Exam for Adjuster Pro - Insurance adjuster test. with Answers Latest 2022VERIFIED

What is insurance? - Answer protection against financial loss what is a premium - Answer a scheduled amount to be paid for an insurance policy. 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? - Answer the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. what is Indemnity - Answer payment for damages, that is not more or less than the amount caused by the damage. principle of idemnity - Answer insurance will pay no more or less than the actual financial loss suffered indemnification may also include - Answer repairs to property reimbursement for additional living expenses