insurance adjusting-Questions Solved 100%
Correct| Verified Solutions-Newest 2025
Public Adjuster - ✔✔A person hired by the consumer/property owner to settle the
claim with the insurance company on their behalf?
HO-A - ✔✔Type of Homeowner's policy that provides coverage only for those perils
that are listed in the policy?
Occurrence - ✔✔An event that results in an insured loss/damage.
Actual cash value - ✔✔The value of your property, based on the current cost to
replace it minus depreciation.
Incurred expenses - ✔✔Expenses that have already been sustained and that have not
yet been paid.
Declarations Page - ✔✔Part of the written insurance policy that states all the policy's
specifics, including the name of policy holder, the type of property insured, and the
limits for the coverage.
Negligence - ✔✔The failure to use that degree of care which an ordinary person of
reasonable prudence would us under similar circumstances.
Overhead and Profit (O&P) - ✔✔The amount of money dedicated to a General
Contractor's cost of doing business and earning a profit.
,Third Party Loss - ✔✔A situation involving a person other than an insurer and the
insured.
Reserves - ✔✔The amount representing actual or potential liabilities kept by an
insurer to cover debts to policyholders.
First party loss - ✔✔Loss involving only the insurer and the insured.
Liability - ✔✔The responsibility to another for one's negligence.
Severity - ✔✔The size of a loss, the extent of damages.
Premium - ✔✔The amount paid by an insured to an insurance company to obtain or
maintain an insurance policy.
Replacement Cost - ✔✔The cost to replace property at current market prices.
Policy Period - ✔✔The period a policy in in force, from effective date to expiration
date.
Deductible - ✔✔The amount the insured must pay in a loss before any payment is
due.
$5000 - ✔✔Mary Johnson has an HO-B policy. Her Coverage A limit of liability os
$250,000 and her Coverage B limit of liability is $125,000. Her policy has a 2%
deductible. What is her deductible?
, Give page number, section title, and letter or number - ✔✔Process to explain your
coverage decision.
No - ✔✔Are trees covered for damage caused by windstorm?
24 hours - ✔✔As an adjuster you are expected to make initial contact within?
Done in writing - ✔✔Full or partial denials of coverage must be what?
Article 21.55 - ✔✔What is the Texas Insurance Code number established in 1991?
15 calendar days - ✔✔What time frame do you have to acknowledge the claim, begin
the investigation, and request all needed items?
15 business days - ✔✔After you receive requested items how long do you have to
review and evaluate the claim, process the claim, and accept or reject the claim?
5 business days - ✔✔Once you have accepted or rejected the claim how long do you
have to pay the claim or issue full or partial denial of the claim?
45 calendar days - ✔✔How much extra time can you request during the 15 business
day period?
3 or more non-weather claims in 3 year period - ✔✔When can an insurance company
cancel a homeowner's policy?
Correct| Verified Solutions-Newest 2025
Public Adjuster - ✔✔A person hired by the consumer/property owner to settle the
claim with the insurance company on their behalf?
HO-A - ✔✔Type of Homeowner's policy that provides coverage only for those perils
that are listed in the policy?
Occurrence - ✔✔An event that results in an insured loss/damage.
Actual cash value - ✔✔The value of your property, based on the current cost to
replace it minus depreciation.
Incurred expenses - ✔✔Expenses that have already been sustained and that have not
yet been paid.
Declarations Page - ✔✔Part of the written insurance policy that states all the policy's
specifics, including the name of policy holder, the type of property insured, and the
limits for the coverage.
Negligence - ✔✔The failure to use that degree of care which an ordinary person of
reasonable prudence would us under similar circumstances.
Overhead and Profit (O&P) - ✔✔The amount of money dedicated to a General
Contractor's cost of doing business and earning a profit.
,Third Party Loss - ✔✔A situation involving a person other than an insurer and the
insured.
Reserves - ✔✔The amount representing actual or potential liabilities kept by an
insurer to cover debts to policyholders.
First party loss - ✔✔Loss involving only the insurer and the insured.
Liability - ✔✔The responsibility to another for one's negligence.
Severity - ✔✔The size of a loss, the extent of damages.
Premium - ✔✔The amount paid by an insured to an insurance company to obtain or
maintain an insurance policy.
Replacement Cost - ✔✔The cost to replace property at current market prices.
Policy Period - ✔✔The period a policy in in force, from effective date to expiration
date.
Deductible - ✔✔The amount the insured must pay in a loss before any payment is
due.
$5000 - ✔✔Mary Johnson has an HO-B policy. Her Coverage A limit of liability os
$250,000 and her Coverage B limit of liability is $125,000. Her policy has a 2%
deductible. What is her deductible?
, Give page number, section title, and letter or number - ✔✔Process to explain your
coverage decision.
No - ✔✔Are trees covered for damage caused by windstorm?
24 hours - ✔✔As an adjuster you are expected to make initial contact within?
Done in writing - ✔✔Full or partial denials of coverage must be what?
Article 21.55 - ✔✔What is the Texas Insurance Code number established in 1991?
15 calendar days - ✔✔What time frame do you have to acknowledge the claim, begin
the investigation, and request all needed items?
15 business days - ✔✔After you receive requested items how long do you have to
review and evaluate the claim, process the claim, and accept or reject the claim?
5 business days - ✔✔Once you have accepted or rejected the claim how long do you
have to pay the claim or issue full or partial denial of the claim?
45 calendar days - ✔✔How much extra time can you request during the 15 business
day period?
3 or more non-weather claims in 3 year period - ✔✔When can an insurance company
cancel a homeowner's policy?
