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Oklahoma Insurance Adjuster Exam Prep Questions & Answers Correct 100%

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Institution Oklahoma
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Insurance - ANSWERSTransfers risk from one party to another. pool or reserve - ANSWERScollected premiums to cover losses/claims Indemnity - ANSWERSrestoration to previous financial condition Four essential elements of a contract - ANSWERSagreement, consideration, competent parties, legality When may a policy be terminated? - ANSWERSrevoking the offer, rejecting the offer, time lapse, or termination by operation of law Termination by Operation of Law - ANSWERShappens when one or both parties die or become disabled, contract becomes illegal, or when the subject matter is destroyed (ex. car totaled) Personal Contract - ANSWERSAn agreement between an insurance company and an individual that states that insurance policies cover the individual's insurable interest. It covers the person, not the object. Contract of Adhesion - ANSWERSInsurer makes all the rules, insured can either agree or disagree. Courts favor the insured in cases of ambiguity Aleatory Contract - ANSWERSa contract based on an unknown future event Unilateral Contract - ANSWERSOnly one party agrees Oklahoma Insurance Adjuster Exam Prep Questions & Answers Correct 100%

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  • insurance answerstransfers risk from one party t
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