA2sustainedA2andA2thatA2haveA2notA2yetA2beenA2paid
A2areA2knownA2asA2___________?


DeclarationsA2pageA2-A2Ans--
___________A2isA2theA2partA2ofA2theA2writtenA2insuranceA2policyA2thatA2statesA2allA2theA2p
olicy'sA2specifics,A2includingA2theA2nameA2ofA2theA2policyholder,A2theA2typeA2ofA2propertyA2
insured,A2andA2theA2limitsA2forA2theA2coverage.

NegligenceA2-A2Ans--
WhatA2isA2theA2failureA2toA2useA2thatA2degreeA2ofA2careA2whichA2anA2ordinaryA2personA2ofA
2reasonableA2prudenceA2wouldA2useA2underA2similarA2circumstances?


OverheadA2andA2profitA2-A2Ans--
___________A2isA2theA2amountA2ofA2moneyA2dedicatedA2toA2aA2GeneralA2Contractor'sA2co
stA2ofA2doingA2businessA2andA2earningA2aA2profit.

10%A2overhead,A210%A2profitA2-A2Ans--
OverheadA2andA2profitA2isA2alsoA2knownA2asA210&10.A2Why?

ReservesA2-A2Ans--
WhatA2isA2theA2amountA2representingA2actualA2orA2potentialA2liabilitiesA2keptA2byA2anA2insu
rerA2toA2coverA2debtsA2toA2policyholders?

ThirdA2partyA2lossA2-A2Ans--
___________A2isA2aA2situationA2involvingA2aA2personA2otherA2thanA2anA2insurerA2andA2the
A2insured.


LiabilityA2-A2Ans--WhatA2isA2theA2responsibilityA2toA2anotherA2forA2one'sA2negligence?

FirstA2partyA2lossA2-A2Ans--ThisA2lossA2involvesA2onlyA2theA2insurerA2andA2theA2insured?

SeverityA2-A2Ans--
___________A2isA2theA2sizeA2ofA2aA2loss,A2theA2extentA2ofA2theA2damages.

PremiumA2-A2Ans--
___________A2isA2theA2amountA2paidA2byA2anA2insuredA2toA2anA2insuranceA2companyA2to
A2obtainA2orA2maintainA2anA2insuranceA2policy.


ReplacementA2costA2-A2Ans--
___________A2isA2theA2costA2toA2replaceA2propertyA2atA2currentA2marketA2prices.

PolicyA2periodA2-A2Ans--
TheA2periodA2aA2policyA2isA2inA2force,A2fromA2theA2effectiveA2dateA2toA2theA2expirationA2dat
e?

, DeductibleA2-A2Ans--
TheA2amountA2theA2insuredA2mustA2payA2inA2aA2lossA2beforeA2anyA2paymentA2isA2due?

CoverageA2AA2LimitA2ofA2Liability.A2-A2Ans--
TheA2typicalA2deductibleA2onA2aA2Homeowner'sA2policyA2isA2aA2percentageA2deductible.A2If
A2youA2haveA2aA2percentageA2deductible,A2thatA2percentageA2isA2alwaysA2takenA2fromA2th
eA2___________.

TheA2structureA2orA2theA2dwellingA2(notA2theA2contents)A2-A2Ans--
Homeowner'sA2policyA2CoverageA2AA2appliesA2toA2___________.

OtherA2structuresA2(example:A2detachedA2garage)A2-A2Ans--
Homeowner'sA2policyA2CoverageA2BA2appliesA2toA2___________.

PersonalA2propertyA2orA2contentsA2-A2Ans--
Homeowner'sA2policyA2CoverageA2CA2appliesA2toA2___________.

$3,000A2-A2Ans--
TheA2insuredA2hasA2aA2Homeowner'sA2PolicyA2withA2aA2CoverageA2AA2LimitA2ofA2$300,000
A2andA2aA2CoverageA2CA2LimitA2ofA2$100,000,A2withA2aA21%A2Deductible.A2You'reA2theA2ad
justerA2handlingA2aA2claimA2forA2hailA2damageA2toA2theA2insured'sA2roof.A2WhatA2isA2theA2d
eductibleA2onA2thisA2claim?

$4,000A2-A2Ans--
TheA2insuredA2hasA2aA2Homeowner'sA2PolicyA2withA2aA2CoverageA2AA2LimitA2ofA2$400,000
A2andA2aA2CoverageA2CA2LimitA2ofA2$100,000,A2withA2aA21%A2Deductible.A2You'reA2theA2ad
justerA2handlingA2aA2claimA2forA2theftA2ofA2stolenA2contents.A2WhatA2isA2theA2deductibleA2o
nA2thisA2claim?

AdverseA2SelectionA2-A2Ans--
WhatA2isA2theA2tendencyA2forA2peopleA2withA2aA2greaterA2thanA2averageA2exposureA2toA2lo
ssA2toA2purchaseA2insurance?

ProximateA2causeA2-A2Ans--
WhatA2isA2definedA2asA2theA2causeA2thatA2wasA2responsibleA2forA2theA2loss,A2eitherA2indire
ctlyA2orA2indirectly,A2throughA2thatA2chainA2ofA2events?

EndorsementA2-A2Ans--
DocumentsA2attachedA2toA2anA2insuranceA2policyA2thatA2changeA2orA2modifyA2theA2policyA
2inA2someA2way.A2InA2mostA2instances,A2theyA2broadenA2coverage?


BinderA2-A2Ans--
AA2temporaryA2contractA2pendingA2issueA2ofA2theA2policy,A2thatA2isA2subjectA2toA2theA2term
sA2ofA2theA2contractA2toA2beA2writtenA2later?