Texas Adjuster Licensing Exam with Questions and Answers

Texas Adjuster Licensing Exam with Questions and Answers abandonment ANSWER a term that applies to property and signifies both a relinquishing of it and the letting go of all legal rights to it, as well, with the intent to claim a total loss. Abandonment of property to an insurance company is something sinusoids are expressly prohibited from doing in most property policies. abandonment clauase ANSWER a property policy provision that stipulate that the insurer need not accept any damaged property that the insured closes to relinquish absolute liability ANSWER the performance of an act so dangerous as to be sufficient to trigger liability regardless of the degree of negligence. triggering explosives is often used as an example. sending workers aloft for construction or repair at elevated heights is another. strict liability is another term that is sometimes used. accident ANSWER an unforeseen, unintended, and unexpected event, which occurs suddenly and at a definite place. accounts receivable insurance ANSWER pays for the cost of reconstructing accounts receivable records that have been damaged or destroyed by a covered peril. even more importantly, it covers any payments that cannot be collected because records cannot be reconstructed act of god ANSWER acts of nature - the term was once widely used to distinguish between manmade events, such as fire, collision, and nature's rampages in wind and flood. active malfunction - in products insurance, a defect or malfunction in a product that damages the property of the user