TEXAS ALL LINES FINAL PAPER COMPREHENSIVE
QUESTIONS AND SOLUTIONS
⩥ Abandonment. Answer: The relinquishing ownership of a damaged
property to the insurance company on a partial loss
⩥ Actual Cash Value (ACV). Answer: The replacement cost of like kind
and quality at the time of loss, less a reasonable amount of depreciation
due to age and condition
⩥ Additional Living Expenses. Answer: Those expenses sustained by
insured household in order to maintain its normal standard of living.
⩥ Adjusters. Answer: investigate & adjusts losses on behalf of either an
insurer or self-insured and determines payment of claims.
⩥ Agent. Answer: Sells insurance either independent (represents many)
or exclusive to a certain company
⩥ Appeal bonds. Answer: Required of the defendant in a lawsuit who
elects to appeal a verdict
⩥ Appraisal. Answer: The process of involving a third party appraiser, or
umpire, to govern a dispute of a claim settlement amount
, ⩥ Assumption of Liability. Answer: The act of taking responsibility
through agreement for something that person may be legally liable
⩥ bail bond. Answer: Used to guarantee that an accused will appear at a
date assigned by the court
⩥ Bid bonds. Answer: Used as a promise to accept a bid if awarded to a
company and to guarantee that a performance bond will be obtained
prior to commencement of a job
⩥ business interruption insurance. Answer: covers losses if a business
can't operate due to a insured peril, such as a storm or fire
⩥ Claim. Answer: Any request or demand for payment under the terms
of the insurance contract
⩥ class action lawsuits. Answer: lawsuits in which a small number of
people sue on behalf of all people in similar circumstances
⩥ comissioner. Answer: A state officer who administers the state's
insurance laws and regulations
⩥ Completion Bond. Answer: A bond used to guarantee that outstanding
loans against a job are paid upon completion
QUESTIONS AND SOLUTIONS
⩥ Abandonment. Answer: The relinquishing ownership of a damaged
property to the insurance company on a partial loss
⩥ Actual Cash Value (ACV). Answer: The replacement cost of like kind
and quality at the time of loss, less a reasonable amount of depreciation
due to age and condition
⩥ Additional Living Expenses. Answer: Those expenses sustained by
insured household in order to maintain its normal standard of living.
⩥ Adjusters. Answer: investigate & adjusts losses on behalf of either an
insurer or self-insured and determines payment of claims.
⩥ Agent. Answer: Sells insurance either independent (represents many)
or exclusive to a certain company
⩥ Appeal bonds. Answer: Required of the defendant in a lawsuit who
elects to appeal a verdict
⩥ Appraisal. Answer: The process of involving a third party appraiser, or
umpire, to govern a dispute of a claim settlement amount
, ⩥ Assumption of Liability. Answer: The act of taking responsibility
through agreement for something that person may be legally liable
⩥ bail bond. Answer: Used to guarantee that an accused will appear at a
date assigned by the court
⩥ Bid bonds. Answer: Used as a promise to accept a bid if awarded to a
company and to guarantee that a performance bond will be obtained
prior to commencement of a job
⩥ business interruption insurance. Answer: covers losses if a business
can't operate due to a insured peril, such as a storm or fire
⩥ Claim. Answer: Any request or demand for payment under the terms
of the insurance contract
⩥ class action lawsuits. Answer: lawsuits in which a small number of
people sue on behalf of all people in similar circumstances
⩥ comissioner. Answer: A state officer who administers the state's
insurance laws and regulations
⩥ Completion Bond. Answer: A bond used to guarantee that outstanding
loans against a job are paid upon completion
