Texas All Lines Adjuster Exam Chapter 8 question n answers

Texas All Lines Adjuster Exam Chapter 8Burglary - correct answer Theft of property that leaves visible marks of forced entry Robbery - correct answer Taking or stealing of property involving a face-to-face confrontation. Theft - correct answer Dishonest taking of property without owner's consent. Larceny - correct answer Theft that occurs when there is access to the area where stolen property was located. Exp: Dishonest employee and shoplifters Embezzlement - correct answer Fraudulent act that involves the unlawful appropriation of money or property by someone who it has been entrusted to. Bonds vs Insurance - correct answer Bonds involve three parties while insurance involves two Three parties in the Bonding Process - correct answer - The Principle - The party who has a duty to perform. Also known as the obligor - The Obligee - The party who is reimbursed by the surety if the principle fails to perform. - The Surety - The company issuing the bond is the party guaranteeing the performance by the principle. Known as the guarantor Types of Bonds - correct answer Surety - Guarantees the performance of a duty. This includes Contract bonds and Court bonds Fidelity - Protects an employer from the dishonest acts of his or her employees. Example of a Fidelity loss would be where a trusted person knowingly allowed or participated in a dishonest act that results in the employer suffering an economic loss. This includes Individual bonds and Schedule bonds