Texas All Lines Adjuster question n answers graded A+

Texas All Lines Adjusterprinciple of indemnity - correct answer restoration to previous Financial condition, no more, no less Four qualifications of a contract - correct answer Agreement, consideration, competent parties, legal purpose Six special characteristics of an insurance contract - correct answer personal, adhesion, utmost good faith, aleatory, unilateral, conditional Personal - correct answer protects the policy holder from Financial loss. does not protect property from becoming damaged. coverage follows the person, not the property. Adhesion - correct answer The issuer is responsible for the terms of the contract,the insured has no say in the wording. A court will favor the insured in the event of ambiguity. Utmost good faith - correct answer An obligation to act in complete honesty and to disclose all relevant facts. aleatory - correct answer Depending on an unknown future event. Unilateral - correct answer The insurer has an obligation to pay for covered losses, the insured has no obligation. conditional - correct answer the insurer only has to perform if certain conditions are met. The insured must fulfill all conditions of policy. Sections of a policy - correct answer declarations, definitions, insuring agreement, conditions, exclusions, endorsements, certificate of insurance.