INSURANCE ADJUSTER Flashcards
The Department allows temporary licenses for the purposes of training and in cases of emergencies.
• Upon giving five-day notice, the Commissioner will issue a temporary license or emergency license to an individual for the purpose of training. The firm or person requesting the emergency or temporary license is responsible for the actions of the licensee.
WHAT IS AN ADJUSTER
An adjuster has been defined in the Texas Insurance Code as “any person who, as an independent contractor, or as an employee of an independent contractor; adjustment bureau; association; insurance company or corporation; local recording agent; managing general agent; or self-insured, investigates or adjusts losses on behalf of either an insurer or a self insured, or any person who supervises the handling of claims.”
INSURANCE COMPANIES CLASSIFIED AS:
DOMESTIC
FOREIGN-OUTSIDE OF STATE WHERE WRITING
ALIEN-OUTSIDE US
THREE TYPE OF ADJUSTER
STAFF-ON THE PAYROLL OF ONE INS COMPANY
INDEPENDENT-WORKS FOR MORE THAN ON COMPANY
PUBLIC-WORK ON BEHALF OF INSURED IN NEGOTIATION
5 DAY NOTICE
COMMISSIONER MAY ISSUE A TEMP OR EMERGENCY LICENSE
TO QUAL FOR LICENSE
MUST BE 18YRS OLD
LICENSE RENEWAL OCCURS
EVERY 2 YEARS
NOTIFY COMMISSIONER W/IN 30 DAYS OF:
ADDRESS CHANGE
CONTINUING ED REQUIREMENTS
30HRS; 2 OF THE HOURS MUST BE IN ETHICS
KEEP RECORDS OF CONTINUING ED FOR:
4 YEARS, IN CASE OF AUDIT
MAY RENEW A EXPIRED LICENSE
WITHIN 90DAYS WITH A 50% PENALTY AND PROOF OF CONTINUING ED
INSURANCE IS REGULATED BY
STATE LEGISLATURE
TEXAS DEP OF INS
THE COMMISSIONER OF TEXAS DOI
COMMISSIONER INITIATES INVESTIGATION AND PROVIDES 10DAY NOTICE OF HEARING FOR
ADJUSTER ACCUSED OF WRONG DOING
ADJ PUNISHMENT FOR WRONG DOING
ISSUE CEASE AND DESIST ORDER LEVY FINES UP TO 25K REVOKE LICENSE SUSPEND LICENSE REFUSE TO RENEW LICENSE
FELONY CONVICTIONS
MAY RESULT IN REVOCATION OR LICENSE
