SUPER-DUPER TEXAS ADJUSTER LICENSE NEWEST 2024 ACTUAL EX
COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VE
FIED ANSWERS) |ALREADY GRADED A+
Study online at https://quizlet.com/_ftopn1
1. Insurance History and Regulation: Insurance Coverage by con-
tract whereby one
party undertakes
to indemnity (hold
harmless) or guar-
antee another
against loss by
a specified contin-
gency or peril.
2. Insurance History and Regulation: NAIC An organization
whose purpose
is to organize
the regulatory and
supervisory ef-
forts of the var-
ious state insur-
ance commission-
ers from around
the United States.
3. Protection of Consumer Interests: The Texas Depart- Regulates the
ment of Insurance (TDI) consumer interest
in regard to insur-
ance.
4. Protection of Consumer Interests: Head of the Texas Insurance Com-
Department of Insurance missioner
5. Protection of Consumer Interests: Chapter 541 -Un- was set up by the
fair and Deceptive Insurance Practices State of Texas to
establish certain
practices which
constitute unfair
and/or deceptive
insurance acts.
6.
, SUPER-DUPER TEXAS ADJUSTER LICENSE NEWEST 2024 ACTUAL EX
COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VE
FIED ANSWERS) |ALREADY GRADED A+
Study online at https://quizlet.com/_ftopn1
Protection of Consumer Interests: Texas Insurance within 15 days 1)
Code requires what within how many days of receipt acknowledge re-
of a claim that the insurer? ceipt of a claim
2) begin investi-
gation 3) request
items from the
claimant.
7. Insurance: What is the purpose of insurance? to provide a way
to spread risk over
a large group of
people
8. Insurance: Principle of Indemnity IS AN INSUR-
ANCE PRINCI-
PLE STATING
THAT AN IN-
SURED MAY NOT
BE COMPENSAT-
ED BY INSUR-
ANCE COMPANY
IN AN AMOUNT
EXCEEDING THE
INSURED'S ECO-
NOMIC LOSS. It is
a principle that re-
turns the insured
to their previous fi-
nancial condition.
9. Insurance: What are the two purposes of indemnity? 1) to prevent the
insured from prof-
iting from a loss
2) to reduce moral
hazard
10. Insurance: what is risk? (1) the potential
for a financial loss
, SUPER-DUPER TEXAS ADJUSTER LICENSE NEWEST 2024 ACTUAL EX
COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VE
FIED ANSWERS) |ALREADY GRADED A+
Study online at https://quizlet.com/_ftopn1
or the statistical
chance of danger
from exposure to
a hazard or per-
il (2) the uncer-
tainty about loss
that exists when-
ever more than
one outcome is
possible
11. Insurance: Proximate Cause is the first event
in an uninterrupt-
ed chain of events
that leads to a loss
12. Insurance: What are the 2 types of risk? Speculative: af-
fords the opportu-
nity for gain as well
as the possibility
of loss
Pure: a risk where
there is the poten-
tial of real loss due
to exposure to a
peril
13. Insurance: example of risk avoidance to avoid risks
associated with
swimming pools,
don't buy a home
with a pool.
14. Insurance: example of risk reduction to reduce fire dam-
age, install a sprin-
kler system in
home
, SUPER-DUPER TEXAS ADJUSTER LICENSE NEWEST 2024 ACTUAL EX
COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VE
FIED ANSWERS) |ALREADY GRADED A+
Study online at https://quizlet.com/_ftopn1
15. Insurance: Example of risk retention insurance compa-
ny accepts risk
when they've ac-
cepted the in-
sured.
16. Insurance: example of risk transference purchasing insur-
ance, transfers the
risk from insured
to insurance com-
pany.
17. Insurance: what is a peril? The actual cause
of a loss.
18. Insurance: what are the two types of perils? 1) named peril
-- specifies which
perils are insured
against 2) open
peril / all risk
peril -- insures
against all perils
unless specifical-
ly excluded in the
policy
19. Insurance: 14 most common named perils 1. lightning/fire
2. sudden & ac-
cidental damage
from smoke
3. explosions
4. windstorms,
hurricane or hail
5. theft
6. vehicle damage
7. aircraft damage
8. vandalism/ma-
licious mischief
COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VE
FIED ANSWERS) |ALREADY GRADED A+
Study online at https://quizlet.com/_ftopn1
1. Insurance History and Regulation: Insurance Coverage by con-
tract whereby one
party undertakes
to indemnity (hold
harmless) or guar-
antee another
against loss by
a specified contin-
gency or peril.
