Texas All Lines Adjuster - Claims Adjuster Concepts Questions and Answers

Texas All Lines Adjuster - Claims Adjuster Concepts Questions and Answers

Absolute Liability {{Correct Ans- Liability that is imposed on the ownership of vicious dog breeds (e.g. Pit Bulls or Rottweilers) or the participation in dangerous activities (e.g. storing explosives in your garage).

Actual Cash Value {{Correct Ans- The cost of replacing damaged property at today's prices minus deductions for depreciation.

Aggregate Limit {{Correct Ans- The most the policy will pay for all losses or claims made during the policy period, regardless of any other policy limits.

Agreed Value {{Correct Ans- The maximum amount the insurer and policyholder agree to pay for property insured at policy issuance.

All Lines Adjusters {{Correct Ans- These Adjusters handle all lines of insurance, including, but not limited to property and liability claims for both personal and commercial lines exposures.

Arbitration {{Correct Ans- A process whereby a third party or parties review the case of disputed parties and renders a decision to resolve the dispute. Arbitration is binding on both parties.

Assumption of Risk {{Correct Ans- Defense to negligence when the plaintiff or injured party voluntarily assumed the risk involved in participating in an event or activity.

Average Value Method {{Correct Ans- Loss reserves are established based on average settlements of similar claims.