Texas All-Lines Adjuster Pre-Licensing exam 2023/2024 with verified solutions

insurance correct answersfinancial took that protects individual and organizations from unforeseen and extraordinary financial losses by transferring risk to another party insured correct answersindividual or organization that pays premiums in exchange for protection insurer correct answerscompany, group, or government agency offering financial protection how does insurance work? correct answersinsured pays premium insurer promises to pay for specific losses if they occur insurer's promise gives peace of mind to insured principle of indemnity correct answerswhen a loss occurs, an individual should be restored to the approximate financial condition he was in before the loss, no more and no less Q1: How can insurance companies afford to pay for an individual's catastrophic loss? correct answers Q1: The purpose of the principle of indemnity: correct answersprevents an insured from profiting from a loss Q1: Which of the following best defines premium? correct answersthe fee paid by the insured in exchange for the insurance policy Q1: What best describes insurance? correct answersan economic device used to protect against the risk of unforeseen and extraordinary financial loss