Texas All Lines Adjuster Exam Questions and Answers Latest Update 2024 (correct solutions)
Linda has received an inquiry from the Texas Commissioner. She realizes that she is required by law to respond to the inquiry, however her response contains information that is confidential and privileged. Which of the following is true of Linda's response to the Commissioner's inquiry? - ANSWER✔✔The information will remain confidential and privileged until it is introduced as evidence in an administrative hearing or in a court of law..A contractor in need of a bid bond to obtain a contract is an example of a(n): - ANSWER✔✔A principal When should a non waiver agreement be used - ANSWER✔✔when there are unresolved questions regarding coverage, limits or both. The adjuster would be wise to present such of waiver to the claimant/insured during the initial site visit.An insured purchases a $1 million umbrella policy with a $1,000 self-insured retention (SIR) and agrees to maintain the following underlying limits: auto liability - $100/300/50 and personal liability limits of $300,000. The insured is involved in an at-fault auto accident and the claimant is awarded $200,000 for his bodily injuries. What will the umbrella pay if the insured only carries $50/100/50 auto limits? - ANSWER✔✔$100,000 When the insured does not maintain underlying limits as stated in the umbrella policy, the umbrella carrier pays as though those limits were in effect. The insured would have to pay $50,000, the underlying carrier would pay $50,000 and the umbrella carrier would pay the remainder.Indemnity - ANSWER✔✔a payment for damage or loss 1 / 3
Replevin - ANSWER✔✔An action to recover specific goods in the hands of a party who is wrongfully withholding them from the other party.General Average - ANSWER✔✔In water transportation, the deliberate sacrifice of cargo to make the vessel safe for the remaining cargo. Those sharing in the spared cargo proportionately cover the loss.In Commercial Inland Marine policies, who transports the property of anyone who hires them? - ANSWER✔✔common carriers Commercial inland marine policies require the insured to submit a signed, sworn
statement of loss: - ANSWER✔✔Within 60 days of the insurer requesting it..
Coverage F (Homeowners) - ANSWER✔✔Medical payments to others- regards of fault.Med pay will pay for injury. Will not cover pain and suffering. You will be reimbursed.-Basic limit is $1000 per injury but can be raised.-will cover for medical treatments up to 3 years from the date of accident HO-4 policy - ANSWER✔✔Renters policy. Personal property covered for broad perils.Automobile No-Fault Laws - ANSWER✔✔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.surplus lines - ANSWER✔✔Insurance for which there is no readily available, admitted market.Surplus Lines companies in Texas have _____ to acknowledge the receipt of a claim. - ANSWER✔✔30 days Property Removed - ANSWER✔✔Covers property against direct loss from any peril while being removed from a premises endangered by a covered peril and for up to 30 days while removed The maximum payable to remove this debris of others is: - ANSWER✔✔5,000 2 / 3
To be eligible for a standardized Watercraft policy, the insured watercraft must be used on inland or coastal waters within: - ANSWER✔✔12 miles of the shore or in the Great Lakes, but only when within the United States and its territories, Puerto Rico, or Canada. .
Under a standard Equipment Breakdown policy, the loss settlement is: -
ANSWER✔✔On a replacement cost coverage, if the repair or replacement, is made within 24 months of the loss.The medical payments coverage of an Aircraft Liability policy provided coverage for bodily injury expenses incurred by accident - ANSWER✔✔Within one year of accident Flat Deductible - ANSWER✔✔A deductible stated in a specified dollar amount.Percentage Deductible - ANSWER✔✔Is commonly used on expensive boats.deductible is a percentage of the total amount it would take to repair the hull of the boat if it was severely damaged.The deductible - ANSWER✔✔Amount you must pay before you begin receiving any benefits from your insurance company Coinsurance - ANSWER✔✔the sharing of expenses by the policyholder and the insurance company The premium - ANSWER✔✔A specific sum of money paid by the insured to the insurance company in exchange for financial protection against loss.The pre-defined amount of an insurance claim that is paid by the policyholder is known as - ANSWER✔✔The deductible A Texas insurer has notified a claimant that all or part of a claim will be paid. The claim must be paid not later than the ____ business day after the date notice is made. - ANSWER✔✔5th Coverage C of the homeowners policy is extended to all of the following except:
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