Texas

1. What type of reinsurance contract involves two companies automatically sharing their risk exposure?: Treaty 2. The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called: reserves 3. When third-party ownership is involved, applicants who also happen to be the stated primary beneficiary are required to have: insurable interest 4. Statements made on an insurance application that are believed to be tru...

Texas All Lines Adjuster Test 100 questions and answers with complete solutions 2023. Texas All Lines Adjuster Test 1. Accumulated Depreciation: The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) 2. Acreage Reporting Date: The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. 3. Actual Cash Value (ACV): A valua...

Texas All Lines Adjuster Laws & Regulation exam 2023. 1. All of the following are exempted from the requirement of an adjuster's license examination except: A. Those persons holding CPCU designation; B. those persons adjusting workers compensation claims; C. Those persons who have received the Associate in Claims (AIC) designation; D. Those persons who have a certificate of completion showing that within the past 12 months the applicant has completed a certified adjuster prelicensing ...

Texas Promulgated Contracts-CHAMPIONS COMPLETE TEST 2023/2024 1. The elements of a valid contract are, competent parties, consideration, legal subject matter, in writing, and ___________. (a) Default (b) Mutual consent (c) Property condition (d) Recording B 2. A(n) __________________ contract is defined as a contract that is binding on the parties, with one or more of the parties having contractual duties that have not yet been performed. (a) Executory (b) Executed (c) Bilateral (...