All Lines Adjuster, well done 2023/2024.

What is the failure to use that degree of care which n ordinary person of reasonable prudence would use under similar circumstances? – answer Negligence What is a situation involving a person other than an insured? – answer Third Party Loss What is the responsibility to another for one's negligence? – answer Liability Mary has a homeowner's policy. Her Coverage a limit of liability is $250,000 and her Coverage B limit of liability is $125,000. Her policy has a 2% deductible. What is her deductible? – answer $5,000 The part of the insurance policy that details the rights and duties of the insured and the insurance company in the policy? – answer Conditions What is a partial legal defense that reduces the amount of damages that a person can recover based upon the amount that this person's own negligence contributed to the loss? – answer Comparative Negligence Value of property based on the current cost to replace it minus depreciation? – answer Actual Cash Vale This type of Auto Coverage pays for your damages if you were involved in a hit and run: - answer Uninsured Motorist What is the cost associated with replacing property at current market prices? – answer Replacement Cost The process when an insurer and insured have a dispute regarding the amount of the damage: - answer Appraisal The intentional misrepresentation of a material fact that may void a contract? – answer Fraud What is the type of negotiation that is also sometimes called positional or hard-bargaining? – answer Distributive An event that results in an insured loss and damages? – answer Occurrence What is the period a policy is in force, from the beginning or effective date? – answer Policy Period The amount the insured must pay in a loss before any payment is due? – answer Deductible The insurer must review the claim and accept or reject within how many days? – Answer 15 calendar Oral or written false statement that is malicious – answer Defamation Time requirements does the policy holder have to complete the requirements that the insurer has requested? – answer No requirements Days for insurer to pay the claim - answer5 business Insurer must acknowledge the claim begin the investigation, and request all the information needed in what time frame? – answer 15 Calendar days What must an insurer provide for the declination, cancellation, or nonrenewal of an insurance policy? – answer Written Statement Established in 1991 to ensure prompt payment of insurance claims? – answer Article 21.55 An insurer may not consider a ___ as a basis for declination? – answer Customer Inquiry An insurer may refuse to renew a policy if the insurer has mailed notice of nonrenewal to the insured at least_____ days before the policy's expiration date? - answer30 If the insurer needs additional time to evaluate and investigate a claim, they can request how many additional days? – answer 45 Calendar Days Under the Texas HO-B, the structure is covered for what type of losses? – answer All risk of physical loss, unless excluded Under the Texas HO-B, jewelry, watches, and furs are limited to? - answer$500 for losses caused by theft Under the Texas HO-B policy, the most paid for a tree? - answer$250 The Special Limit of Liability for Bullion/ Valuable Papers is? - answer$500 HO-B policy, you would choose the Deductible Clause 1 for losses caused by? – answer Windstorm, Hurricane, and Hail Trees, shrubs, plants, and lawns are not covered for losses caused by? – answer Windstorm If your policyholder has a percentage deductible, how do you determine what the deductible amount is? – Answer Apply the percentage to Coverage A limit of liability What is a crucial element to the adjustment process? – answer Claim investigation The adjuster must set appointment ______ to meet both the needs of the adjuster and the policyholder? – answer at reasonable times What should adjusters do to obtain a fair and equitable settlement? – answer Work in Good Faith