something that is considered valuable in legal terms when something is given in exchange for a promise intensity B consideration C contingent D primary the definition of particular average under the ocean marine policy is a loss that may occur during ocean transportation a policy provision that includes coverage for damages see only one party shares in loss D covers the entire value of the cargo what kind of adjuster does the insured hire a public adjuster B independent Adjusters c commercial d executory Paul recently purchased a new auto insurance coverage the coverage start date on his policy is August 18th yet he paid his premium on August 5th the day he received the policy he was involved in an accident on August 16th is he protected a yes he can adjust the coverage B yes he can change the date see no the coverage begins August 18th compensation for damages that is equal to the amount of the damage neither more nor less a premium B policy C indemnity D compensation when May the insurance superintendent revoke an adjuster's license a when proof of offense has been received B not until a hearing is held C by sending a 30-day notice of the renovation D anytime in an insurance policy which of the following is not a section a closing statement B introduction statement C grocery store D first page which of the following tasks is not permitted for an appraiser to perform a fair and accurate assessments of the damages incurred B appraising betterment of a vehicle C assess the cost of restoring the vehicle to its pre-loss condition d none of the above which of the following is not essential as an insurance adjuster a ethics and Professional Standards B licensing see experience D commercial driver's license which of the following situations is not a representation of a hazard a a floor covered in water or slippery substances B fire that destroys personal property in a building C using a mobile phone while driving increases the likelihood of accidents D electrical wiring that is not properly secured or maintained a responsibility to act in complete honesty and to provide all relevant facts a conditional B utmost good faith C adhesion d aliatory in accordance with the law of large numbers a combining multiple risks into a single group reduces uncertainty and loss B increased risk concentration in one group reduces individual loss c groups with fewer risks result in larger individual losses D minimize risk grouping to reduce uncertainty in loss incurred what exactly classifies as a terrorist Act dangerous act that scares species B violent act that is dangerous to human life and property C emotional damage D violent act that is can harm products which of the following is not protected by a Bop a apartment buildings B Credit Union C small gift shop D Office Buildings which one of the following is not eligible for errors and omissions insurance a lawyers B dentist C insurance agents D real estate agents except for the following condition an insurer May revoke a policy a material misrepresentation B the age of the insured C policy violation D substantial increase in Risk Ralph recently had a fire demolish his garage at his house Ralph immediately contacted ABC Insurance about his loss but they are not returning his calls or contacting him in any other way to get some action Ralph would contact whom a Federal Reserve B Department of Transportation C the state insurance commissioner d none of the above it is a mutual intent by the offer or an offeree a consideration B agreement C legal purpose D competent parties which component of the policy includes the commitments provided by the insurance company to the insured a definitions B insuring agreement C conditions clause D exceptions to exclusions Public Adjusters are always compensated a on a fee basis usually nine percent B on a feed basis usually five percent see on the next policy anniversary date D on a fee basis usually ten percent what kind of liability does an employer accept through its employees a vicarious B primary C no fault D contingent how long does the Bop allow the insurer to ask for the insured's books and Records a one year B eight years c three years D nine years it is the total limit or cap on the insurance coverage for a particular policy period a claims B split limits C policy limits D aggregate limit within days of receiving notice of a claim an insurer is required by the immediate contact rule to acknowledge receipt of the claim and request any additional information a 10 B 15. C 19 D 24 an insurance policy is what kind of a contract unilateral contract B conditional C personal contract D aliatory contract which of the following coverages pays for damage to a rental car in New York a special endorsement B insureds physical damage C must be purchased from rental agency D the insured's property damage coverage who oversees the insurance sector's Central regulation a State Department of Insurance B conflict of interest C both federal and state government D the insured which of the following would fall under a personal Auto policies other than Collision coverage a freezing be wear and tear C lightning D punctured Tire which of the following is covered by a typical homeowner's insurance policy a intentional Acts B fire damage C gradual damage D earthquake within 15 days after receiving a claim the insurance carrier must take a number of actions according to Texas insurance law of the following which is not necessary within 15 days a the carrier must initiate an investigation into the claim be the insurance carrier must acknowledge receipt of the claim C pay the settlement amount of the claim it includes definitions for phrases like collusion Decay and like kind and quality used in policy writing includes essential terminology adjusters must be aware of a condition section B definition section C ensuring agreement section D exclusion section there are several categories of independent adjusters except a a cat adjuster b a public adjuster C A Property and Casualty adjuster d a staff adjuster who provides a declaratory decision about the validity of a claim a insurer attorney B claims adj C claiman's attorney D the court which of the following is not a covered Auto a vehicles that are owned and listed on the insurance policy B vehicles that the policyholder rents leases or borrows for short-term use the pickup truck used in any business D vehicles that the policyholder requires during the policy term the majority of insurance contracts maximum responsibility for a specific loss is the a claims B split limits C policy limits D aggregate limit recently princess misplaced one of her one-carat Emerald earrings how would her insurance provider possibly make a settlement offer a pay a portion of the total value B pay very lower of the total value C pay higher of the total value D no pay at all Jessica unexpectedly suffered a loss to her house after the defeat Jessica has the following obligations except a promptly notify Insurance Company B Be unbothered and make them pay for it C comply with policy conditions D mitigate further damage which of the following is not one of the six special characteristics of insurance contracts personal B adhesion C aliatory d none of the above what is the purpose of premiums a fund the operation of insurance companies and create a pool B to make informed decisions C managing risks in various transactions D to protect the rights and interests how many losses in terms of property and casualties must be incurred in order for an act to qualify as terrorism and be covered by the terrorism Risk insurance Act of 2002. a losses of one million dollars B losses five hundred thousand dollars below C losses of two hundred thousand dollars D losses over five million dollars who is not qualified for medical payment protection under the ho policy a insured children B tenant C insured D all of the above what kind of adjusters often handle severe storms Like a Hurricane a public adjuster B independent Adjusters c commercial d executory what is the primary reason for an adjuster using a reservation of Rights letter rather than a non-waiver agreement a acceptance of liability or coverage under the policy B the insured is required to sign it see the insured isn't required to sign it D all of the above how can insurance providers afford to cover a person's catastrophic loss a the insurer collects all his her money to pay out the claims the insurer collects premiums from all policyholders and uses them to pay out the claims of a few C the insurer collects all premiums from solicitation to pay out the claims d none of the above a technique used to reduce small claims and assist in lowering insurance premiums is a arbitration b a deductible C coinsurance d a value policy a liberalization Clause what is it a to provide insurance for moving property that isn't otherwise covered by the policy B describe losses for which the insured is not covered C to develop best practice standards within the insurance industry D declares that if the insurance provider expands the scope of that policy it will be automatically updated how long is the deadline for filing a claim for medical payments under the homeowner's medical payments coverage a six months B three years see one year D four and a half years