Claims Adjuster 2025/2026 Exam
Questions and Answers | 100% Solved
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
Idemnification - 🧠 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 - 🧠 ANSWER ✔✔individual 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
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, 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
Questions and Answers | 100% Solved
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
Idemnification - 🧠 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 - 🧠 ANSWER ✔✔individual 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
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, 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
