Texas Adjuster Test, Q&As

TEXAS ADJUSTER TEST, Q&As-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. - While investigating a claim, you determine that the loss was caused by a defective mechanism in the dishwasher. You would attempt to_________________________? Appraisal - What is the process when an insurer and an insured have a dispute regarding the amount of damage? Material Misrepresentation - __________________________________________________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 - As an adjuster, you should base depreciation on these three factors? Umpire - An_________________ is a person hired by the property owner to settle the claim with insurance company on their behalf. HO-A - This type of policy provides coverage only for those perils that are listed in the policy? Additional Living Expenses - _________________________ are extra charges covered by homeowner's policies over and above the policyholder's customary living expenses. Occurrence - _______________________is an event that results in an insured loss/damages? Actual Cash Value - What is value of your property, based on the current cost to replace it, minus depreciation? Incurred Expenses - Expenses that have already sustained and that have not yet been paid are known as ____________________________________. Declarations Page - ________________________________is the part of the written insurance policy that states all