CLAIMS ADJUSTER FINAL EXAM
CERTIFICATION EVALUATION 2026 FULL
QUESTIONS WITH SOLUTIONS
◉ Law of Large Numbers. Answer: As a larger number of events are
included, the difference between actual and expected results become
smaller.
◉ Who are competent parties. Answer: 1. Minors
2. The mentally infirm
3. Persons under the influence of drugs or alcohol.
◉ What is a legal object?. Answer: A legal purpose in order to be
enforced
◉ what is a peril?. Answer: A cause of loss.
◉ What is a hazard?. Answer: Something that increases the
probability of a peril occurring.
◉ What is the Principle of indemnity?. Answer: Restoring you to
where you were before a loss but you will not make any money off of
the loss.
,◉ What is a direct loss?. Answer: Actual damage to tangible
property. There is a deductible for this type of loss
(i.e.) house, detached garage and contents
◉ What is an indirect loss? (Consequential loss)?. Answer: The
money or income lost as a result of a direct loss.
◉ Offer and acceptance agreement. Answer: An offer is made by the
proposed insured. Acceptance occurs when the policy is issued.
◉ What is consideration?. Answer: The exchange of something of
value by both parties
◉ What is an Agent?. Answer: A person who represents the insurER.
They can bind coverage.
◉ What is the declarations page?. Answer: The personalized part of
a policy.
◉ What are the parts of the declarations page?. Answer: The parties
of the contract
The policy term
,The amount of insurance purchased
The amount of the premium
The object of person insured
◉ What is the insuring agreement?. Answer: That perils that are
insured (covered)
◉ What are conditions?. Answer: The provisions and stipulations of
the policy. The rules of conduct between the insurer and the insured.
◉ What are exclusions?. Answer: The list of perils that are not
covered
◉ What are endorsement?. Answer: The modifications (adding or
taking away) from the policy.
◉ What are the definitions?. Answer: The named insured, who is an
insured and what constitutes a premises.
◉ What is unilateral?. Answer: One sided, only the insurance
company can make a legally enforceable promise.
◉ What is adhesion?. Answer: When an application cannot bargain
over the wording in a contract.
, ◉ What is a waiver?. Answer: voluntary abandonment of a right or
advantage
◉ What is estoppel?. Answer: When an insurance company is legally
stopped from denying reducing or otherwise changing coverage
based on a condition of information that the insurance company has
previously waived its right to act.
◉ What is a representation?. Answer: Statements that are made with
the utmost faith but are not guaranteed to be accurate. (a substantial
truth).
◉ What is a warranty?. Answer: Statements guaranteed as accuracy
for both past and future events.
◉ what is misrepresentation. Answer: A lie regarding material
information.
◉ Material Misrepresentation. Answer: Knowing the truth about
something upfront but still lying about it.
◉ Non material misrepresentaion. Answer: Has no effect on contract
at all.
CERTIFICATION EVALUATION 2026 FULL
QUESTIONS WITH SOLUTIONS
◉ Law of Large Numbers. Answer: As a larger number of events are
included, the difference between actual and expected results become
smaller.
◉ Who are competent parties. Answer: 1. Minors
2. The mentally infirm
3. Persons under the influence of drugs or alcohol.
◉ What is a legal object?. Answer: A legal purpose in order to be
enforced
◉ what is a peril?. Answer: A cause of loss.
◉ What is a hazard?. Answer: Something that increases the
probability of a peril occurring.
◉ What is the Principle of indemnity?. Answer: Restoring you to
where you were before a loss but you will not make any money off of
the loss.
,◉ What is a direct loss?. Answer: Actual damage to tangible
property. There is a deductible for this type of loss
(i.e.) house, detached garage and contents
◉ What is an indirect loss? (Consequential loss)?. Answer: The
money or income lost as a result of a direct loss.
◉ Offer and acceptance agreement. Answer: An offer is made by the
proposed insured. Acceptance occurs when the policy is issued.
◉ What is consideration?. Answer: The exchange of something of
value by both parties
◉ What is an Agent?. Answer: A person who represents the insurER.
They can bind coverage.
◉ What is the declarations page?. Answer: The personalized part of
a policy.
◉ What are the parts of the declarations page?. Answer: The parties
of the contract
The policy term
,The amount of insurance purchased
The amount of the premium
The object of person insured
◉ What is the insuring agreement?. Answer: That perils that are
insured (covered)
◉ What are conditions?. Answer: The provisions and stipulations of
the policy. The rules of conduct between the insurer and the insured.
◉ What are exclusions?. Answer: The list of perils that are not
covered
◉ What are endorsement?. Answer: The modifications (adding or
taking away) from the policy.
◉ What are the definitions?. Answer: The named insured, who is an
insured and what constitutes a premises.
◉ What is unilateral?. Answer: One sided, only the insurance
company can make a legally enforceable promise.
◉ What is adhesion?. Answer: When an application cannot bargain
over the wording in a contract.
, ◉ What is a waiver?. Answer: voluntary abandonment of a right or
advantage
◉ What is estoppel?. Answer: When an insurance company is legally
stopped from denying reducing or otherwise changing coverage
based on a condition of information that the insurance company has
previously waived its right to act.
◉ What is a representation?. Answer: Statements that are made with
the utmost faith but are not guaranteed to be accurate. (a substantial
truth).
◉ What is a warranty?. Answer: Statements guaranteed as accuracy
for both past and future events.
◉ what is misrepresentation. Answer: A lie regarding material
information.
◉ Material Misrepresentation. Answer: Knowing the truth about
something upfront but still lying about it.
◉ Non material misrepresentaion. Answer: Has no effect on contract
at all.
