Texas Property & Casualty Insurance (100% correct answers) Texas Property & Casualty License (100% VERIFIED) Texas Statutes and Rules Pertinent to Property & Casualty Insurance (Well-enlightened) Texas property and casualty adjusters license 2024 (A+ GRADED) Texas Property & Casualty Insurance Lice...
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Property vs Casualty: What is considered property? correct answers Structure & Personal Property Property vs Casualty: What is considered casualty? correct answers Non-property losses. Legal liability to others. 3rd Party Risk correct answers uncertainty of financial loss Pure Risk correct ...
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Añadir al carritoProperty vs Casualty: What is considered property? correct answers Structure & Personal Property Property vs Casualty: What is considered casualty? correct answers Non-property losses. Legal liability to others. 3rd Party Risk correct answers uncertainty of financial loss Pure Risk correct ...
A condition or situation that presents a possibility of loss is a (an): correct answers exposure The purpose of insurance is to: correct answers transfer risk Which hazard can be described as a careless attitude or general indifference on the part of the insured toward the occurrence of loss? ...
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Añadir al carritoA condition or situation that presents a possibility of loss is a (an): correct answers exposure The purpose of insurance is to: correct answers transfer risk Which hazard can be described as a careless attitude or general indifference on the part of the insured toward the occurrence of loss? ...
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The businessowners policy liability coverage will pay for necessary medical expenses of others within what maximum time period? correct answers 1 Year Which of the following covers a carrier for liability for loss to cargo while it is being transported in a truck? correct answers Moto truck cargo...
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Añadir al carritoThe businessowners policy liability coverage will pay for necessary medical expenses of others within what maximum time period? correct answers 1 Year Which of the following covers a carrier for liability for loss to cargo while it is being transported in a truck? correct answers Moto truck cargo...
Which part of an insurance policy describes the responsibilities and obligations of both the insurance company and the insured under the policy? correct answers Conditions The limits of liability are found in which of the following sections of a casualty policy? correct answers Declarations Th...
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Añadir al carritoWhich part of an insurance policy describes the responsibilities and obligations of both the insurance company and the insured under the policy? correct answers Conditions The limits of liability are found in which of the following sections of a casualty policy? correct answers Declarations Th...
Coverage for water backup or sump pump overflow is excluded from the Dwelling Policy. However, with the purchase of the water backup and sump pump overflow endorsement, coverage for up to $5,000 in loss or damage can be provided for an additional premium. What is the deductible associated with this ...
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Añadir al carritoCoverage for water backup or sump pump overflow is excluded from the Dwelling Policy. However, with the purchase of the water backup and sump pump overflow endorsement, coverage for up to $5,000 in loss or damage can be provided for an additional premium. What is the deductible associated with this ...
____ is uncertainty of loss correct answers risk ____ is a transfer of risk from the insured to the insurer correct answers insurance ____ risk means there is no chance of gain. It is insurable. correct answers pure ____ risk means there is a chance of a loss or a gain. It is not insurable....
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Añadir al carrito____ is uncertainty of loss correct answers risk ____ is a transfer of risk from the insured to the insurer correct answers insurance ____ risk means there is no chance of gain. It is insurable. correct answers pure ____ risk means there is a chance of a loss or a gain. It is not insurable....
Insurance correct answers The transfer of the possibility of a loss (risk) from an individual or business to an insurance company, which in turn spreads the costs of unexpected losses to many individuals Law of Large Numbers correct answers The larger the number of people with a similar exposure ...
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Añadir al carritoInsurance correct answers The transfer of the possibility of a loss (risk) from an individual or business to an insurance company, which in turn spreads the costs of unexpected losses to many individuals Law of Large Numbers correct answers The larger the number of people with a similar exposure ...
Insurer correct answers insurance company or carrier Insured correct answers the person who bought insurance or client principle of indemnity correct answers this principle states that the insured will be restored to the same financial condition as before the loss. The insured cannot profit fr...
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Añadir al carritoInsurer correct answers insurance company or carrier Insured correct answers the person who bought insurance or client principle of indemnity correct answers this principle states that the insured will be restored to the same financial condition as before the loss. The insured cannot profit fr...
