Super-Duper Texas Adjuster License Test Review 3000! (100% Verified answers)

Insurance History and Regulation: Insurance correct answers Coverage by contract whereby one party undertakes to indemnity (hold harmless) or guarantee another against loss by a specified contingency or peril. Insurance History and Regulation: NAIC correct answers An organization whose purpose is to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. Protection of Consumer Interests: The Texas Department of Insurance (TDI) correct answers Regulates the consumer interest in regard to insurance. Protection of Consumer Interests: Head of the Texas Department of Insurance correct answers Insurance Commissioner Protection of Consumer Interests: Chapter 541 -Unfair and Deceptive Insurance Practices correct answers was set up by the State of Texas to establish certain practices which constitute unfair and/or deceptive insurance acts. Protection of Consumer Interests: Texas Insurance Code requires what within how many days of receipt of a claim that the insurer? correct answers within 15 days 1) acknowledge receipt of a claim 2) begin investigation 3) request items from the claimant. Insurance: What is the purpose of insurance? correct answers to provide a way to spread risk over a large group of people Insurance: Principle of Indemnity correct answers IS AN INSURANCE PRINCIPLE STATING THAT AN INSURED MAY NOT BE COMPENSATED BY INSURANCE COMPANY IN AN AMOUNT EXCEEDING THE INSURED'S ECONOMIC LOSS. It is a principle that returns the insured to their previous financial condition. Insurance: What are the two purposes of indemnity? correct answers 1) to prevent the insured from profiting from a loss 2) to reduce moral hazard Insurance: what is risk? correct answers (1) the potential for a financial loss or the statistical chance of danger from exposure to a hazard or peril (2) the uncertainty about loss that exists whenever more than one outcome is possible Insurance: Proximate Cause correct answers is the first event in an uninterrupted chain of events that leads to a loss Insurance: What are the 2 types of risk? correct answers Speculative: affords the opportunity for gain as well as the possibility of loss