Adjuster Pro - Insurance adjuster test
What is insurance? - ANS protection against financial loss
what is a premium - ANS a scheduled amount to be paid for an insurance policy.
What are premiums used for - ANS premiums are collected into a "pool" or "reserve to pay out
claimants when needed.
How can insurance companies afford to pay for an individual's catastrophic loss? - ANS the
insurer collects premiums from all policyholders and uses them to pay out the claims of a few.
what is Indemnity - ANS payment for damages, that is not more or less than the amount caused
by the damage.
principle of indemnity - ANS insurance will pay no more or less than the actual financial loss
suffered
indemnification may also include - ANS repairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
4 Parts of Legal Contract - ANS 1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement - ANS mutual intent by offeror and offeree
six special characteristics of insurance contracts - ANS 1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
What kind of contract is an insurance policy? - ANS Personal contract
what is a contract of adhesion - ANS the insured must accept the entire contract with all of its
terms and conditions
, Utmost Good Faith - ANS An obligation to act in complete honesty and to disclose all relevant
facts.
Aleatory Contract - ANS a contract where the values exchanged may not be equal but depend
on an uncertain event
Unilateral Contract - ANS insurance agrees that they must pay in the event of a claim. the
insured can stop paying premiums at any point.
only the insurer has promised to perform an action.
Conditional Contract - ANS A type of an agreement in which both parties must perform certain
duties and follow rules of conduct to make the contract enforceable.
Acronym for the four sections of an Insurance policy - ANS DICE
D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions
Decelerations section - ANS Always the first section - establishes the following
Names of both parties
Policy number
Location and description of insured item
Dates of the policy
Amount and limit of coverage
Deductible
Premium
Definitions section - ANS Defines terms used to write policy including "collusion" "decay" "like
kind and quality"
Includes important language for adjusters to know
Insuring agreement section - ANS What is covered and how
Which causes of loss are covered
Any services provided
Any exclusions to coverage
The maximum limit of policy coverage in dollars
Conditions section - ANS Insurer specifies any limits or qualifications the policyholder must meet
Exclusions section - ANS losses for which the insured is not covered for
Endorsements - ANS Provision that modifies the coverage of the original contract
Add or subtract coverage
What is insurance? - ANS protection against financial loss
what is a premium - ANS a scheduled amount to be paid for an insurance policy.
What are premiums used for - ANS premiums are collected into a "pool" or "reserve to pay out
claimants when needed.
How can insurance companies afford to pay for an individual's catastrophic loss? - ANS the
insurer collects premiums from all policyholders and uses them to pay out the claims of a few.
what is Indemnity - ANS payment for damages, that is not more or less than the amount caused
by the damage.
principle of indemnity - ANS insurance will pay no more or less than the actual financial loss
suffered
indemnification may also include - ANS repairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
4 Parts of Legal Contract - ANS 1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement - ANS mutual intent by offeror and offeree
six special characteristics of insurance contracts - ANS 1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
What kind of contract is an insurance policy? - ANS Personal contract
what is a contract of adhesion - ANS the insured must accept the entire contract with all of its
terms and conditions
, Utmost Good Faith - ANS An obligation to act in complete honesty and to disclose all relevant
facts.
Aleatory Contract - ANS a contract where the values exchanged may not be equal but depend
on an uncertain event
Unilateral Contract - ANS insurance agrees that they must pay in the event of a claim. the
insured can stop paying premiums at any point.
only the insurer has promised to perform an action.
Conditional Contract - ANS A type of an agreement in which both parties must perform certain
duties and follow rules of conduct to make the contract enforceable.
Acronym for the four sections of an Insurance policy - ANS DICE
D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions
Decelerations section - ANS Always the first section - establishes the following
Names of both parties
Policy number
Location and description of insured item
Dates of the policy
Amount and limit of coverage
Deductible
Premium
Definitions section - ANS Defines terms used to write policy including "collusion" "decay" "like
kind and quality"
Includes important language for adjusters to know
Insuring agreement section - ANS What is covered and how
Which causes of loss are covered
Any services provided
Any exclusions to coverage
The maximum limit of policy coverage in dollars
Conditions section - ANS Insurer specifies any limits or qualifications the policyholder must meet
Exclusions section - ANS losses for which the insured is not covered for
Endorsements - ANS Provision that modifies the coverage of the original contract
Add or subtract coverage
