All Lines Pre-License Course for Texas Adjusters (Recent Exam) (Questions and Answers)

All Lines Pre-License Course for Texas Adjusters Accident Correct Answer: Sudden, unexpected events that cause property damage or bodily injury. Actual Damages Correct Answer: Damages that have a specified cost to repair them Actual Total Loss Correct Answer: Complete destruction of insured property, so that nothing of value remains. ACV (Actual Cash Value) Correct Answer: This is the value of the property after depreciation. As ALE (Additional Living Expense) Correct Answer: If a homeowner is temporarily displaced from their home due to a catastrophe to allow repairs, certain homeowner's policies provide coverage to help defray this cost. All Risk Policy Correct Answer: This policy is only in name as there is no policy that actually covers all perils, though this policy is the most common. Every policy has some condition, provision, or exclusion, which limits coverage. Amendment Correct Answer: A document attached to a policy reflecting a change to the policy language made by the insurance company or the department of insurance Assumption of Risk Correct Answer: If a person/company knows ahead of time that there is a possibility of injury, or worse, and agree not to hold anyone else responsible if an accident occurs, there really isn't negligence and insurance companies will generally not be liable and will resist paying Attachment Correct Answer: court order allowing one person to take something of value belonging to another into custody for a particular purpose. Bailee Correct Answer: Person(s) who, with permission, take care of another person/company's property. Basic Form Correct Answer: The least expensive structural ACV policy covers on