Adjuster Pro - Insurance adjuster test
Study online at https://quizlet.com/_9a6imx
1. What is insurance?: protection against financial loss
2. what is a premium: a scheduled amount to be paid for an insurance policy.
3. What are premiums used for: premiums are collected into a "pool" or
"reserve to pay out claimants when needed.
4. 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.
5. what is Indemnity: payment for damages, that is not more or less than
the amount caused by the damage.
6. principle of idemnity: insurance will pay no more or less than the actual
financial loss suffered
7. indemnification may also include: repairs to
property reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
8. 4 Parts of Legal Contract: 1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
9. legal contract - agreement: mutual intent by offeror and offeree
10. six special characteristics of insurance contracts: 1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
11. what kind of contract is an insurance policy?: Personal contract
12. what is a contract of adhesion: the insured must accept the entire
contract with all of its terms and conditions
13. Utmost Good Faith: An obligation to act in complete honesty and to
disclose all relevant facts.
14. Aleatory Contract: a contract where the values exchanged may not be
equal but depend on an uncertain event
15. 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.
16. 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.
, Adjuster Pro - Insurance adjuster test
Study online at https://quizlet.com/_9a6imx
17. Acronym for the four sections of an Insurance policy:
DICE D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions
18. Decelerations section: Always the first section - establishes the
following Names of both parties
Policy number
Location and description of insured item
Dates of the policy
Amount and limit of coverage
Deductible
Premium
19. Definitions section: Defines terms used to write policy including "collusion"
"decay" "like kind and quality"
Includes important language for adjusters to know
20. Insuring agreement section: What is covered and
how Which causes of loss are covered
Any services provided
Any exclusions to coverage
The maximum limit of policy coverage in dollars
21. Conditions section: Insurer specifies any limits or qualifications the
policy holder must meet
22. Exclusions section: losses for which the insured is not covered for
23. Endorsements: Provision that modifies the coverage of the original
contract Add or subtract coverage
Synonyms - rider, addendum, attachment
24. Certificate of Insurance: A legal document that indicates that an insurance
policy has been issued, and that states both the amounts and types of
insurance provided.
25. Characteristics of social insurance: Non
profit Mandatory participation
Benefits prescribed by law
Designed to meet needs of public
Government has monopoly
26. Private Insurers: Sell insurance based on needs and
preferences Wide variety of products
Exist to generate a profit
Insured party voluntarily participate
Study online at https://quizlet.com/_9a6imx
1. What is insurance?: protection against financial loss
2. what is a premium: a scheduled amount to be paid for an insurance policy.
3. What are premiums used for: premiums are collected into a "pool" or
"reserve to pay out claimants when needed.
4. 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.
5. what is Indemnity: payment for damages, that is not more or less than
the amount caused by the damage.
6. principle of idemnity: insurance will pay no more or less than the actual
financial loss suffered
7. indemnification may also include: repairs to
property reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
8. 4 Parts of Legal Contract: 1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
9. legal contract - agreement: mutual intent by offeror and offeree
10. six special characteristics of insurance contracts: 1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
11. what kind of contract is an insurance policy?: Personal contract
12. what is a contract of adhesion: the insured must accept the entire
contract with all of its terms and conditions
13. Utmost Good Faith: An obligation to act in complete honesty and to
disclose all relevant facts.
14. Aleatory Contract: a contract where the values exchanged may not be
equal but depend on an uncertain event
15. 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.
16. 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.
, Adjuster Pro - Insurance adjuster test
Study online at https://quizlet.com/_9a6imx
17. Acronym for the four sections of an Insurance policy:
DICE D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions
18. Decelerations section: Always the first section - establishes the
following Names of both parties
Policy number
Location and description of insured item
Dates of the policy
Amount and limit of coverage
Deductible
Premium
19. Definitions section: Defines terms used to write policy including "collusion"
"decay" "like kind and quality"
Includes important language for adjusters to know
20. Insuring agreement section: What is covered and
how Which causes of loss are covered
Any services provided
Any exclusions to coverage
The maximum limit of policy coverage in dollars
21. Conditions section: Insurer specifies any limits or qualifications the
policy holder must meet
22. Exclusions section: losses for which the insured is not covered for
23. Endorsements: Provision that modifies the coverage of the original
contract Add or subtract coverage
Synonyms - rider, addendum, attachment
24. Certificate of Insurance: A legal document that indicates that an insurance
policy has been issued, and that states both the amounts and types of
insurance provided.
25. Characteristics of social insurance: Non
profit Mandatory participation
Benefits prescribed by law
Designed to meet needs of public
Government has monopoly
26. Private Insurers: Sell insurance based on needs and
preferences Wide variety of products
Exist to generate a profit
Insured party voluntarily participate
