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Section 1
Apply insurable interest, indemnity, and subrogation
Preview
Preview: Insurance terms and related concepts (40%)
Preview includes- 4 of 5 lesson topics
- 1 overview segment
- 3 core concepts
- 2 exam tips
Lesson Topics
- Insurable Interest
- Indemnity and Valuation
- Subrogation and Recovery
- Evidence Preservation
Overview
Insurable interest, indemnity, and subrogation answer three different questions: who has a recognized stake, how a covered loss is measured under the policy, and whether the insurer can pursue a responsible third party after payment.
Core Concepts
- Insurable interest is a legally recognized financial stake in the insured person or property. Ownership commonly supplies that stake, but other relationships such as a secured lender interest can also qualify.
- Indemnity is the principle of compensating covered loss without an impermissible profit; the actual settlement method still comes from the policy’s valuation, deductible, and limit provisions.
- Replacement cost and actual cash value are valuation methods, not synonyms for indemnity. When ACV is calculated as replacement cost less depreciation, supported depreciation reduces the value; replacement cost does not deduct depreciation at that valuation stage.
Exam Tips
- If the scenario asks who can suffer the financial loss, think insurable interest.
- If it asks how much the insurer owes, move to valuation/deductible/limit.
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Section 2
Analyze dwelling and homeowners coverage
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Section 3
Analyze commercial property and casualty forms
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Section 4
Calculate valuation, deductibles, and limits
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Section 5
Apply endorsements and coverage extensions
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Section 6
Apply Chapter 4101 licensing rules
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Section 7
Analyze causation, liability, and negligence
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Section 8
Identify prohibited and unfair practices
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Section 9
Apply claim investigation and settlement concepts
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Section 10
Apply standard fire policy coverages and clauses
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Section 11
Apply Texas personal auto liability coverage
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Section 12
Distinguish surety and fidelity obligations
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Section 13
Apply exclusions, conditions, and loss settlement
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Section 14
Apply business-income and liability provisions
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Section 15
Apply adjuster duties and ethical responsibilities
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Section 16
Apply workers’ compensation claim concepts
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Section 17
Evaluate exclusions and supplemental coverages
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Section 18
Distinguish resident, nonresident, temporary, and emergency authority
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Section 19
Apply fraud, misrepresentation, and discrimination rules
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Section 20
Distinguish personal and commercial inland marine coverage
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Section 21
Distinguish hull, cargo, freight, and protection-and-indemnity coverage
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Section 22
Handle proof-of-loss and settlement provisions
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Section 23
Evaluate insured status and claim duties
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Section 24
Identify principal, obligee, and surety responsibilities
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Section 25
Document, investigate, and settle claims appropriately
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Section 26
Recognize adjuster duties in compensation claims
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Section 27
Apply covered-property and transit concepts
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Section 28
Apply marine loss concepts
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