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An Insurance company is the_____. correct answers Principle An insurance company issued a homeowners policy that included ambiguous language regarding how a loss was settled. The insured sued the insurance company and won. The judge stated that due to the ambiguous language in the contract the de...
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Añadir al carritoAn Insurance company is the_____. correct answers Principle An insurance company issued a homeowners policy that included ambiguous language regarding how a loss was settled. The insured sued the insurance company and won. The judge stated that due to the ambiguous language in the contract the de...
Chapter 1: Property vs Casualty: What is considered property? correct answers Structure & Personal Property Property vs Casualty: What is considered casualty? correct answers Non-property losses. Legal liability to others. 3rd Party. Casualty insurance means that the policy includes liability ...
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Añadir al carritoChapter 1: Property vs Casualty: What is considered property? correct answers Structure & Personal Property Property vs Casualty: What is considered casualty? correct answers Non-property losses. Legal liability to others. 3rd Party. Casualty insurance means that the policy includes liability ...
Property Insurance correct answers Usually covers a building, the contents of a building or both Casualty or Liability Insurance correct answers Provides compensation or indemnity for harm or wrong done to others that the insured is legally obligated to pay. Texas P&C Definition correct answer...
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Añadir al carritoProperty Insurance correct answers Usually covers a building, the contents of a building or both Casualty or Liability Insurance correct answers Provides compensation or indemnity for harm or wrong done to others that the insured is legally obligated to pay. Texas P&C Definition correct answer...
Declarations correct answers Found on the first page of the policy. Contains the name of the insurer, and the insured, the address of the property covered, policy premium, effective date/time and policy limits Insuring Agreement correct answers states what coverage is provided Conditions corre...
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Añadir al carritoDeclarations correct answers Found on the first page of the policy. Contains the name of the insurer, and the insured, the address of the property covered, policy premium, effective date/time and policy limits Insuring Agreement correct answers states what coverage is provided Conditions corre...
What is the formula for figuring Actual Cash Value(ACV)? correct answers Replacement cost minus depreciation equals ACV Define the appraisal process. When would the appraisal process be appropriate? correct answers Used for value disputes. Each party selects an appraiser & umpire to make the deci...
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Añadir al carritoWhat is the formula for figuring Actual Cash Value(ACV)? correct answers Replacement cost minus depreciation equals ACV Define the appraisal process. When would the appraisal process be appropriate? correct answers Used for value disputes. Each party selects an appraiser & umpire to make the deci...
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A policy written through the NFIP will provide coverage for: A Extra expenses B Increased costs to comply with local floodplain management laws C Loss of use D Loss of business income correct answers Increased costs to comply with local floodplain management laws Who is responsible for ...
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Añadir al carritoA policy written through the NFIP will provide coverage for: A Extra expenses B Increased costs to comply with local floodplain management laws C Loss of use D Loss of business income correct answers Increased costs to comply with local floodplain management laws Who is responsible for ...
Restoring an insured financially after a claim is known as correct answers indemnity Prior to paying a claimant under a professional liability policy, the insurer must correct answers Obtain the consent of the insured. The purpose of purchasing an umbrella liability policy is to provide corre...
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Añadir al carritoRestoring an insured financially after a claim is known as correct answers indemnity Prior to paying a claimant under a professional liability policy, the insurer must correct answers Obtain the consent of the insured. The purpose of purchasing an umbrella liability policy is to provide corre...
Basic Terms and Concepts (BTC): Insurance correct answers The transfer of risk through a legal contract - From insured (customer) - 1st party. -to insurer (insurance company) 2nd party Based upon principle of indemnity - to restore to pre-loss condition, no better, no worse (BTC) Property Insur...
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Añadir al carritoBasic Terms and Concepts (BTC): Insurance correct answers The transfer of risk through a legal contract - From insured (customer) - 1st party. -to insurer (insurance company) 2nd party Based upon principle of indemnity - to restore to pre-loss condition, no better, no worse (BTC) Property Insur...
90 days correct answers If the Department issues a temporary agent license, for how many days is it valid? Managing General Agent (MGA) correct answers A person, firm, or corporation may not act as without holding a rized to transact insurance in Texas, responsible for supervising the local agenc...
