ADJUSTER PRO-INSURANCE ADJUSTER - EXAMINATION
COMPLETE
QUESTIONS AND DETAILED SOLUTIONS
LATEST UPDATE THIS YEAR JUST RELEASED
Question 1: what is a contract of adhesion
Answer:
the insured must accept the entire contract with all of its terms and conditions
Question 2: What is insurance?
Answer:
protection against financial loss
Question 3: what is a premium
Answer:
a scheduled amount to be paid for an insurance policy.
Question 4: What are premiums used for
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.
Question 5: what is Indemnity
Answer:
, payment for damages, that is not more or less than the amount caused by the
damage.
Question 6: principle of idemnity
Answer:
insurance will pay no more or less than the actual financial loss suffered
Question 7: indemnification may also include
Answer:
repairs to property reimbursement for additional living expenses rental cars
and hotels costs directly associated with a loss
Question 8: 4 Parts of Legal Contract
Answer:
1. Agreement 2. Consideration
Question 9: 3. Competent Parties 4. Legal Purpose legal contract -
agreement
Answer:
mutual intent by offeror and offeree six special characteristics of insurance
Question 10: Utmost Good Faith
Answer:
An obligation to act in complete honesty and to disclose all relevant facts.
Question 11: Aleatory Contract
, Answer:
a contract where the values exchanged may not be equal but depend on an
uncertain event
Question 12: Unilateral Contract
Answer:
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.
Question 13: Conditional Contract
Answer:
A type of an agreement in which both parties must perform certain duties and
follow rules of conduct to make the contract enforceable.
Question 14: Acronym for the four sections of an Insurance policy
Answer:
DICE D - declarations page I - Insuring Agreement C- Conditions E -
Exclusions
Question 15: Decelerations section
Answer:
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
Question 16: Definitions section
COMPLETE
QUESTIONS AND DETAILED SOLUTIONS
LATEST UPDATE THIS YEAR JUST RELEASED
Question 1: what is a contract of adhesion
Answer:
the insured must accept the entire contract with all of its terms and conditions
Question 2: What is insurance?
Answer:
protection against financial loss
Question 3: what is a premium
Answer:
a scheduled amount to be paid for an insurance policy.
Question 4: What are premiums used for
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.
Question 5: what is Indemnity
Answer:
, payment for damages, that is not more or less than the amount caused by the
damage.
Question 6: principle of idemnity
Answer:
insurance will pay no more or less than the actual financial loss suffered
Question 7: indemnification may also include
Answer:
repairs to property reimbursement for additional living expenses rental cars
and hotels costs directly associated with a loss
Question 8: 4 Parts of Legal Contract
Answer:
1. Agreement 2. Consideration
Question 9: 3. Competent Parties 4. Legal Purpose legal contract -
agreement
Answer:
mutual intent by offeror and offeree six special characteristics of insurance
Question 10: Utmost Good Faith
Answer:
An obligation to act in complete honesty and to disclose all relevant facts.
Question 11: Aleatory Contract
, Answer:
a contract where the values exchanged may not be equal but depend on an
uncertain event
Question 12: Unilateral Contract
Answer:
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.
Question 13: Conditional Contract
Answer:
A type of an agreement in which both parties must perform certain duties and
follow rules of conduct to make the contract enforceable.
Question 14: Acronym for the four sections of an Insurance policy
Answer:
DICE D - declarations page I - Insuring Agreement C- Conditions E -
Exclusions
Question 15: Decelerations section
Answer:
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
Question 16: Definitions section
