Texas All-Lines Adjuster Pre-Licensing questions and answers 2024

Texas All-Lines Adjuster Pre-Licensing Chapter 1 - correct answer insurance - correct answer financial took that protects individual and organizations from unforeseen and extraordinary financial losses by transferring risk to another party insured - correct answer individual or organization that pays premiums in exchange for protection insurer - correct answer company, group, or government agency offering financial protection how does insurance work? - correct answer insured 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 answer when 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 answer Q1: The purpose of the principle of indemnity: - correct answer prevents an insured from profiting from a loss Q1: Which of the following best defines premium? - correct answer the fee paid by the insured in exchange for the insurance policy