Texas All Lines Insurance Adjuster Questions & Answers

Define Accident - Answer An unforeseen, unintended even; something unexpected Define Additional Living Expenses - Answer Extra charges covered by homeowner's policies over and above the policyholder's customary living expenses due to damage by a covered peril that makes the home temporarily uninhabitable. Define Actual Cash Value - Answer The value of your property, based on the current cost to replace it minus depreciation. Define Adjuster - Answer A person who investigates and settles insurance claims. Define Continuing Education Requirement - Answer State level requirement that insurance licensees periodically complete a minimum number of house of insurance related education in order to be eligible for license renewal. How many hours of CE and how often does Texas require? - Answer 30 hours every 2 years. Depreciation is based on what three things? - Answer Age, Condition and Life Expectancy Define Exclusion - Answer Provision in an insurance policy that indicates what is denied coverage. Examples of Exclusion are... - Answer Wear and Tear, Rust, Rot, Contamination, Mechanical Breakdown Define HO-B - Answer A type of Homeowner's policy that provides coverage to Coverage A for All Risks of Physical Loss, unless specifically excluded and to Coverage B on a Named Peril basis. Expenses that have already been sustained and that have not yet been paid, I.E. Additional Living Expenses. - Answer Incurred Expense Define Overhead and Profit - Answer The amount of money dedicated to a general contractor's cost of doing business and earning a profit. The industry standard is 10% and 10%. Liability - Answer Responsibility to another for one's negligence. You ran a red light and hit another vehicle. You're responsible because you failed to stop. For you to be liable, you have to be negligent.