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Texas Limited Lines Study Guide / Actual Test
Questions with Detailed Verified Answers,
Already Grade A / 2025 / 2026
_____________Quiz____________? Insurance -
Answer ✓✓
The transfer of risk. _____________Quiz____________? Indemnity -
Answer ✓✓
To restore the insurance to the same financial condition as before the loss. _____________Quiz____________? Risk
Answer ✓✓
Unknown outcome or uncertainty of loss. _____________Quiz____________? Pure risk -
Answer ✓✓
Only chance of loss, no chance of gain. (Ex. car or house.) _____________Quiz____________?
Speculative risk -
Answer ✓✓
Chance of loss or gain. (Ex. gambling or stock market.) _____________Quiz____________? Direct loss -
Answer ✓✓
Direct damage to the item itself. _____________Quiz____________? Indirect loss -
Answer ✓✓
An expense or loss of use, results from a direct loss. _____________Quiz____________? Peril -
Answer ✓✓
The cause of loss (Ex. Fire, theft, lighting.) _____________Quiz____________? Hazard -
Answer ✓✓
Anything that increases the risk. _____________Quiz____________? Physical hazard -
Answer ✓✓
_____________Quiz____________? 30/60/25 -
Answer ✓✓
Minimum limits of liability on an auto policy. _____________Quiz____________? Deductable -
Answer ✓✓
A stated amount that the insured is responsible for paying in the event of a loss. _____________Quiz____________? Expressed authority -
Answer ✓✓
The authority given to an agent through the agency agreement. (In writing) _____________Quiz____________? Implied authority -
Answer ✓✓
Authority that is not given to an agent in writing, but which is understood. _____________Quiz____________? Insuring agreement -
Answer ✓✓
States what coverages are provided. It is the heart of the policy. _____________Quiz____________? Extensions -
Answer ✓✓
Other coverages provided by the policy, at no extra cost. _____________Quiz____________? Conditions -
Answer ✓✓
States the obligation of the parties. _____________Quiz____________? Proof of loss -
Answer ✓✓
Is a sworn statement of the facts by the insured. _____________Quiz____________? Subrogation -
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The right to recover against a third-party. _____________Quiz____________? Appraisal -
Answer ✓✓
Settlement method used when insurer and insured can not agree on the value of loss. _____________Quiz____________? Arbitration -
Answer ✓✓
Settlement method used when your insurance company does not want to pay your claim.
Surplus Lines -
Answer ✓✓
Insurance for high risk. _____________Quiz____________? Domestic -
Answer ✓✓
Domiciled in the same state. _____________Quiz____________? Foreign -
Answer ✓✓
Domiciled in a different state. _____________Quiz____________? Alien -
Answer ✓✓
Domiciled in a different country. _____________Quiz____________? Stock Company -
Answer ✓✓
Type of insurance that is owned by stockholders. _____________Quiz____________? Mutual Company -
Answer ✓✓
Type of insurance company that is owned by policyholders. _____________Quiz____________? Transact insurance -
Answer ✓✓
You must have have an insurance license to. _____________Quiz____________? Captive agent -
Answer ✓✓
Sell for only one insurance company. _____________Quiz____________? Independent agent -
Answer ✓✓
Sells for several insurance companies. _____________Quiz____________? Temporary license -
Answer ✓✓
A person may obtain a " " before obtaining a permanent license. _____________Quiz____________? Limited lines -
Answer ✓✓
A person that holds a " " may sell growing crops. _____________Quiz____________?
Failure to disclose a material fact. _____________Quiz____________? Fraud -
Answer ✓✓
Intentionally deceiving an insurance company. _____________Quiz____________? Fiduciary -
Answer ✓✓
Is a person that holds a position of financial trust with another.
