Adjuster Pro - Insurance adjuster test with latest accurate and verified test.

Adjuster Pro - Insurance adjuster test with latest accurate and verified test. What is insurance? - correct ction against financial loss what is a premium - correct answers.a scheduled amount to be paid for an insurance policy. What are premiums used for - correct ums are collected into a "pool" or "reserve to pay out claimants when needed. how can insurance companies afford to pay for an individuals catastrophic loss? - correct insurer collects premiums from all policy holders and uses them to pay out the claims of a few. what is Indemnity - correct nt for damages, that is not more or less than the amount caused by the damage. principle of idemnity - correct ance will pay no more or less than the actual financial loss suffered indemnification may also include - correct rs to property reimbursement for additional living expenses rental cars and hotels costs directly associated with a loss 4 Parts of Legal Contract - correct answers.1. Agreement 2. Consideration 3. Competent Parties 4. Legal Purpose legal contract - agreement - correct l intent by offeror and offeree six special characteristics of insurance contracts - correct answers.1. Personal 2. adhesion 3. utmost good faith 4. aleatory 5. unilateral 6. conditional what kind of contract is an insurance policy? - correct answers.Personal contract what is a contract of adhesion - correct insured must accept the entire contract with all of its terms and conditions Utmost Good Faith - correct answers.An obligation to act in complete honesty and to disclose all relevant facts. Aleatory Contract - correct answers.a contract where the values exchanged may not be equal but depend on an uncertain event Unilateral Contract - correct ance agrees that they must pay in event of a claim. the insured can stop paying premiums at any point. only the insurer has promised to perform an action. Conditional Contract - correct answers.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 - correct answers.DICE D - declarations page I - Insuring Agreement C- Conditions E - Exclusions Decelerations section - correct answers.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 - correct answers.Defines terms used to write policy including "collusion" "decay" "like kind and quality" Includes important language for adjusters to know Insuring agreement section - correct answers.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