Texas All-Lines Adjuster Pre-Licensing Exam with Questions and Answers

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