Texas Auto Insurance Exam (2022/2023) Already Passed

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Texas Auto Insurance Exam (2022/2023) Already Passed An example of a direct cause would be? ✔✔Water Damage as a result of fire fighters putting out a fire. This can be found on a schedule part of an insurance agreement. ✔✔name of the insured , location of property , and premium and effective date of coverage An insurance agency that conducts business in its home state is called? ✔✔Domestic Business If a Texas Insurance Company is set up business in a foreign County it is known as? ✔✔Alien Business These all fall under ethics except? ✔✔License Fees In order for a foreign agency to practice insurance in this state they must have? ✔✔A certificate of Authority The commissioner may issue a temporary license with? ✔✔An appointment from an Insurer Who is not required to obtain a license? ✔✔an insured who refers people to the company for no fee Stock companies do not have? ✔✔stocks that pay dividends Mutual policies are owned by? ✔✔Policy Holders The commissioner is? ✔✔The person who enforces the insurance laws The commissioner has to review all domestic insurance policies no later than? ✔✔Once every 5 years Once an agent makes an appointment it is good for a certain period of time? ✔✔Indefinitely This is an example of insurance fraud ✔✔a person who makes a false claim on a policy If an agent is told that he can do something that is not in his duties he is operating under the power of? ✔✔Expressed The fair credit reporting act is set up so that? ✔✔to give consumers a fair credit report Selling a policy by giving false information is best known as? ✔✔Missrepresentaion The limits liability are best defined as ✔✔The most the Insured can collect per occurrence Obligations of an agent involve ✔✔collecting premiums the Term that best describes anyone that is covered on an auto policy is ✔✔Insured Before the commissioner can take action against an agent he must? ✔✔Give a written statement to the agent a person with a limited liability license may share his commission with? ✔✔Another agent with a limited liability license boycotts, coercion, and intimidation are best know as? ✔✔Unfair trade practices a person with a temporary license... ✔✔has strict limitations on the type of business that he can conduct a random unexpectd event is called an? ✔✔Accident The concept of indemnity is best describes as? ✔✔To restore back to the original financial condition they were prior to the loss anything that increases the probability of a loss is? ✔✔A hazard The person that makes a sworn oath to the calue of the damage is known as? ✔✔The adjuster Subrogation is ? ✔✔The right for recovery- when an insured is involved in an accident and the other party is at fault, & their insurance is taking to long to pay. The insured gives up their rights in order to recover the damages from the at fault parties insurance. The part of the policy in which an insurer promises to pay the insured is? ✔✔The Insuring agreement Things that are not covered in a policy can be found on the? ✔✔Exclusions Any additional insurance coverage can be defined as? ✔✔Extension If a certain provision in a contract causes an insurer not to be covered the insurer must give thte claimant? ✔✔an explanation in reference to the exact provision In reference to renewal of a license, how often must you renew it? ✔✔Must renew it every 2 years the Direct cause of a loss is? ✔✔A Peril After an incident the insured must provide ✔✔Proof of loss Before an insurer can deny a claim they must? ✔✔Conduct a reasonable investigation

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