SF: Texas All Lines Adjuster; Pre-licensing Practice Exam 2023 Graded A+

Which regulatory body handles violations of related insurance issues only? - ANSWER-Texas Insurance Code (TIC) What license carries the minimum requirements to handle homeowner's claims? - ANSWER-Property, Casualty & Surety 30% of the questions on the license exam are considered "Knowledge-based" questions. What are the remaining 70% considered? - ANSWER-Application-based Most Workers' Compensation policies have what type of policy limit? - ANSWER-None Which one of the following penalties or remedies is not valid under the DTPA? - ANSWER-Locked in the same room alone with an adjuster Which one of the following is not a qualification to become an adjuster? - ANSWER-Have an MBA in insurance If your adjusters license has not been renewed and the current date is 6 months past the actual renewal date, what must you do to obtain a license? - ANSWER-Re-apply for an adjuster's license & pay a 50% penalty An Emergency Adjuster is valid for 90 days with an allowable ______ extension. - ANSWER-90 day When must a licensed adjuster renew his/her adjuster's license in Texas? - ANSWER-2 years from your birthday after receiving your initial license In the mid 1990's Insurer's shifted focus on claims handling from field adjusting to in-office adjusting. This change in claims handling was known as ___________________. - ANSWER-Claim Centralization An unlicensed adjuster may work under a licensed adjuster for how long before being required to obtain a valid adjuster's license? - ANSWER-12 months Every licensed adjuster must notify the commissioner when they move their place of business. In what time period must the licensee notify the commissioner? - ANSWER-Promptly When the dealers negotiated an agreement on purchasing drugs, they were of age & there was a monetary exchange. Which of the following nullify this transaction as a 'contract'? - ANSWER-Legal offer & acceptance What is the minimum amount of Continuing Education (CE) hours required to renew your Texas All-Lines Adjuster License? - ANSWER-24 hours Which of the following is not allowed to handle property or auto claims for an insurance carrier? - ANSWER-Public Adjuster In Worker's Compensation, what is utilized to monitor the frequency of medical visits? - ANSWER-Utilization Reviews Which of the following is a Worker's Compensation regulatory entity? - ANSWER-Texas Worker's Compensation Comission What is the legal age to become a competent party to a contract? - ANSWER-18 Which of the following is allowed to handle property claims for an insurance carrier? - ANSWER-An individual who as an employee of an insurance company supervises the handling of claims What does IME stand for? - ANSWER-Independent Medical Examination Which of the following is not a source of legal liability? - ANSWER-Peril What is the TIC? - ANSWER-Texas Insurance Code An individual who investigates or adjusts losses or supervises the handling of claims. - ANSWER-Adjuster Current Chapters 541 & 542 of the TIC were once recognized as what Article? - ANSWER-21.21 An adjuster that works exclusively for an insurance company. - ANSWER-Staff Adjuster What is the time limit for completion of the Texas All-Lines Adjuster Exam? - ANSWER-180 minutes Which of the following in not a 'Compensatory Damage'? - ANSWER-Money to punish the wrong-doer Under the TIC Remedies, what is the cap for punitive damages? - ANSWER-2 x damages Which of the following incidents would an employer be responsible for providing coverage? - ANSWER-Employee was negligent and fell from a ladder resulting in injury to himself Which of the following methods to control medical costs would not be included in a Worker's Compensation policy? - ANSWER-Deny physical therapy treatments The courts have interpreted that an insured or third party beneficiary to an insurance policy can be recognized as a ___________ under the Texas Insurance Code - ANSWER-Claimant This position is the insurer's direct representative with the insured, claimant, attorney, etc.. - ANSWER-Adjuster What is the best description of a 'competent party'? - ANSWER-Of sound mind & at least 18 years old The Texas Worker's Compensation Act limits a covered employers' liability to a schedule of benefits. Which benefit would not be included? - ANSWER-Life Insurance on dependents An Emergency Licensed Adjuster can work for ____________ before submitting the actual license application. - ANSWER-5 days Worker's Compensation has how many regulatory entities in Texas? - ANSWER-Two Which of the following will not likely be involved or included in a Worker's Compensation investigation? - ANSWER-Inspection of Tax Records Which regulatory body or statue handles consumer protection violations of most businesses related issues in Texas? - ANSWER-Deceptive Trade Practices Act Pursuant to Texas Insurance Code, which of the following is not exempt from the requirement of an adjuster's license examination? - ANSWER-Those earning an MBA in Insurance Operations Which of the following would be considered an 'Exemplary Damage'? - ANSWER-Punitive Damage The insurance company function that is responsible for handling payment of claims. - ANSWER-Claims Adjusting What does TDI stand for? - ANSWER-Texas Department of Insurance An insured is also considered a _______________ under the Deceptive Trade Practices Act. - ANSWER-Consumer The body of law can be divided into 2 main categories. Which one of the following is one of the categories? - ANSWER-Civil Law