Adjuster License

Restoration to approximate previous financial condition no more no less

Collecting twice for one occurrence

An economic device used to protect against the risk of unforeseen and extraordinary financial loss

A pool of collective premiums at the insurer sets aside to pay claims

A premium is a fee that insured pays in exchange for insurance coverage

A legal contract between the insurer and insured

Only one party dictates the terms while the other party simply agrees to them

Then sure agrees to pay in case of a loss the insured agrees to not conceal or misrepresent pertinent facts

Elliotore contract means that neither party knows the future losses are when the event will occur. Other words it means being left up to chance

Unilateral means that only one part of the party is obligated to pay in an event of an insured lost

The insurer only has to perform if certain conditions are met

Every insurance policy has a declaration page, insuring agreement,conditions and exclusions

The deck page makes contract specific to the policyholder a general overview of the policy will include a details names of both parties insured and ensure policy number location of description of insured item value of ice insured item date and policy beginning and end amount and limit of coverage deductible and premium

Where the insure and insured agree on what is covered in the coverage

List of what the policy does not cover

Auditions to the policy that can be added it modifies the coverage of the original contract it can add or subtract coverage

Includes basic details of the insurance policy and proof of coverage

Risk is the potential for financial loss being exposed or open to damage of an insured item

It is not a covered loss it's when one person takes a chance in losing because there is no way of knowing whether the loss Will be beneficial or not

Can be insured there's no chance of getting and no way to know whether there will be a loss or no loss

A condition that increases the likelihood or severity of a loss

Exposures the possibility of a loss

The actual cause of loss or damage for example lightning fire flood or vandalism

The value of an assured item is reduced by a peril. Also known as the amount paid out after a clean is settled.

Having a plan for how to deal with possible future losses

Is it professional who studies and measures risk

Eliminates risk by not taking an action that involves risk

Taking measures to reduce the risk involved in actions also called risk mitigation

Management of severe risk by transferring the risk to another party for example purchasing insurance

Acknowledging the risk and preparing to handle unexpected losses that may occur

Damages done from out of your control example acts of nature

Damages that you have done to your car for example hitting a pothole or driving into standing water

First party is the name of the insured second party is insurance company the third party is the claimant or the TPC

Temporary coverage for an insurance applicant until the policy is issued

Blankets more than one property, type of property, or coverage under a single limit

Limits that apply to one specific type of property like jewelry

A statement of fact

A foster stored or deceitful statement of fact or opinion even if made unintentionally

Some of the conditions page it promises or guarantees that a certain conditions will be met

Deliberately withholding relevant information

Voluntarily surrender of Rights claims or privileges. Expressed waiver is a written or signed document. implied waiver assumes based on action.

Legal principal that prevents an insurer from the nine coverage of the insured has reasonable come to believe that he has such coverage based on the insurance practice

The correction of an insurance policy by Court to accurately Express the true nature of the agreement between the insurer and the insured

Various types of hazards morale, moral, physical, and legal

results from policy holders deliberate decision and actions. (Immoral behavior)

Takes place with an insured acts differently because of the comfort the insurance protection provides (careless)

Physical conditions that increase the chance of loss

Increased chances of loss due to legal action example a legal system that favors those who file lawsuits for monetary gain

The act of deliberately altering or missrepresentation of the truth

Deliberately planning or faking a loss

Exaggerating a claim to inflate the indemnity

A demand for payment in accordance with the terms of an insurance policy

Someone who has filed a claim

A claim filed by the policy holder against his or her own insurance policy

A claim filed against an insurance policy by anyone other than the person named on the policy

Filing a claim, acknowledgment, investigation, evaluation, and adjustment

The process of estimating one item is worth

Evaluation method that takes into account an items depreciation

A method of valuation based on the cost of replacing an item at current market price regardless of depreciation

An item estimated loss of value due to wear, tear, and age

Replacement cost divided by the items useful life

Based on the replacement cost of the time of the loss generally have higher premiums

The insured cannot profit from a loss at times they sure will often pay the half amount and will pay the

remainder after the replacement

Pizza place an outdated or absolutely item with functional equivalent item not an identical item

When something is no longer used or wanted despite being in good working order usually a result of a newer improved alternative

Evaluation method that assigns a set value to each insured

Property value stated by the insured when applying for insurance

When an insured property is only partially damaged and repair costs fall within the policy limit

When insured property is damaged so badly that is not worth repairing

When property is completely destroyed and unrepairable

When the concert appearing damage property is higher than the property's current value

The amount of policy holder must pay out of pocket before the insurer will pay for losses

A specific set amount insurer has to pay out of pocket

The insured pays a percentage of insured risk value

Policy kicks in only after the loss exceeds the predetermined amount

Encourages the ensure to purchase an adequate amount of coverage typically at least 80% of the property's value

Underinsured when the home is insured for less than 80% of its value

If a property is underinsured and sure will only cover a percentage of partial losses

Obligated according to law or equity; responsible for a loss

Feel it reuse a reasonable degree of care in a particular situation including both the wrongful acts and acts of omission

The transfer of negligence from one part to another example if Johns negligent acts take place at work his employer is very curious reliable for his actions

The insured party is 100% at fault for damages to a third party

Mission party is only partially at fault or shares fault with a third party the third party has some part in his own damages

