TEXAS ADJUSTER EXAM -

TEXAS ADJUSTER EXAM -

100 QUESTIONS AND CORRECT DETAILED ANSWERS

(VERIFIED ANSWERS) |AGRADE

If you have a covered loss, in excess of a limit, you can apply that excess towards the deductible. This best describes? - ANSWER- Absorbing the deductible

What type of contract exists when the insurance policy is valid even though there is an unequal exchange? - ANSWER- Aleatory Contract

What is the intentional or unintentional impression by the insurance company that a certain fact exists when it does not? - ANSWER- Estoppel

An event that results in an insured loss / damages. - ANSWER- Occurrence

Joseph ross owns a 2014 Toyota Avalon. while at the mall shopping, someone hit his car and left a big dent on the right side of his car. He does not know who hit his car, and there are no witnesses to this accident. What type of insurance protection does he need to protect him from financial loss in this situation - ANSWER- Comprehensive

Morris has a Texas Dwelling policy on his property. His property burns down in a fire. He claims that he has also sustained a financial loss because he is not able to rent the property to his tenants. What can you tell him? - ANSWER- He has coverage for loss of fair Rental Value

Method of dispute resolution that occurs when there is a dispute regarding whether or not something is covered under the policy - ANSWER- Arbitration

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A customer claims he tripped on a stair in John's Art Gallery and broke his leg. The only way the customer will have a successful claim against John's insurance is? - ANSWER- John must be found legally liable for the incident

Janet thompson works for universal insurance company of Texas. She is involved in a work related accident in the supply room. She immediately notifies her supervisor about the accident. Universal insurance company must report the injuries within how many days of being notified of the injury? - ANSWER- 8 days

Provisions in an insurance policy that indicates what is not covered? - ANSWER- Exclusions

As a public administrator you want to get insurance for your county's bridges and tunnels. What kind of policy would you look for? - ANSWER- Inland Marine

Lewis has a Texas dwelling policy on his property in Lewisville Texas.His tenant called him to tell him that the property was broke into and all of his contents were stolen. Lewis files a claim for his tenant's stolen contents. What do you tell Lewis about his claim? - ANSWER- The contents are covered up to 10% of the Coverage B limit of liability.

Is the size of a loss, the extent of damages - ANSWER- Severity

What is the intentional relinquishment of a known right by the insurance company or agent upon which the insured relies - ANSWER- Wavier

You have concluded your claim investigation and called your policyholder to discuss the settlement of their claim. How long do you have to make payment to your policyholder? - ANSWER- 5 Calendar days

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