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ADJUSTER PRO - INSURANCE ADJUSTER TEST

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ADJUSTER PRO - INSURANCE ADJUSTER TEST What is insurance? - CORRECT ANSWER -protection against financial loss what is a premium - CORRECT ANSWER -a scheduled amount to be paid for an insurance policy. What are premiums used for - CORRECT ANSWER -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? - CORRECT ANSWER -the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. what is Indemnity - CORRECT ANSWER -payment for damages, that is not more or less than the amount caused by the damage. principle of idemnity - CORRECT ANSWER -insurance will pay no more or less than the actual f inancial loss suffered indemnification may also include - CORRECT ANSWER -repairs to property reimbursement for additional living expenses rental cars and hotels costs directly associated with a loss 4 Parts of Legal Contract - CORRECT ANSWER -1. Agreement

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