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Related Flashcards
Cards In This Set
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Eleanor Kitzman is the Current Texas Department of Insurance Commissioner who was she appointed by?
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The Governor of Texas, currently Rick Perry
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Licensing Requirements what are three exceptions?
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1. The individual is working under the direction of an Adjuster for a period not exceeding 12 months.
2. Non-resident insurance adjusters when acting as a temporary substiture during a CAT situation. 3. Indiviuals not otherwise licensed as adjusters may be Emergency Adjuster in a CAT situation - Up to 90 Days |
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Definition of an Adjuster?
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"Adjuster" means any person who handles claims - investigation and adjusts losses.
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An adjuster is not?...
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An Attorney or TIS / SIU or persons employed for only the purpose of furnishing technical assistance to a licensed adjuster.
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Qualifications for an Adjusters License?
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Must be 18 years of age
They are a Resident or Non Resident of the State They are a Trustworthy Person They have been trained handling loss claims They have passed an examination |
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A Catastrophe or Emergency Adjuster license should not remain in force for a period of?
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90 Days - which can be extended for a period of 90 days by the commissioner.
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A License is good for how many years?
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Two years
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What are the requirements for continuing education?
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Must complete 30 hours of continuing education within each reporting period of which two hours must be in registered ethics or consumer protection - 15 of the hours must be classroom courses.
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Article 21.55 Prompt Payment of Claims Notice - An Insurer shall, not later than the 15th business day after receipt of the notice of a claim?
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Acknowledge receipt of the claim (in writing) and commence any investigation
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Article 21.55 - Acceptence or Rejection of the claim: An insurer shall notify (in writing) the accceptance or rejection of a claim after receiving receipt of all forms, statements, proof of loss.... How many days after?
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No later than the 15th business day after receiving all the information from the insured.
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Article 21.21 Payment of Claims:
An insurer has how many days to pay a claim after providing notice to the insured? |
An insurer shall pay the claim not later than the fifth business day after the notice has been made.
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The Primary responsibilities of an insurance adjuster include: (total of four)
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Determine Coverage
Investigate the Facts Evaluate the Damages Negoticate the Clain to conclusion |
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There are three primary types of insurance adjusters. What are they?
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Staff Adjusters - employed by an insurance company
Independent Adjusters - on behalf of various insurance companies Publice Adusters - hired by the insured |
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A legal contract contains each of the following elements:
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An agreement (Offer of Acceptance) "Binder"
Competent Parties "Of legal age / Metal Capacity" Legal Purpose Consideration - "Premium / Promise to Pay" |
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What is Consideration with regards to the insureance contract?
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With an insurance contract the insurer promises to pay if a covered loss occurs - (a promise to pay): In return for the policyholder's payment of the premium
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