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Adjuster pro TEXAS EXAM Questions & Answers |
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Answers 2025 latest update!!
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Terms in this set (201)
insurance protection against possible financial loss
A specific sum of money paid by the insured to the
Premium insurance company in exchange for financial
protection against loss.
A method of displacing vulnerability to hazards across
spreading the risk a larger population through the use of insurance and
aid.
Restoration to approximate financial condition no
indemnity
better no less
4 conditions of insurance Agreement, Consideration,
contracts to make it legal Competent parties, Legal purpose
declarations/definitions
Parts of the Insurance
insuring agreements, conditions,
Contract
exclusions
Personal/Property Protects from financial loss
insurance
pays for injuries to other people and property if you
liability insurance
are responsible for the accident
Adhesion One party (Insurer) dictates the terms of the contract
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Legal principle that provides that an insurance policy
Doctrine of Reasonable
includes coverage that an average person would
Expectations
reasonably expect it to include.
A principle of insurance which states that the
insurance company must be able to rely on the
Utmost Good Faith honesty and cooperation of the insured, and the
insured must rely on the company to fulfill its
obligations in good faith.
Aleatory depending on an unknown future event
Unilateral Contract The insurer is under obligation to pay for loss
Conditional Damage are paid if conditions are met
A high-risk person benefits more from insurance, so is
Adverse Selection
more likely to purchase it.
hazard A danger or risk.
peril cause of loss
Loss Must be unforeseen in expected and defined
exposure How likely a loss will occur
The larger the number of units insured, the more
Law of large numbers accurately the insurer can predict the number of
claims from that group
A temporary written or oral agreement to provide
Binder insurance coverage until a formal written policy is
issued.
Policy which provides a single limit of insurance for all
blanket coverage
property falling within a specific class
Specific Limits Limits that apply to one specific type of property
Found on the conditions page... if policy holder
Warranties
breaks the warranty the insurer can deny coverage
Concealment Hiding the truth
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Waver Voluntary surrender of a right, claim, or privilege
a person's actions that cause another to believe that a
Implied Waiver
right has been relinquished
Expressed Waiver In writing, signed
A legal principle that prevents the insurer from
denying coverage if the policy holder has been lead
Estoppel to believe in good faith that coverage applies. It does
not allow the insurer to change the coverage in an
insurance policy without the policyholders consent.
Names, policy #, location & description of insured
The declaration page
item, value, dates of the policy, amount and limit of
includes
coverage, deductible, and premium
A statement in an insurance policy that the insurer will,
Insuring Agreement under described circumstances, make a loss payment
or provide a service.
provisions in the policy that qualify or place limitations
conditions
on the insurer's promise to perform
Endorsements add, modify, or take away coverage
conditions, situations, and services not covered by the
Exclusions and Limitations
insurance carrier
Rider/addendum/attachm Same as endorsements
ent
The original occurrence, the source, of all the
proximate cause
subsequent damages.
a financial loss that results from the physical damage,
Direct Loss
destruction, or theft of the property
Indirect Loss Economic loss resulting from a direct loss
The process by which an insurer can, after it has paid
a loss under the policy, recover the amount paid from
Subrogation
any party (other than the insured) who caused the loss
or is otherwise legally liable for the loss.
https://quizlet.com/1073248675/adjuster-pro-texas-exam-questions-answers-100-verified-solutions-questions-with-correct-answers-2025-latest-updat… 3/20
Adjuster pro TEXAS EXAM Questions & Answers |
100% Verified solutions |Questions with Correct
Answers 2025 latest update!!
Save
Terms in this set (201)
insurance protection against possible financial loss
A specific sum of money paid by the insured to the
Premium insurance company in exchange for financial
protection against loss.
A method of displacing vulnerability to hazards across
spreading the risk a larger population through the use of insurance and
aid.
Restoration to approximate financial condition no
indemnity
better no less
4 conditions of insurance Agreement, Consideration,
contracts to make it legal Competent parties, Legal purpose
declarations/definitions
Parts of the Insurance
insuring agreements, conditions,
Contract
exclusions
Personal/Property Protects from financial loss
insurance
pays for injuries to other people and property if you
liability insurance
are responsible for the accident
Adhesion One party (Insurer) dictates the terms of the contract
https://quizlet.com/1073248675/adjuster-pro-texas-exam-questions-answers-100-verified-solutions-questions-with-correct-answers-2025-latest-updat… 1/20
,9/8/25, 7:50 PM Adjuster pro TEXAS EXAM Questions & Answers | 100% Verified solutions |Questions with Correct Answers 2025 latest update!! Fla…
Legal principle that provides that an insurance policy
Doctrine of Reasonable
includes coverage that an average person would
Expectations
reasonably expect it to include.
A principle of insurance which states that the
insurance company must be able to rely on the
Utmost Good Faith honesty and cooperation of the insured, and the
insured must rely on the company to fulfill its
obligations in good faith.
Aleatory depending on an unknown future event
Unilateral Contract The insurer is under obligation to pay for loss
Conditional Damage are paid if conditions are met
A high-risk person benefits more from insurance, so is
Adverse Selection
more likely to purchase it.
hazard A danger or risk.
peril cause of loss
Loss Must be unforeseen in expected and defined
exposure How likely a loss will occur
The larger the number of units insured, the more
Law of large numbers accurately the insurer can predict the number of
claims from that group
A temporary written or oral agreement to provide
Binder insurance coverage until a formal written policy is
issued.
Policy which provides a single limit of insurance for all
blanket coverage
property falling within a specific class
Specific Limits Limits that apply to one specific type of property
Found on the conditions page... if policy holder
Warranties
breaks the warranty the insurer can deny coverage
Concealment Hiding the truth
https://quizlet.com/1073248675/adjuster-pro-texas-exam-questions-answers-100-verified-solutions-questions-with-correct-answers-2025-latest-updat… 2/20
, 9/8/25, 7:50 PM Adjuster pro TEXAS EXAM Questions & Answers | 100% Verified solutions |Questions with Correct Answers 2025 latest update!! Fla…
Waver Voluntary surrender of a right, claim, or privilege
a person's actions that cause another to believe that a
Implied Waiver
right has been relinquished
Expressed Waiver In writing, signed
A legal principle that prevents the insurer from
denying coverage if the policy holder has been lead
Estoppel to believe in good faith that coverage applies. It does
not allow the insurer to change the coverage in an
insurance policy without the policyholders consent.
Names, policy #, location & description of insured
The declaration page
item, value, dates of the policy, amount and limit of
includes
coverage, deductible, and premium
A statement in an insurance policy that the insurer will,
Insuring Agreement under described circumstances, make a loss payment
or provide a service.
provisions in the policy that qualify or place limitations
conditions
on the insurer's promise to perform
Endorsements add, modify, or take away coverage
conditions, situations, and services not covered by the
Exclusions and Limitations
insurance carrier
Rider/addendum/attachm Same as endorsements
ent
The original occurrence, the source, of all the
proximate cause
subsequent damages.
a financial loss that results from the physical damage,
Direct Loss
destruction, or theft of the property
Indirect Loss Economic loss resulting from a direct loss
The process by which an insurer can, after it has paid
a loss under the policy, recover the amount paid from
Subrogation
any party (other than the insured) who caused the loss
or is otherwise legally liable for the loss.
https://quizlet.com/1073248675/adjuster-pro-texas-exam-questions-answers-100-verified-solutions-questions-with-correct-answers-2025-latest-updat… 3/20