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Añadir al carrito90 days correct answers If the Department issues a temporary agent license, for how many days is it valid? Managing General Agent (MGA) correct answers A person, firm, or corporation may not act as without holding a rized to transact insurance in Texas, responsible for supervising the local agenc...
Policy Limit correct answers Dollar amount coverage shown in the contract but is not always the maximum paid Mediator correct answers Talks with both parties individually and has no binding authority Domestic Insurer correct answers insurance company that is incorporated in this state direc...
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Añadir al carritoPolicy Limit correct answers Dollar amount coverage shown in the contract but is not always the maximum paid Mediator correct answers Talks with both parties individually and has no binding authority Domestic Insurer correct answers insurance company that is incorporated in this state direc...
If the fire causes damage to a building, the fire is A. a hazard B. a peril C. a risk D. an exposure correct answers B An individual applied for auto insurance and obtained coverage from ABC Insurance Company. Who is the first party in the contract? A. The insured (customer) B. The insurer ...
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Añadir al carritoIf the fire causes damage to a building, the fire is A. a hazard B. a peril C. a risk D. an exposure correct answers B An individual applied for auto insurance and obtained coverage from ABC Insurance Company. Who is the first party in the contract? A. The insured (customer) B. The insurer ...
Proximate Cause correct answers Having the most significant impact in bringing about the loss when two or more perils occur at the same time. The first domino that tips of the domino effect. Proximate Cause correct answers Pot of oil catches fire burning the kitchen and causing significant fire d...
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Añadir al carritoProximate Cause correct answers Having the most significant impact in bringing about the loss when two or more perils occur at the same time. The first domino that tips of the domino effect. Proximate Cause correct answers Pot of oil catches fire burning the kitchen and causing significant fire d...
N own three homes in two different states. If N wanted to have one policy that covers all of the properties, N should buy: correct answers Blanket Coverage B has a company that produces garden tools. One day, one of B's employees accidently ran over a visiting customer's foot with a forklift. W...
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Añadir al carritoN own three homes in two different states. If N wanted to have one policy that covers all of the properties, N should buy: correct answers Blanket Coverage B has a company that produces garden tools. One day, one of B's employees accidently ran over a visiting customer's foot with a forklift. W...
Risk correct answers Uncertainty Types of risk correct answers Pure vs speculative Pure not insured Peril correct answers Cause of loss- open vs named Hazard correct answers Types- physical , moral , morale Indemnity correct answers No gain Subrogation correct answers Insurance sues...
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Añadir al carritoRisk correct answers Uncertainty Types of risk correct answers Pure vs speculative Pure not insured Peril correct answers Cause of loss- open vs named Hazard correct answers Types- physical , moral , morale Indemnity correct answers No gain Subrogation correct answers Insurance sues...
Forcing a client to buy insurance from a certain Agent as a condition to granting a loan is an - correct answers Unfair Trade Practice What is the Guaranty Fund's purpose? correct answers To pay claims, up to $300,000, & unearned premium refunds up to $25,000, of more than $25, of insolvent comp...
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Añadir al carritoForcing a client to buy insurance from a certain Agent as a condition to granting a loan is an - correct answers Unfair Trade Practice What is the Guaranty Fund's purpose? correct answers To pay claims, up to $300,000, & unearned premium refunds up to $25,000, of more than $25, of insolvent comp...
Licensing Purpose correct answers For the protection of the public of this state. Individuals must satisfy the following to be eligible to get a license: correct answers -18 years of age or older -Resident of state -Passed exam and pay fees -Filed application and submitted a fingerprint card ...
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Añadir al carritoLicensing Purpose correct answers For the protection of the public of this state. Individuals must satisfy the following to be eligible to get a license: correct answers -18 years of age or older -Resident of state -Passed exam and pay fees -Filed application and submitted a fingerprint card ...
INSURANCE correct answers The method of spreading the risk of a financial loss among a large number of people. When spreading the risk reduces the financial impact of an individual loss. INSURANCE COMPANY correct answers entity that agrees to indemnify (make financially whole again) Insureds agai...
