Texas Property & Casualty Adjusters Study Questions (100% correct answers)

What is the formula for figuring Actual Cash Value(ACV)? correct answers Replacement cost minus depreciation equals ACV Define the appraisal process. When would the appraisal process be appropriate? correct answers Used for value disputes. Each party selects an appraiser & umpire to make the decision. Which Personal Auto Policy coverage covers Loss of Income? correct answers P.I.P personal injury protection What is a hazard? correct answers Increases chances of a loss. What percent of Coverage A is Coverage B on a HO 3? correct answers 10% What is insurable interest and when must it exist? correct answers Financial interest in property that exist at the time of a loss. What is the maximum an insured can collect from their homeowner policy per tree for a covered loss? correct answers $500 What coverages are included in a Standard Fire Policy? correct answers Fire, lightning, removal & extended coverage's How many hours of ethics must you have to complete your continuing education requirements each license renewal? correct answers 2 What determines if an adjuster should "total" a vehicle? correct answers Repair cost are greater than the value of the vehicle. What are the split limits of automobile liability in Texas? correct answers 30/65/25 Or $30000 per person. $65000 per occurrence. $25000 property damage. What is the maximum number of days a property can be vacant before coverage ceases? correct answers 60 unless you have SFP is 30 Define mono line coverage. correct answers Single line coverage Does an insured have to admit blame for an adjuster to pay a claim? correct answers No What is a hangar-keepers coverage? correct answers Liability coverage for storing aircraft An insurance contract has how many parties? correct answers 2