All Lines Adjuster Exam Questions & Answers 2024

What is the failure to use that degree of care which n ordinary person of reasonable prudence would use under similar circumstances? - Negligence What is a situation involving a person other than an insured? - Third Party Loss What is the responsibility to another for one's negligence? - 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? - $5,000 The part of the insurance policy that details the rights and duties of the insured and the insurance company in the policy? - 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? - Comparative Negligence Value of property based on the current cost to replace it minus depreciation? - Actual Cash Vale This type of Auto Coverage pays for your damages if you were involved in a hit and run: - Uninsured Motorist What is the cost associated with replacing property at current market prices? - Replacement Cost The process when an insurer and insured have a dispute regarding the amount of the damage: - Appraisal The intentional misrepresentation of a material fact that may void a contract? - Fraud What is the type of negotiation that is also sometimes called positional or hard- bargaining? - Distributive An event that results in an insured loss and damages? - Occurrence What is the period a policy is in force, from the beginning or effective date? - Policy Period The amount the insured must pay in a loss before any payment is due? - Deductible The insurer must review the claim and accept or reject within how many days? - 15 calendar Oral or written false statement that is malicious - Defamation Time requirements does the policy holder have to complete the requirements that the insurer has requested? - No requirements Days for insurer to pay the claim - 5 business Insurer must acknowledge the claim begin the investigation, and request all the information needed in what time frame? - 15 Calendar days What must an insurer provide for the declination, cancellation, or nonrenewal of an insurance policy? - Written Statement Established in 1991 to ensure prompt payment of insurance claims? - Article 21.55 An insurer may not consider a as a basis for declination? - 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? - 30 If the insurer needs additional time to evaluate and investigate a claim, they can request how many additional days? - 45 Calendar Days Under the Texas HO-B, the structure is covered for what type of losses? - All risk of physical loss, unless excluded Under the Texas HO-B, jewelry, watches, and furs are limited to? - $500 for losses caused by theft