Adjuster Pro - Insurance Adjuster Test
What is insurance? - -protection against financial loss
what is a premium - -a scheduled amount to be paid for an insurance policy.
What are premiums used for - -premiums 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? - -the
insurer collects premiums from all policy holders and uses them to pay out the claims of a few.
what is Indemnity - -payment for damages, that is not more or less than the amount caused
by the damage.
principle of idemnity - -insurance will pay no more or less than the actual financial loss
suffered
,indemnification may also include - -repairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
4 Parts of Legal Contract - -1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement - -mutual intent by offeror and offeree
six special characteristics of insurance contracts - -1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
, what kind of contract is an insurance policy? - -Personal contract
what is a contract of adhesion - -the insured must accept the entire contract with all of its
terms and conditions
Utmost Good Faith - -An obligation to act in complete honesty and to disclose all relevant
facts.
Aleatory Contract - -a contract where the values exchanged may not be equal but depend on
an uncertain event
Unilateral Contract - -insurance 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 - -A type of an agreement in which both parties must perform certain
duties and follow rules of conduct to make the contract enforceable.
What is insurance? - -protection against financial loss
what is a premium - -a scheduled amount to be paid for an insurance policy.
What are premiums used for - -premiums 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? - -the
insurer collects premiums from all policy holders and uses them to pay out the claims of a few.
what is Indemnity - -payment for damages, that is not more or less than the amount caused
by the damage.
principle of idemnity - -insurance will pay no more or less than the actual financial loss
suffered
,indemnification may also include - -repairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
4 Parts of Legal Contract - -1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement - -mutual intent by offeror and offeree
six special characteristics of insurance contracts - -1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
, what kind of contract is an insurance policy? - -Personal contract
what is a contract of adhesion - -the insured must accept the entire contract with all of its
terms and conditions
Utmost Good Faith - -An obligation to act in complete honesty and to disclose all relevant
facts.
Aleatory Contract - -a contract where the values exchanged may not be equal but depend on
an uncertain event
Unilateral Contract - -insurance 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 - -A type of an agreement in which both parties must perform certain
duties and follow rules of conduct to make the contract enforceable.