I'm sure party has 0% or no liability in the damages to a third party

The claim and you have potential to experience damage or injury claim it will not be eligible for reimbursement

Play the part in the negligence receives no indemnification

And I just turned my seat to suggest to clean it was example 75% responsible and the policyholder was 25% responsible for damages

If plaintiff is found to be 50% or more at fault they will not receive indemnification

It speaks for itself

Holds a party 100% liable for damages

Inherently dangerous activity doctor and holds a party strictly liable for damages caused during inherently dangerous activity

Establishes one maximum payout for liability damages caused by the policyholders limit applied for each occurrence

Establishes three different limits on how much the policy will pay up limit One Max payout for bodily injury for each person injured limits you max payout for bodily injury from multiple person limit three max payoff for property damage

Typically found a commercial liability policies establishes to liability limits number One max payout for damages or injury per occurrence limit to max amount the policy will pay per term

Based on written laws ( state legislature)

Based on Court decisions and customs when statutory law does not provide an answer

The body of law that addresses and provides remedies for any civil wrongdoing performed on another party

Any civil wrongdoing weather intentional or unintentional

A premeditated act that causes injury to a third party

Negligent act that causes unintentional injury to third party

Money awarded for tangible and intangible economic loss

Compensatory damages awarded for tangible losses with quantifiable value

Compensatory damages are determined by the court and awarded for intangible emotional losses that are not quantifiable for example future losses mental English permanent injury loss of reputation pain and suffering future losses due to unemployment

Money awarded to punish egregious misconduct

For intentional acts such as slander fraud violence oppression and recklessness not covered under liability insurance

A law limiting the amount of time an injured party has to file a complaint after an occurrence

Statutes of limitations run from when an injury is or should have been discovered

Law that defines the right of individuals who are associated with someone who has killed because of negligent act for example plaintiff May sue for damages such as loss of a companionship loss of income and pain and suffering

Lotto 6 people from suing governmental entities

Law that allows individuals to sue governmental entities for damages in certain cases

Restriction individuals rights to sue the driver of a motorized vehicle

1.Acknowledge the claim 2.established lines of communication 3.prepared necessary paperwork 4.determine ensures liability in the claim 5.investigate the losses 6.determine the time and cost of repairs 7.apply all policy coverages and provisions 8 negotiate a settlement 9. prepare final reports

Often due within 60 days

To let the cleaning know that there is a coverage dispute

Determine time and cost of repairs

Apply policy coverages and provisions example of policy limits exclusions or penalties

1.to repair property 2. replace with like kind and quality 3.replace with new 4. pay fair value for damaged property

Absolute last resort litigation should be last resort can be expensive and unpredictable this is when claims go to the court

A legal technique used to settle disputes outside the court of law and arbitrator Is a neutral third party and a arbitrators decision is legally binding cost less to taxpayers then a court of law less formal atmosphere but allows more evidence arbitrators often have more expertise than juries.

Like arbitration uses a neutral third party mediators only advised in the negotiation a mediator's decision is not legally binding unlike arbitrators settlement is only legally binding of both parties agree to it either party may walk away (impasse) and then both parties will proceed to arbitration

Also called for release of all claims and settlement agreement. All damages paid at once. Most common settlement option. Insure pays immediate, single lump sum toclement. Claimant signs for release form that release isn't sure from additional claims.

Ensure grease to put all compensatory damages up to the point of settlement, insurers also pay for certain future incidental related to the claims, most commonly used in workers comp claims

Involves claims that have property damage and bodily injury ensure that modifies all property damages while it awaits the proper identification for bodily injuries

Use the claimants damages are mostly bodily injury in the claimant is unable to work, it involves a series of partial payments that would be subtracted when the final settlement amount is determined, decreases chances of lawsuit.

Ensure pays the bills submitted by the claimants signing and cashing check substitutes for the release form

Series of smaller payments over time, reserved for larger claims and sure often must pay portion up front

Insurance services offices- national organization, produces standardized insurance forms for insurers to use, collect statistical data, provides reading information, works with State regulators on behalf of subscribing ensures.

American association of insurance services national organizations produce standardized insurance forms for insurers to use collect statistical data provide rating information work with State regulators on behalf of subscribing insurers

An insurance policy that covers only one risk or type of risk

Earthquakes,floods,war and acts of terrorism,nuclear hazards, governmental actions,intentional loss such as arson mutiny, or military action ordinance,or law

Covers physical losses to the home and associated structures

Covers losses experienced by a third party for which of the policy holder is liable

Ordinance or law, earth movement, water damage, off-premises power failure, neglect, war, nuclear hazard, intentional acts, mechanical breakdown

HOA policies are very basic homeowners policies, they provide actual cash value coverage on a name peril basis for your home and personal property

Very similar to the HOA policy provides actual cash value for home and personal possessions on a name peril basis only but it expands coverage by protecting against a broader array apparels.

The hob policy is the most popular policy issued in Texas it provides a thorough range of protection and replacement cost coverage for dwellings offers open perils for coverage aidwelling and named peril coverage for coverage b personal property

Single family homes, wonderful unit dwellings, dwellings know more than five occupants, mobile homes is permanently installed, incidental business risk if Ensure allows.