TX ADJUSTER TEST QUESTIONS WITH 100%
COMPLETE SOLUTIONS
While investigating a claim, you determine that the loss was caused by a defective
| | | | | | | | | | | | |
mechanism in the dishwasher. You would attempt
| | | | | | | |
to_________________________? - CORRECT ANSWER✔✔-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.
| | | | | | | | | | | | | |
What is the process when an insurer and an insured have a dispute regarding the
| | | | | | | | | | | | | | |
amount of damage? - CORRECT ANSWER✔✔-Appraisal
| | | | |
__________________________________________________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. - CORRECT ANSWER✔✔-Material Misrepresentation
| | | | | |
As an adjuster, you should base depreciation on these three factors? - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-Age, Condition and Life Expectancy | | | |
An_________________ is a person hired by the property owner to settle the | | | | | | | | | | | |
claim with insurance company on their behalf. - CORRECT ANSWER✔✔-Umpire
| | | | | | | | |
,This type of policy provides coverage only for those perils that are listed in the
| | | | | | | | | | | | | | |
policy? - CORRECT ANSWER✔✔-HO-A
| | |
_________________________ are extra charges covered by homeowner's | | | | | | |
policies over and above the policyholder's customary living expenses. - CORRECT
| | | | | | | | | | |
ANSWER✔✔-Additional Living Expenses | |
_______________________is an event that results in an insured loss/damages? - | | | | | | | | | |
CORRECT ANSWER✔✔-Occurrence |
What is value of your property, based on the current cost to replace it, minus
| | | | | | | | | | | | | | |
depreciation? - CORRECT ANSWER✔✔-Actual Cash Value| | | | |
Expenses that have already sustained and that have not yet been paid are known
| | | | | | | | | | | | | |
as ____________________________________. - CORRECT ANSWER✔✔-Incurred
| | | | |
Expenses
________________________________is the part of the written insurance policy | | | | | | | |
that states all the policy's specific's, including the name of the policyholder, the
| | | | | | | | | | | | |
type of property insured, the premiums, and the term limits for the coverage. -
| | | | | | | | | | | | | |
CORRECT ANSWER✔✔-Declarations Page
| |
What is the failure to use that degree of care which an ordinary person of
| | | | | | | | | | | | | | |
reasonable prudence would use under similar circumstances? - CORRECT
| | | | | | | | |
ANSWER✔✔-Negligence
, ______________________________is the amount of money dedicated to a | | | | | | | |
general contractor's cost of doing a business and earning a profit. - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-Overhead and Profit | |
____________________________is a situation involving a person other than an | | | | | | | | |
insurer and the insured. - CORRECT ANSWER✔✔-Third Party Loss
| | | | | | | |
What is the amount representing actual or potential liabilities kept by and insurer
| | | | | | | | | | | |
to cover debts to policyholder? - CORRECT ANSWER✔✔-Reserves
| | | | | | | |
This loss involves only the insurer and the insured? - CORRECT ANSWER✔✔-First
| | | | | | | | | | | |
Party Loss |
What is the responsibility to another for one's negligence? - CORRECT
| | | | | | | | | | |
ANSWER✔✔-Liability
_____________________ is the size of a loss, the extent of damages. - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-Severity
___________________________ is the amount paid by an insured to an | | | | | | | | | |
insurance company to obtain or maintain an insurance policy - CORRECT
| | | | | | | | | | |
ANSWER✔✔-Premium
__________________________________is the cost associated with replacing | | | | | |
property at the current market price. - CORRECT ANSWER✔✔-Replacement Cost
| | | | | | | | |
COMPLETE SOLUTIONS
While investigating a claim, you determine that the loss was caused by a defective
| | | | | | | | | | | | |
mechanism in the dishwasher. You would attempt
| | | | | | | |
to_________________________? - CORRECT ANSWER✔✔-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.
| | | | | | | | | | | | | |
What is the process when an insurer and an insured have a dispute regarding the
| | | | | | | | | | | | | | |
amount of damage? - CORRECT ANSWER✔✔-Appraisal
| | | | |
__________________________________________________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. - CORRECT ANSWER✔✔-Material Misrepresentation
| | | | | |
As an adjuster, you should base depreciation on these three factors? - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-Age, Condition and Life Expectancy | | | |
An_________________ is a person hired by the property owner to settle the | | | | | | | | | | | |
claim with insurance company on their behalf. - CORRECT ANSWER✔✔-Umpire
| | | | | | | | |
,This type of policy provides coverage only for those perils that are listed in the
| | | | | | | | | | | | | | |
policy? - CORRECT ANSWER✔✔-HO-A
| | |
_________________________ are extra charges covered by homeowner's | | | | | | |
policies over and above the policyholder's customary living expenses. - CORRECT
| | | | | | | | | | |
ANSWER✔✔-Additional Living Expenses | |
_______________________is an event that results in an insured loss/damages? - | | | | | | | | | |
CORRECT ANSWER✔✔-Occurrence |
What is value of your property, based on the current cost to replace it, minus
| | | | | | | | | | | | | | |
depreciation? - CORRECT ANSWER✔✔-Actual Cash Value| | | | |
Expenses that have already sustained and that have not yet been paid are known
| | | | | | | | | | | | | |
as ____________________________________. - CORRECT ANSWER✔✔-Incurred
| | | | |
Expenses
________________________________is the part of the written insurance policy | | | | | | | |
that states all the policy's specific's, including the name of the policyholder, the
| | | | | | | | | | | | |
type of property insured, the premiums, and the term limits for the coverage. -
| | | | | | | | | | | | | |
CORRECT ANSWER✔✔-Declarations Page
| |
What is the failure to use that degree of care which an ordinary person of
| | | | | | | | | | | | | | |
reasonable prudence would use under similar circumstances? - CORRECT
| | | | | | | | |
ANSWER✔✔-Negligence
, ______________________________is the amount of money dedicated to a | | | | | | | |
general contractor's cost of doing a business and earning a profit. - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-Overhead and Profit | |
____________________________is a situation involving a person other than an | | | | | | | | |
insurer and the insured. - CORRECT ANSWER✔✔-Third Party Loss
| | | | | | | |
What is the amount representing actual or potential liabilities kept by and insurer
| | | | | | | | | | | |
to cover debts to policyholder? - CORRECT ANSWER✔✔-Reserves
| | | | | | | |
This loss involves only the insurer and the insured? - CORRECT ANSWER✔✔-First
| | | | | | | | | | | |
Party Loss |
What is the responsibility to another for one's negligence? - CORRECT
| | | | | | | | | | |
ANSWER✔✔-Liability
_____________________ is the size of a loss, the extent of damages. - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-Severity
___________________________ is the amount paid by an insured to an | | | | | | | | | |
insurance company to obtain or maintain an insurance policy - CORRECT
| | | | | | | | | | |
ANSWER✔✔-Premium
__________________________________is the cost associated with replacing | | | | | |
property at the current market price. - CORRECT ANSWER✔✔-Replacement Cost
| | | | | | | | |
