TX ADJUSTER TEST 2024 (100% correct answers)

Subrogate Subrogation is the right for an insurer to legally pursue a third party that caused an insurance loss to the insured. This is done as a means of recovering the amount of the claim paid by the insurance carrier to the insured for the loss. correct answers While investigating a claim, you determine that the loss was caused by a defective mechanism in the dishwasher. You would attempt to_________________________? Appraisal correct answers What is the process when an insurer and an insured have a dispute regarding the amount of damage? Material Misrepresentation correct answers __________________________________________________is a significant misstatement in an application form. If a company had access to the correct information at the time of application, the company might not have agreed to accept the application. Age, Condition and Life Expectancy correct answers As an adjuster, you should base depreciation on these three factors? Umpire correct answers An_________________ is a person hired by the property owner to settle the claim with insurance company on their behalf. HO-A correct answers This type of policy provides coverage only for those perils that are listed in the policy? Additional Living Expenses correct answers _________________________ are extra charges covered by homeowner's policies over and above the policyholder's customary living expenses. Occurrence correct answers _______________________is an event that results in an insured loss/damages? Actual Cash Value correct answers What is value of your property, based on the current cost to replace it, minus depreciation? Incurred Expenses correct answers Expenses that have already sustained and that have not yet been paid are known as ____________________________________. Declarations Page correct answers ________________________________is the part of the written insurance policy that states all the policy's specific's, including the name of the policyholder, the type of property insured, the premiums, and the term limits for the coverage. Negligence correct answers What is the failure to use that degree of care which an ordinary person of reasonable prudence would use under similar circumstances? Overhead and Profit correct answers ______________________________is the amount of money dedicated to a general contractor's cost of doing a business and earning a profit.