Texas Adjuster Exam LATEST 2023/2024

Texas Adjuster Exam LATEST 2023/2024 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. - CORRECT ANSWER-$30,000 Which of the following statements best describes an inland marine policy? - CORRECT ANSWER-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? - CORRECT ANSWER-$1000 This department is responsible for making rates and determines the rates charged by the insurer - CORRECT ANSWER-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? - CORRECT ANSWER-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 - CORRECT ANSWER-$900 Insurance for ocean vessels is the ______ type of insurance? - CORRECT ANSWERoldest 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? - CORRECT ANSWER2500 If you have a covered loss, in excess of a limit, you can apply that excess towards the deductible. This best describes? - CORRECT ANSWER-Absorbing the deductible What type of contract exists when the insurance policy is valid even though there is an unequal exchange? - CORRECT ANSWER-Aleatory Contract What is the intentional or unintentional impression by the insurance company that a certain fact exists when it does not? - CORRECT ANSWER-Estoppel An event that results in an insured loss / damages. - CORRECT ANSWER-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 - CORRECT ANSWERComprehensive 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? - CORRECT ANSWER-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 - CORRECT ANSWER-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? - CORRECT ANSWER-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? - CORRECT ANSWER-8 days Provisions in an insurance policy that indicates what is not covered? - CORRECT ANSWER-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? - CORRECT ANSWER-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? - CORRECT ANSWER-The contents are covered up to 10% of the Coverage B limit of liability. Is the size of a loss, the extent of damages - CORRECT ANSWER-Severity What is the intentional relinquishment of a known right by the insurance company or agent upon which the insured relies - CORRECT ANSWER-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? - CORRECT ANSWER-5 Calendar days The cost having the most significant impact in bringing about the loss under a first-party insurance policy - CORRECT ANSWER-Proximate Cause Steve Garcia is exempted from taking the State Adjuster License Exam. Which of the following is a reason for his exemption? - CORRECT ANSWER-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? - CORRECT ANSWER-Premises Liability 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? - CORRECT ANSWER-A police report is needed per section 1 conditions What are the types of adjuster licenses approved for issuance in Texas? - CORRECT ANSWER-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 - CORRECT ANSWER-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? - CORRECT ANSWER-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. - CORRECT ANSWER-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. - CORRECT ANSWER-Insurance Marcia sustained a loss to her property as a result of vandalism. All of her damages will be settled at replacement cost except - CORRECT ANSWER-damage to the fence he insured's pets dog "Lucky" caused damage to the front screen door. How much are you going to pay on this claim? The damage to the door is $1,000. Coverage: Covg. A $80,000; CovgB $40,000 (Ded 1%) - CORRECT ANSWER-zero Increase cost of compliance (ICC) provides coverage up to? - CORRECT ANSWER- $30,000 This insurance term means a legal wrong - CORRECT ANSWER-tort The party to an insurance whom the insurer agrees to indemnify for losses, provide benefits for, or render services to? - CORRECT ANSWER-loss payee ________ is the size of a loss, the extent of damages. - CORRECT ANSWER-Severity Johns property sustained damage from a windstorm. His fence was total blown down. He wants to know how his fence will be settled. You advise him? - CORRECT ANSWER-It will be settled based on the actual cash value Angie smith has excess continuing education hours in a reporting period. Which is the correct answer below - CORRECT ANSWER-She cannot carry forward any excess continuing education hours Mary Johnson owns a local maid service. She wants to get some form of protection to protect their company against dishonesty on the part of her employees. What type of bond does she need to get to protect her company? - CORRECT ANSWER-Fidelity bond When a loss occurs, an individual should be restored to the appropriate financial condition he or she was in before the loss. This is known as? - CORRECT ANSWERPrinciple of indemnity Mona insurer is going to cancel her insurance policy. In order for the cancellation to be legal, what must the insured do? - CORRECT ANSWER-Notify Mona in writing that her policy is being canceled with the reason why. Which of the following is not ground for license denial or revocation? - CORRECT ANSWER-never having lived or never intending to reside in the state of Texas You are handling a flood claim in Houston Texas. Your policyholder has a flood policy on his home. The replacement cost of his dwelling is $230,000. The flood related damages to the dwelling are valued at $220,000. The replacement cost of the damage contents on his claim is $85,000. The actual cash value of the damage contents is $63,000. How much will you pay him for his damage contents? Do not considered a deductible - CORRECT ANSWER-$63,000 Your policyholder has a homeowners policy with the following limits on it. Coverage $140,000, coverage B $70,000 and the deductible is 1%. Her home was burglarized and she has filed a theft claim for stolen contents. What will be her deductible on this theft claim - CORRECT ANSWER-$700 Millennium vessel company sustained damage to one of their vessels that was transporting goods across the golf of Mexico. Which policy would they need in order to