TX ADJUSTER TEST || 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.
, Third Party Loss correct answers ____________________________is a situation involving a
person other than an insurer and the insured.
Reserves correct answers What is the amount representing actual or potential liabilities kept by
and insurer to cover debts to policyholder?
First Party Loss correct answers This loss involves only the insurer and the insured?
Liability correct answers What is the responsibility to another for one's negligence?
Severity correct answers _____________________ is the size of a loss, the extent of damages.
Premium correct answers ___________________________ is the amount paid by an insured to
an insurance company to obtain or maintain an insurance policy
Replacement Cost correct answers __________________________________is the cost
associated with replacing property at the current market price.
Policy Period correct answers The period of a policy is in force, from the beginning or effective
date to the expiration date is the ________________________________?
deductible correct answers The amount the insured must pay in a loss before any payment is due
is known as the ____________________________________.
Adjuster correct answers A person who investigates and settles insurance claims is the
______________________?
$5000.00 correct answers Mary Johnson has an HO-B policy. Her coverage A limit of liability is
$250,000 and her coverage B limit is $125,000. Her policy has a 2% deductible. What is her
deductible?
Coverage A correct answers If your policyholder has a 1% deductible, this percentage would be
taken from what coverage?
10% of COV B correct answers The Homeowner's policy provides coverage's for Personal
Property that is away from the residence premises. The total limit of liability for off premises
losses is ______________________________?
at the residence or elsewhere correct answers When handing a homeowner's content claim, you
should establish if the loss happened __________________________________________ to help
determine the total limit of liability that will apply to the claim.
$14,220 correct answers Your policyholder has a Homeowner's Policy with the following limits
on it COV A limit is $158,000 COV B limit is $90,000 His home has a detached garage. His
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.
, Third Party Loss correct answers ____________________________is a situation involving a
person other than an insurer and the insured.
Reserves correct answers What is the amount representing actual or potential liabilities kept by
and insurer to cover debts to policyholder?
First Party Loss correct answers This loss involves only the insurer and the insured?
Liability correct answers What is the responsibility to another for one's negligence?
Severity correct answers _____________________ is the size of a loss, the extent of damages.
Premium correct answers ___________________________ is the amount paid by an insured to
an insurance company to obtain or maintain an insurance policy
Replacement Cost correct answers __________________________________is the cost
associated with replacing property at the current market price.
Policy Period correct answers The period of a policy is in force, from the beginning or effective
date to the expiration date is the ________________________________?
deductible correct answers The amount the insured must pay in a loss before any payment is due
is known as the ____________________________________.
Adjuster correct answers A person who investigates and settles insurance claims is the
______________________?
$5000.00 correct answers Mary Johnson has an HO-B policy. Her coverage A limit of liability is
$250,000 and her coverage B limit is $125,000. Her policy has a 2% deductible. What is her
deductible?
Coverage A correct answers If your policyholder has a 1% deductible, this percentage would be
taken from what coverage?
10% of COV B correct answers The Homeowner's policy provides coverage's for Personal
Property that is away from the residence premises. The total limit of liability for off premises
losses is ______________________________?
at the residence or elsewhere correct answers When handing a homeowner's content claim, you
should establish if the loss happened __________________________________________ to help
determine the total limit of liability that will apply to the claim.
$14,220 correct answers Your policyholder has a Homeowner's Policy with the following limits
on it COV A limit is $158,000 COV B limit is $90,000 His home has a detached garage. His
