TEXAS ALL LINES ADJUSTER TEST

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TEXAS ALL LINES ADJUSTER TEST

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -100 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: Exposure

Answer:

The extent to which an item is open to damage or loss. More exposure means a loss is more likely.

Question 2: CGL

Answer:

A Commercial General Liability policy protects businesses against damages and injuries to third parties.

Question 3: Damages - general

Answer:

Intangible losses such as pain and suffering, or mental anguish.

Question 4: Estoppel

Answer:

A legal principle that bars a party from asserting something contrary to what has been implied by his previous actions or statements.

Question 5: Evaluation

Answer:

Evaluation, determining the approximate value of damages relevant to a claim i.e. total of medical bills, costs of repair & replacement of damaged property and the consideration of the financial provisions of the insurance policy.

Question 6: Boiler & Machinery

Answer:

Boiler and machinery insurance is designed to indemnify a business for damages to, and damages by, boilers, machinery, motors, generators and a variety of other electrical devices and appliances.

Question 7: Dec Page

Answer:

Also called the Declarations Page. First page of a policy, which provides a summary of the contract; includes names of insured, addresses, coverage limits, policy period, etc.

Question 8: Deductible - franchise

Answer:

A franchise deductible states that the policyholder only pays for damages that are less than his deductible. If the cost of damages equals or exceeds his deductible, the insurer pays the full amount and the policyholder pays nothing.

Question 9: Crop Hail Insurance

Answer:

A form of Crop Yield Insurance that is usually provided by private insurers without government subsidy.It offers named-peril protection on an acreage basis.

Question 10: Body Language

Answer:

The signals we give through posture, behaviour, apparel, etc., which are involved in communication.

Question 11: Arbitration

Answer:

A negotiation method in which the opposing parties each submit their evidence to a mutually-agreed-upon and neutral third party, called an arbitrator. The arbitrator reviews the positions of each opposing side, and makes a final and legally binding decision.

Question 12: Eligiblity

Answer:

Eligibility Requirements are found in some insurance policies. They identify the conditions that must be met by the policyholder in order to qualify for coverage under a policy.

Question 13: Adjuster - Independent

Answer:

Self-employed adjusters who contract with multiple insurers at the same time. Paid on a commission or fee-plus-expenses basis for each claim. Also called: Fee Adjuster, Bureau Adjuster

Question 14: Bailee

Answer:

An individual or company that receives the property of someone else for a special purpose, and returns the product after use.

Question 15: Artificially Generated Current

Answer:

Also called "artificial current." A peril covered in some property insurance policies. It includes sudden and accidental damage from any electrical current, except currents that are naturally generated, such as lightning or static electricity.

Question 16: Automobile

Answer:

In Insurance policies, Automobile generally means any vehicle designed for use on public roads.

Question 17: Code of Ethics

Answer:

A set of governing professional standards of conduct, usually created by regulatory bodies or government regulatory agencies. These standards may also be formally codified with statutes.

Question 18: Agent

Answer:

Someone who has received authority from an insurer to sell or service insurance policies.

Question 19: Ethical

Answer:

Adhering to moral laws and to principles of fairness.

Question 20: Automobile No-Fault Laws

Answer:

Laws in effect in some states that require any owner of a vehicle to purchase no-fault insurance; that is, insurance that indemnifies the insured regardless of who was at fault in an accident. No-fault laws also restrict the insured's right to sue the at-fault party.

Question 21: Agricultural Producer

Answer:

A business that grows, harvests, and sells crops for profit.

Question 22: Errors and Omissions

Answer:

Liability insurance that indemnifies professionals for errors or oversights on the part of the insured that caused harm to their clients.

Question 23: Actual Production History

Answer:

A history of a farmer's crop yields over a multi-year period, which is used to determine the normal production level of a farm.

Question 24: Consideration

Answer:

One of the four qualifications of a legally binding contract. All parties must bring something of value to the contract.

Question 25: Adjuster

Answer:

An agent who, for compensation, processes insurance claims. Can represent either the insured or the insurer.