SUPER-DUPER TEXAS ADJUSTER LICENSE NEWEST 2024 ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+.pdf

SUPER-
DUPER TEXAS ADJUSTER LICENSE NEWEST 2024 AC
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TUAL EXAM COMPLETE 300 QUESTIONS AND COR
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RECT DETAILED ANSWERS (VERIFIED
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ANSWERS) ALREADY GRADED A+ n n n




Insurance History and Regulation: Insurance - ANSWER
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>>>>Coverage by contract whereby one party undertakes to indem
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nity (hold harmless) or guarantee another against loss by a specified
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ncontingency or peril. n n




Insurance History and Regulation: NAIC -
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nANSWER >>>>An organization whose purpose is to organize the r
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egulatory and supervisory efforts of the various state insurance com
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missioners from around the United States.
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Protection of Consumer Interests: The Texas Department of Insura
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nce (TDI) -
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ANSWER >>>>Regulates the consumer interest in regard to insura
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nce.

Protection of Consumer Interests: Head of the Texas Department of
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Insurance - ANSWER >>>>Insurance Commissioner
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Protection of Consumer Interests: Chapter 541 -
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Unfair and Deceptive Insurance Practices -
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ANSWER >>>>was set up by the State of Texas to establish certain
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practices which constitute unfair and/or deceptive insurance acts.
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Protection of Consumer Interests: Texas Insurance Code requires
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what within how many days of receipt of a claim that the insurer? -
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ANSWER >>>>within 15 days 1) acknowledge receipt of a claim
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2) begin investigation 3) request items from the claimant.
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,Insurance: What is the purpose of insurance? - n n n n n n n


nANSWER >>>>to provide a way to spread risk over a large group of
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people

Insurance: Principle of Indemnity - n n n n


nANSWER >>>>IS AN INSURANCE PRINCIPLE STATING THAT A
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N INSURED MAY NOT BE COMPENSATED BY INSURANCE CO
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MPANY IN AN AMOUNT EXCEEDING THE INSURED'S ECONOM
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IC LOSS. It is
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a principle that returns the insured to their previous financial conditio
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n.

Insurance: What are the two purposes of indemnity? - ANSWER
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>>>>1) to prevent the insured from profiting from a loss 2) to reduce
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moral hazard n




Insurance: what is risk? - n n n n


nANSWER >>>>(1) the potential for a financial loss or the statistical
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chance of danger from exposure to a hazard or peril (2) the uncertai
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nty about loss that exists whenever more than one outcome is poss
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ible

Insurance: Proximate Cause - n n n


nANSWER >>>>is the first event in an uninterrupted chain of events t
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hat leads to a loss
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Insurance: What are the 2 types of risk? - ANSWER n n n n n n n n n


>>>>Speculative: affords the opportunity for gain as well as the poss n n n n n n n n n n


ibility of loss n n


Pure: a risk where there is the potential of real loss due to exposure t
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o a peril
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Insurance: example of risk avoidance - n n n n n


nANSWER >>>>to avoid risks associated with swimming pools, d
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on't buy a home with a pool.
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Insurance: example of risk reduction - n n n n n


nANSWER >>>>to reduce fire damage, install a sprinkler system in h
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,ome

, Insurance: Example of risk retention - n n n n n


nANSWER >>>>insurance company accepts risk when they've acce
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pted the insured.
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Insurance: example of risk transference - ANSWER
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>>>>purchasing insurance, transfers the risk from insured to insura n n n n n n n n


nce company.n




Insurance: what is a peril? - n n n n n


nANSWER >>>>The actual cause of a loss. n n n n n n




Insurance: what are the two types of perils? -
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nANSWER >>>>1) named peril -- n n n n


nspecifies which perils are insured against 2) open peril / all risk peril -
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- insures against all perils unless specifically excluded in the policy
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Insurance: 14 most common named perils - n n n n n n


nANSWER >>>>1. lightning/fire n n


2. sudden & accidental damage from smoken n n n n


3. explosions
4. windstorms, hurricane or hail n n n


5. theft
6. vehicle damage n


7. aircraft damage n


8. vandalism/malicious mischief (V/MM) n n


9. falling objects n


10. weight of snow, ice or sleet n n n n n


11. sudden and accidental water damage from plumbing, heating, o
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r A/C overflow
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12. freezing damage to plumbing n n n


13. riots
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Insurance: What is a hazard? - n n n n n


nANSWER >>>>situations or behaviors that increase the risk of loss
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of property
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