Texas property and casualty adjusters license 2024 (A+ GRADED)

Risk correct answers Uncertainty Types of risk correct answers Pure vs speculative Pure not insured Peril correct answers Cause of loss- open vs named Hazard correct answers Types- physical , moral , morale Indemnity correct answers No gain Subrogation correct answers Insurance sues at fault party Fiduciary correct answers Responsible for property of others Waiver correct answers Insurance company voluntarily gives up a policy right Warranty correct answers Written into contract-a promise- if broken claim does not have to be paid Limit of liability correct answers Max company pays Law of numbers correct answers Claims from a large number of homogenous risks more predictable Misrepresentation correct answers Claims will still be paid Ex. Wrong zip code reported Concealment correct answers Hiding the truth Material misrepresentation correct answers Company will not pay a claim Elements of a legal contract correct answers LACC - legal agreement between a insured over the age of 18 , and an insurance company and they give each other something Ex insured pays premium and insurance provides coverage Named insured correct answers Listed on the policy Insured correct answers Defined in the policy (resident relative) Parts of a policy correct answers DICE