TEXAS ADJUSTER ALL-LINES
LICENSE 2 EXAM ALREADY
GRADED A+ LATEST EXAM!!! Third
party loss - ANS
Chapter 1 <<<<ANSWER>>>>
insurance <<<<ANSWER>>>>financial took that
protects individual and organizations from unforeseen
and extraordinary financial losses by transferring risk to
another party
insured <<<<ANSWER>>>>individual or organization
that pays premiums in exchange for protection
,insurer <<<<ANSWER>>>>company, group, or
government agency offering financial protection
how does insurance work? <<<<ANSWER>>>>insured
pays premium
insurer promises to pay for specific losses if they occur
insurer's promise gives peace of mind to insured
principle of indemnity <<<<ANSWER>>>>when a loss
occurs, an individual should be restored to the
approximate financial condition he was in before the loss,
no more and no less
Q1: How can insurance companies afford to pay for an
individual's catastrophic loss? <<<<ANSWER>>>>
Q1: The purpose of the principle of indemnity:
<<<<ANSWER>>>>prevents an insured from profiting
from a loss
,Q1: Which of the following best defines premium?
<<<<ANSWER>>>>the fee paid by the insured in
exchange for the insurance policy
Q1: What best describes insurance?
<<<<ANSWER>>>>an economic device used to protect
against the risk of unforeseen and extraordinary financial
loss
Q1: Mark incurred $8000 damage to his car in an
accident. He received $8000 from his insurance company
and $4000 from the other driver. By receiving profit from
his loss, Mark could be in violation of:
<<<<ANSWER>>>>the principle of indemnity
he should be in the same financial condition. no better, no
worse
indemnification may include payment for:
<<<<ANSWER>>>>repairs to property
, reimbursement for additional living expenses
rental cars, hotels
costs directly associated with a loss, as allowed under the
policy
legal contract/insurance policy is:
<<<<ANSWER>>>>contract to provide financial
protection for a fee
legally binding because it meets the 4 requirements of a
legal contract
What are the 4 requirements of a legal contract?
<<<<ANSWER>>>>agreement (offer and acceptance)
consideration
competent parties
LICENSE 2 EXAM ALREADY
GRADED A+ LATEST EXAM!!! Third
party loss - ANS
Chapter 1 <<<<ANSWER>>>>
insurance <<<<ANSWER>>>>financial took that
protects individual and organizations from unforeseen
and extraordinary financial losses by transferring risk to
another party
insured <<<<ANSWER>>>>individual or organization
that pays premiums in exchange for protection
,insurer <<<<ANSWER>>>>company, group, or
government agency offering financial protection
how does insurance work? <<<<ANSWER>>>>insured
pays premium
insurer promises to pay for specific losses if they occur
insurer's promise gives peace of mind to insured
principle of indemnity <<<<ANSWER>>>>when a loss
occurs, an individual should be restored to the
approximate financial condition he was in before the loss,
no more and no less
Q1: How can insurance companies afford to pay for an
individual's catastrophic loss? <<<<ANSWER>>>>
Q1: The purpose of the principle of indemnity:
<<<<ANSWER>>>>prevents an insured from profiting
from a loss
,Q1: Which of the following best defines premium?
<<<<ANSWER>>>>the fee paid by the insured in
exchange for the insurance policy
Q1: What best describes insurance?
<<<<ANSWER>>>>an economic device used to protect
against the risk of unforeseen and extraordinary financial
loss
Q1: Mark incurred $8000 damage to his car in an
accident. He received $8000 from his insurance company
and $4000 from the other driver. By receiving profit from
his loss, Mark could be in violation of:
<<<<ANSWER>>>>the principle of indemnity
he should be in the same financial condition. no better, no
worse
indemnification may include payment for:
<<<<ANSWER>>>>repairs to property
, reimbursement for additional living expenses
rental cars, hotels
costs directly associated with a loss, as allowed under the
policy
legal contract/insurance policy is:
<<<<ANSWER>>>>contract to provide financial
protection for a fee
legally binding because it meets the 4 requirements of a
legal contract
What are the 4 requirements of a legal contract?
<<<<ANSWER>>>>agreement (offer and acceptance)
consideration
competent parties
