SUPER-DUPER TEXAS ADJUSTER LICENSE NEWEST 2024 ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+

1 | P a g e SUPER-DUPER TEXAS ADJUSTER LICENSE NEWEST 2024 ACTUAL EXAM COMPLETE 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ Loss Settlement Valuation: In ___________________, the insurer agrees to pay the face value of the policy limit if there is a total loss regardless of the actual cash value (ACV) - ANSWER- a "valued" policy Loss Settlement Valuation: What are the 2 purposes of a deductible? - ANSWER- (1) to encourage loss control (2) To avoid small claims Loss Settlement Valuation: The ____________ is the self-insured portion of an insured loss and is taken off the final settlement amount before the settlement check is written. - ANSWER- Deductible Adjusting losses: The insurance company's initial contact with the insured should be within ____ hours of receiving the claim - ANSWER24 Adjusting losses: During a catastrophic situation, the insurance company must acknowledge receipt of a claim within _________ - ANSWER- 30 Days 2 | P a g e Adjusting losses: Someone who is acting in the best interest of the principle, acting without self-interest and avoiding self-advancement at the expense of the represented party is said to be a _________________ - ANSWER- fiduciary agent Adjusting losses: What is utmost good faith? - ANSWER- working with all parties with honesty and integrity Adjusting losses: Can an adjuster be personally sued by an insured for unfair claims practices? - ANSWER- yes. Adjusting losses: What is one thing that is noted in the course that you should never state in the claim file documentation of an insured and why? - ANSWER- As an adjuster you should never state your opinion about the client or the claim in your records since these notes are discoverable in court. Adjusting losses: are the 4 ways to gather evidence that are noted in the course? - ANSWER- (1) Document everything in writing (2) Take Photos (3) Take Samples (4) Witness statements Adjusting losses: All recorded statements that are gathered as evidence to help an adjuster settle a claim, must be _____________________ by the subjects in order to be valid as evidence - ANSWER- expressly permitted 3 | P a g e Adjusting losses: Whose responsibility is it to prove a loss? - ANSWERthe burden of proof for a loss lies with the insured Adjusting losses: What form is required by most insurance companies when submitting a claim for a loss? - ANSWER- Proof of loss form Adjusting losses: what is initiated if the adjuster cannot get the insured to agree on the settlement range? - ANSWER- A dispute resolution is initiated Adjusting losses: What two things are required of the insurance company if they deny a claim? - ANSWER- (1) Written notification to be insured (2) Reason for the denial must be in the written notification. Settling Losses: Who is considered the 1st, 2nd, and 3rd Party in a claim? - ANSWER- (1) Then Insured (2) The insurance company (insurer) (3) the party who is damaged by a covered event by the insured Settling Losses: How soon after a claim settlement amount is reached is the insurer to pay the claim? - ANSWER- The insurer is required by law to pay the claim within 5 days after a claim settlement amount is reached. Settling Losses: ___________________________ method of claims settlement is used usually for paying LARGE amounts of money - ANSWER- installment or structured settlement 4 | P a g e Settling Losses: Damage discovered during repairs must be covered by a ________________ - ANSWER- Supplemental Claim. If additional damage is discovered during repairs of a covered claim, then the insurer should file a supplemental claim Settling Losses: If the insured and the insurance company cannot agree on the value of a covered loss, then either of them may ______________________________ - ANSWER- request an appraisal Settling Losses: How many arbitrators are appointed to settle any disputes between the insured and the insurer and who pays the cost of the arbitrator(s)? - ANSWER- 2 are appointed, 1 by the insured and the other by the insurer, to resolve the dispute and usually the cost is split between both parties Settling Losses: _____________ is when an insurance company seeks repayment of the damages cause d by a 3rd party - ANSWERSubrogation Settling Losses: What is "draft authority"? - ANSWER- when an insurance company gives the adjuster the authority to use bank drafts on their behalf to settle a claim. Most insurance companies will give an adjuster draft authority to handle small claims. Settling Losses: The insurer has ___ days to either deny or settle a claim - ANSWER- 15