2. Insurance History and Regulation: NAIC An organization
whose purpose
is to organize
the regulatory and
supervisory ef-
forts of the var-
ious state insur-
ance commission-
ers from around
the United States.
3. Protection of Consumer Interests: The Texas Depart- Regulates the
ment of Insurance (TDI) consumer interest
in regard to insur-
ance.
4. Protection of Consumer Interests: Head of the Texas Insurance Com-
Department of Insurance missioner
5. Protection of Consumer Interests: Chapter 541 -Un- was set up by the
fair and Deceptive Insurance Practices State of Texas to
establish certain
practices which
constitute unfair
and/or deceptive
insurance acts.
6.
, SUPER-DUPER TEXAS ADJUSTER LICENSE NEWEST 2024 ACTUAL EX
COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VE
FIED ANSWERS) |ALREADY GRADED A+
Study online at https://quizlet.com/_ftopn1
Protection of Consumer Interests: Texas Insurance within 15 days 1)
Code requires what within how many days of receipt acknowledge re-
of a claim that the insurer? ceipt of a claim
2) begin investi-
gation 3) request
items from the
claimant.
7. Insurance: What is the purpose of insurance? to provide a way
to spread risk over
a large group of
people
8. Insurance: Principle of Indemnity IS AN INSUR-
ANCE PRINCI-
PLE STATING
THAT AN IN-
SURED MAY NOT
BE COMPENSAT-
ED BY INSUR-
ANCE COMPANY
IN AN AMOUNT
EXCEEDING THE
INSURED'S ECO-
NOMIC LOSS. It is
a principle that re-
turns the insured
to their previous fi-
nancial condition.
9. Insurance: What are the two purposes of indemnity? 1) to prevent the
insured from prof-
iting from a loss
2) to reduce moral
hazard
10. Insurance: what is risk? (1) the potential
for a financial loss
, SUPER-DUPER TEXAS ADJUSTER LICENSE NEWEST 2024 ACTUAL EX
COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VE
FIED ANSWERS) |ALREADY GRADED A+
Study online at https://quizlet.com/_ftopn1
or the statistical
chance of danger
from exposure to
a hazard or per-
il (2) the uncer-
tainty about loss
that exists when-
ever more than
one outcome is
possible
11. Insurance: Proximate Cause is the first event
in an uninterrupt-
ed chain of events
that leads to a loss
12. Insurance: What are the 2 types of risk? Speculative: af-
fords the opportu-
nity for gain as well
as the possibility
of loss
Pure: a risk where
there is the poten-
tial of real loss due
to exposure to a
peril
13. Insurance: example of risk avoidance to avoid risks
associated with
swimming pools,
don't buy a home
with a pool.
14. Insurance: example of risk reduction to reduce fire dam-
age, install a sprin-
kler system in
home
, SUPER-DUPER TEXAS ADJUSTER LICENSE NEWEST 2024 ACTUAL EX
COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VE
FIED ANSWERS) |ALREADY GRADED A+
Study online at https://quizlet.com/_ftopn1
15. Insurance: Example of risk retention insurance compa-
ny accepts risk
when they've ac-
cepted the in-
sured.
16. Insurance: example of risk transference purchasing insur-
ance, transfers the
risk from insured
to insurance com-
pany.
17. Insurance: what is a peril? The actual cause
of a loss.
18. Insurance: what are the two types of perils? 1) named peril
-- specifies which
perils are insured
against 2) open
peril / all risk
peril -- insures
against all perils
unless specifical-
ly excluded in the
policy
19. Insurance: 14 most common named perils 1. lightning/fire
2. sudden & ac-
cidental damage
from smoke
3. explosions
4. windstorms,
hurricane or hail
5. theft
6. vehicle damage
7. aircraft damage
8. vandalism/ma-
licious mischief
