12/24/24, 2:16 PM Adjuster Pro - Insurance adjuster test 2024 Comprehensive Questions And Verified Answers/ Complete Solutions With Ration…
Adjuster Pro - Insurance adjuster test 2024
Comprehensive Questions And Verified
Answers/ Complete Solutions With Rationales
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Studied 7 terms
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Terms in this set (154)
What is insurance? protection against financial loss
a scheduled amount to be paid for an insurance
what is a premium
policy.
What are premiums used premiums are collected into a "pool" or "reserve to
for pay out claimants when needed.
how can insurance the insurer collects premiums from all policy holders
companies afford to pay and uses them to pay out the claims of a few.
for an individuals
catastrophic loss?
payment for damages, that is not more or less than
what is Indemnity
the amount caused by the damage.
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, 12/24/24, 2:16 PM Adjuster Pro - Insurance adjuster test 2024 Comprehensive Questions And Verified Answers/ Complete Solutions With Ration…
insurance will pay no more or less than the actual
principle of idemnity
financial loss suffered
repairs to property
indemnification may also reimbursement for additional living expenses
include rental cars and hotels
costs directly associated with a loss
1. Agreement
2. Consideration
4 Parts of Legal Contract
3. Competent Parties
4. Legal Purpose
legal contract - mutual intent by offeror and offeree
agreement
1. Personal
2. adhesion
six special characteristics 3. utmost good faith
of insurance contracts 4. aleatory
5. unilateral
6. conditional
what kind of contract is Personal contract
an insurance policy?
what is a contract of the insured must accept the entire contract with all
adhesion of its terms and conditions
An obligation to act in complete honesty and to
Utmost Good Faith
disclose all relevant facts.
a contract where the values exchanged may not be
Aleatory Contract
equal but depend on an uncertain event
insurance agrees that they must pay in event of a
claim. the insured can stop paying premiums at any
Unilateral Contract
point.
only the insurer has promised to perform an action.
A type of an agreement in which both parties must
Conditional Contract perform certain duties and follow rules of conduct
to make the contract enforceable.
https://quizlet.com/988130443/adjuster-pro-insurance-adjuster-test-2024-comprehensive-questions-and-verified-answers-complete-solutions-wit… 2/10
Adjuster Pro - Insurance adjuster test 2024
Comprehensive Questions And Verified
Answers/ Complete Solutions With Rationales
|Get It 100% Accurate!! Already Passed!!
Practice questions for this set
Learn
Studied 7 terms
Nice work, you're crushing it
Continue studying in Learn
Terms in this set (154)
What is insurance? protection against financial loss
a scheduled amount to be paid for an insurance
what is a premium
policy.
What are premiums used premiums are collected into a "pool" or "reserve to
for pay out claimants when needed.
how can insurance the insurer collects premiums from all policy holders
companies afford to pay and uses them to pay out the claims of a few.
for an individuals
catastrophic loss?
payment for damages, that is not more or less than
what is Indemnity
the amount caused by the damage.
https://quizlet.com/988130443/adjuster-pro-insurance-adjuster-test-2024-comprehensive-questions-and-verified-answers-complete-solutions-wit… 1/10
, 12/24/24, 2:16 PM Adjuster Pro - Insurance adjuster test 2024 Comprehensive Questions And Verified Answers/ Complete Solutions With Ration…
insurance will pay no more or less than the actual
principle of idemnity
financial loss suffered
repairs to property
indemnification may also reimbursement for additional living expenses
include rental cars and hotels
costs directly associated with a loss
1. Agreement
2. Consideration
4 Parts of Legal Contract
3. Competent Parties
4. Legal Purpose
legal contract - mutual intent by offeror and offeree
agreement
1. Personal
2. adhesion
six special characteristics 3. utmost good faith
of insurance contracts 4. aleatory
5. unilateral
6. conditional
what kind of contract is Personal contract
an insurance policy?
what is a contract of the insured must accept the entire contract with all
adhesion of its terms and conditions
An obligation to act in complete honesty and to
Utmost Good Faith
disclose all relevant facts.
a contract where the values exchanged may not be
Aleatory Contract
equal but depend on an uncertain event
insurance agrees that they must pay in event of a
claim. the insured can stop paying premiums at any
Unilateral Contract
point.
only the insurer has promised to perform an action.
A type of an agreement in which both parties must
Conditional Contract perform certain duties and follow rules of conduct
to make the contract enforceable.
https://quizlet.com/988130443/adjuster-pro-insurance-adjuster-test-2024-comprehensive-questions-and-verified-answers-complete-solutions-wit… 2/10