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Añadir al carritoINSURANCE correct answers The method of spreading the risk of a financial loss among a large number of people. When spreading the risk reduces the financial impact of an individual loss. INSURANCE COMPANY correct answers entity that agrees to indemnify (make financially whole again) Insureds agai...
Agents represent correct answers the insurer. Shareholders might receive dividends from a correct answers stock insurance company. Policyholders might receive dividends from a correct answers mutual insurer. You must notify the state upon change of address within correct answers 30 days. ...
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Añadir al carritoAgents represent correct answers the insurer. Shareholders might receive dividends from a correct answers stock insurance company. Policyholders might receive dividends from a correct answers mutual insurer. You must notify the state upon change of address within correct answers 30 days. ...
Of the more than 21,000 communities that participate in the NFIP, those have also enrolled in the Community Rating System are: correct answers About 1,000 Preferred Risk Plans were created to insure: correct answers Structures. in medium and low risk flood zones International terrorists might ...
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Añadir al carritoOf the more than 21,000 communities that participate in the NFIP, those have also enrolled in the Community Rating System are: correct answers About 1,000 Preferred Risk Plans were created to insure: correct answers Structures. in medium and low risk flood zones International terrorists might ...
HO-2 correct answers Broad Form; owner occupant HO-3 correct answers Special Form; owner occupant HO-4 correct answers Tenants/Renters HO-5 correct answers Comprehensive Form; owner occupant HO-6 correct answers Condo owners HO-8 correct answers Modified form DP-1 correct answers F...
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Añadir al carritoHO-2 correct answers Broad Form; owner occupant HO-3 correct answers Special Form; owner occupant HO-4 correct answers Tenants/Renters HO-5 correct answers Comprehensive Form; owner occupant HO-6 correct answers Condo owners HO-8 correct answers Modified form DP-1 correct answers F...
An insurer cannot cancel a homeowners insurance policy if it has been in effect for 60 days or more except for one or more of the following reasons correct answers Failure of the insured to pay the premium when due; Increase in the hazard that is within the control of the insured that would produ...
Vista previa 2 fuera de 6 páginas
Añadir al carritoAn insurer cannot cancel a homeowners insurance policy if it has been in effect for 60 days or more except for one or more of the following reasons correct answers Failure of the insured to pay the premium when due; Increase in the hazard that is within the control of the insured that would produ...
The Texas Property and Casualty Insurance Guaranty Association pays covered claims against which of the following? A Denied Workers' Compensation claims B Labor associations C Insolvent insurers D Unauthorized insurance companies correct answers c The supplemental tail requires a...
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Añadir al carritoThe Texas Property and Casualty Insurance Guaranty Association pays covered claims against which of the following? A Denied Workers' Compensation claims B Labor associations C Insolvent insurers D Unauthorized insurance companies correct answers c The supplemental tail requires a...
75% correct answers the amount of the death benefit is equal to ____% of the employee's average weekly wage policies written by a surplus lines insurer typically contain standard coverages and forms correct answers which of the following statements is INCORRECT with regard to surplus lines insur...
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Añadir al carrito75% correct answers the amount of the death benefit is equal to ____% of the employee's average weekly wage policies written by a surplus lines insurer typically contain standard coverages and forms correct answers which of the following statements is INCORRECT with regard to surplus lines insur...
Reasons why an insurer can cancel a contract after 60 days... correct answers 1. Failure of the insured to pay the due premium 2. An increase in hazard that is in control of the insured. 3. Fraudulent Claim 4. Continuation of the policy would result in breaking the laws or statutes in Texas. T...
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Añadir al carritoReasons why an insurer can cancel a contract after 60 days... correct answers 1. Failure of the insured to pay the due premium 2. An increase in hazard that is in control of the insured. 3. Fraudulent Claim 4. Continuation of the policy would result in breaking the laws or statutes in Texas. T...
In order to be considered legally binding, an insurance contract must include all of the following correct answers Offer and acceptance. Competent parties. Consideration (The four essential elements of all legal contracts are offer and acceptance, consideration, legal purpose, and competent par...
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Añadir al carritoIn order to be considered legally binding, an insurance contract must include all of the following correct answers Offer and acceptance. Competent parties. Consideration (The four essential elements of all legal contracts are offer and acceptance, consideration, legal purpose, and competent par...
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