Claims Adjuster
Insurance - answer-an economic device used to protect against extreme unforeseen
loss
- the transfer of risk from one party to another
Premium - answer-the fee paid by the insured in exchange for insurance
Principle of Indemnity - answer-the insurer should be restored to where they were
before the incident
-no profit can be made
Indemnification - answer-to compensate for loss or damage; to provide security for
financial reimbursement to an individual in case of a specified loss incurred by the
person
4 Elements of a Legal Contract - answer-Agreement- signature or handshake
-Consideration- money exchange
-Competent Parties-18 yrs. old, sober, sane
-Legal Purpose-no contracts for money laundering
Insured - answerindividual who pays premiums in exchange for protection
-can be a person, person's or an organization
- "You," "Your," or "Your's"
(if the insured is a group it is important to list the "first named insured,"- because that is
the only one that can authorize changes to the policy)
Insurer - answer-company or group offering insurance
-can be a government organization
-terms- "We," "Us," and "Our
6 Characteristics of a Contract:
Personal - answer-protects the person (insured) from loss
-does not protect property from becoming damaged
-coverage follows the person not the property
6 Characteristics of a Contract:
Adhesion - answer-one party dictates terms
-the insured has no power to write the contract
-courses will favor the insured in a case of ambiguity
, 6 Characteristics of a Contract:
Utmost Good Faith - answer-applicants are expected not to withhold any information or
the contract can be voided
6 Characteristics of a Contract:
Aleatory - answer-depending on a unknown future event
-Insurer only has to pay in and when covered losses occur
6 Characteristics of a Contract:
Unilateral - answer-only the insurer make an obligation to pay for covered losses
6 Characteristics of a Contract:
Conditional - answer-the insurer only has to perform if certain conditions are met
Policy Sections
Declarations Page - answer-makes contract specific to the policy holder
Includes:
-Name of both parties
-Policy Number
-Location & Description of Item
-Value of Insured Item
-Value of item dates
- Amount & Limit of Coverage
-Deductible
-Premium
Policy Sections
Definitions - answer-it is not technically essential
-need to know info. or language used in the contract
Policy Sections
Insuring Agreement - answersummarizes:
-what is covered
-which losses are covered
-maximum limit of policy
-the core of the contract
-often one sentence
Insurance - answer-an economic device used to protect against extreme unforeseen
loss
- the transfer of risk from one party to another
Premium - answer-the fee paid by the insured in exchange for insurance
Principle of Indemnity - answer-the insurer should be restored to where they were
before the incident
-no profit can be made
Indemnification - answer-to compensate for loss or damage; to provide security for
financial reimbursement to an individual in case of a specified loss incurred by the
person
4 Elements of a Legal Contract - answer-Agreement- signature or handshake
-Consideration- money exchange
-Competent Parties-18 yrs. old, sober, sane
-Legal Purpose-no contracts for money laundering
Insured - answerindividual who pays premiums in exchange for protection
-can be a person, person's or an organization
- "You," "Your," or "Your's"
(if the insured is a group it is important to list the "first named insured,"- because that is
the only one that can authorize changes to the policy)
Insurer - answer-company or group offering insurance
-can be a government organization
-terms- "We," "Us," and "Our
6 Characteristics of a Contract:
Personal - answer-protects the person (insured) from loss
-does not protect property from becoming damaged
-coverage follows the person not the property
6 Characteristics of a Contract:
Adhesion - answer-one party dictates terms
-the insured has no power to write the contract
-courses will favor the insured in a case of ambiguity
, 6 Characteristics of a Contract:
Utmost Good Faith - answer-applicants are expected not to withhold any information or
the contract can be voided
6 Characteristics of a Contract:
Aleatory - answer-depending on a unknown future event
-Insurer only has to pay in and when covered losses occur
6 Characteristics of a Contract:
Unilateral - answer-only the insurer make an obligation to pay for covered losses
6 Characteristics of a Contract:
Conditional - answer-the insurer only has to perform if certain conditions are met
Policy Sections
Declarations Page - answer-makes contract specific to the policy holder
Includes:
-Name of both parties
-Policy Number
-Location & Description of Item
-Value of Insured Item
-Value of item dates
- Amount & Limit of Coverage
-Deductible
-Premium
Policy Sections
Definitions - answer-it is not technically essential
-need to know info. or language used in the contract
Policy Sections
Insuring Agreement - answersummarizes:
-what is covered
-which losses are covered
-maximum limit of policy
-the core of the contract
-often one sentence
