Personal Lines exam topics

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• Appraisal vs. Arbitration in Home InsuranceAppraisal usually decides the amount of a property loss under the policy, not whether the loss is covered. Arbitration is separate; its scope and bind…
• Does Home Insurance Pay the Contractor or the Homeowner?A home insurer usually pays the insured or the payees named under the policy and mortgage interest; it does not automatically pay the contractor direc…
• Texas Home Insurance Declination vs. CancellationA declination is a company’s refusal to issue a policy after reviewing an application; cancellation ends an issued policy before its scheduled expirat…
• TWIA Windstorm Certificate of ComplianceA Texas windstorm certificate of compliance documents that covered construction in the designated windstorm inspection area meets applicable building-…
• Hurricane Moratoriums on Texas Windstorm PoliciesA hurricane moratorium temporarily restricts when a windstorm insurer will accept or bind certain new or increased coverage as a storm approaches. Tex…
• Additional Interest vs. Additional Insured on a PolicyAn additional insured receives insured status only to the extent an applicable policy or endorsement grants it. An additional interest is a broader ad…
• Aggregate Limit Exhaustion Across Multiple Liability ClaimsAn aggregate limit is the maximum an insurer will pay for covered claims within the period or category defined by the policy. Payments for earlier cla…
• Self-Insured Retention vs. a Policy DeductibleA deductible and a self-insured retention both leave part of a loss with the insured, but their policy mechanics can differ. A deductible commonly red…
• Policy Liberalization Clause and Midterm Coverage ImprovementsA liberalization clause can automatically apply certain broadened coverage changes to an existing policy when the insurer adopts them without addition…
• Texas Prompt-Payment Deadlines After a Weather CatastropheTexas Insurance Code Chapter 542 sets claim-handling deadlines for covered insurers, and section 542.059 can add 15 days when the commissioner determi…