Adjuster Pro - Insurance adjuster test questions and answers latest top score.

Adjuster Pro - Insurance adjuster test questions and answers latest top score. What ois oinsurance? o- o ocorrect oanswer. o o oprotection oagainst ofinancial oloss what ois oa opremium o- o ocorrect oanswer. o o oa oscheduled oamount oto obe opaid ofor oan oinsurance opolicy. What oare opremiums oused ofor o- o ocorrect oanswer. o o opremiums oare ocollected ointo oa o"pool" oor o"reserve oto opay oout oclaimants owhen oneeded. how ocan oinsurance ocompanies oafford oto opay ofor oan oindividuals ocatastrophic oloss? o- o ocorrect oanswer. o o othe oinsurer ocollects opremiums ofrom oall opolicy oholders oand ouses othem oto opay oout othe oclaims oof oa ofew. what ois oIndemnity o- o ocorrect oanswer. o o opayment ofor odamages, othat ois onot omore oor oless othan othe oamount ocaused oby othe odamage. principle oof oidemnity o- o ocorrect oanswer. o o oinsurance owill opay ono omore oor oless othan othe oactual ofinancial oloss osuffered indemnification omay oalso oinclude o- o ocorrect oanswer. o o orepairs oto oproperty reimbursement ofor oadditional oliving oexpenses rental ocars oand ohotels costs odirectly oassociated owith oa oloss 4 oParts oof oLegal oContract o- o ocorrect oanswer. o o o1. oAgreement 2. oConsideration 3. oCompetent oParties 4. oLegal oPurpose legal ocontract o- oagreement o- o ocorrect oanswer. o o omutual ointent oby oofferor oand oofferee six ospecial ocharacteristics oof oinsurance ocontracts o- o ocorrect oanswer. o o o1. oPersonal o 2. oadhesion 3. outmost ogood ofaith 4. oaleatory 5. ounilateral 6. oconditional what okind oof ocontract ois oan oinsurance opolicy? o- o ocorrect oanswer. o o oPersonal ocontract what ois oa ocontract oof oadhesion o- o ocorrect oanswer. o o othe oinsured omust oaccept othe oentire ocontract owith oall oof oits oterms oand oconditions Utmost oGood oFaith o- o ocorrect oanswer. o o oAn oobligation oto oact oin ocomplete ohonesty oand oto odisclose oall orelevant ofacts. Aleatory oContract o- o ocorrect oanswer. o o oa ocontract owhere othe ovalues oexchanged omay onot obe oequal obut odepend oon oan ouncertain oevent Unilateral oContract o- o ocorrect oanswer. o o oinsurance oagrees othat othey omust opay oin oevent oof oa oclaim. othe oinsured ocan ostop opaying opremiums oat oany opoint. only othe oinsurer ohas opromised oto operform oan oaction. Conditional oContract o- o ocorrect oanswer. o o oA otype oof oan oagreement oin owhich oboth oparties omust operform ocertain oduties oand ofollow orules oof oconduct oto omake othe ocontract oenforceable. Acronym ofor othe ofour osections oof oan oInsurance opolicy o- o ocorrect oanswer. o o oDICE D o- odeclarations opage o I o- oInsuring oAgreement C- oConditions E o- oExclusions Decelerations osection o- o ocorrect oanswer. o o oAlways othe ofirst osection o- oestablishes othe ofollowing o Names oof oboth oparties o Policy onumber Location oand odescription oof oinsured oitem Dates oof othe opolicy Amount oand olimit oof ocoverage Deductible Premium Definitions osection o- o ocorrect oanswer. o o oDefines oterms oused oto owrite opolicy oincluding o"collusion" o"decay" o"like okind oand oquality" o Includes oimportant olanguage ofor oadjusters oto oknow Insuring oagreement osection o- o ocorrect oanswer. o o oWhat ois ocovered oand ohow o Which ocauses oof oloss oare ocovered Any oservices oprovided Any oexclusions oto ocoverage The omaximum olimit oof opolicy ocoverage oin odollars Conditions osection o- o ocorrect oanswer. o o oInsurer ospecifies oany olimits oor oqualifications othe opolicy oholder omust omeet Exclusions osection o- o ocorrect oanswer. o o olosses ofor owhich othe oinsured ois onot ocovered ofor Endorsements o- o ocorrect oanswer. o o oProvision othat omodifies othe ocoverage oof othe ooriginal ocontract o Add oor osubtract ocoverage Synonyms o- orider, oaddendum, oattachment Certificate oof oInsurance o- o ocorrect oanswer. o o oA olegal odocument othat oindicates othat oan oinsurance opolicy ohas obeen oissued, oand othat ostates oboth othe oamounts oand otypes oof oinsurance oprovided. Characteristics oof osocial oinsurance o- o ocorrect oanswer. o o oNon oprofit o Mandatory oparticipation o Benefits oprescribed oby olaw Designed oto omeet oneeds oof opublic Government ohas omonopoly Private oInsurers o- o ocorrect oanswer. o o oSell oinsurance obased oon oneeds oand opreferences o Wide ovariety oof oproducts o Exist oto ogenerate oa oprofit Insured oparty ovoluntarily oparticipate Stock oInsurance oCompanies o- o ocorrect oanswer. o o oAlways ofor oprofit o Publicly otraded Stockholder oprovide ocapital oand oparticipate oin oprofit oor olosses "Non oparticipation" oinsurers o- ono odividends ogo oto opolicy oholders Mutual oInsurance oCompany o- o ocorrect oanswer. o o oNo oshareholders Policy oholders oelect oboard oof odirectors o "Participating" oinsurers o- opolicy oholders oparticipate oin odividends Re-insurer o- o ocorrect oanswer. o o oProvides oinsurance ofor oinsurers oto oreduce oexposure oto oloss Pays opercentage oof oinsurers oloss oor oany oloss oover oa ocertain oamount Reciprocal oInsurers o- o ocorrect oanswer. o o oUnincorporated o Non oprofit Operated oby oattorney oin ofact Members opay ointo oindividual oaccounts Cost oof oclaims oshared oby owhole ogroups Fraternal oBenefit oSocieties o- o ocorrect oanswer. o o oAlso ocalled ofraternal oassociations o Non oprofit omutual oaid oorganizations o Engage oin ocharitable oactivities o Provide osome otype oof oinsurance oto omembers Typically oconsist oof opeople owith osimilar oreligion, oethnicity oor ooccupation Fraternal oBenefit oSocieties oinsurance o- o ocorrect oanswer. o o oUsed oto ofund oaltruistic oactivities o Must obe oassessable oby olaw o Members oare oboth oproviders oand orecipients o If oclaims opayment oability ois oimpaired, omembers ohelp opay othe odifference captive oinsurers o- o ocorrect oanswer. o o oCreated oby obusinesses oin oorder oto oretain orisk o Exist oto oprovide oinsurance ofor otheir o"parent" o All oprofit obelongs oto oparent ocompany o Permitted oin osome ostates Risk oretention ogroups o- o ocorrect oanswer. o o oAuthorized oby othe ofederal oliability orisk oretention oact oof o1986 o Owned oby otheir omembers o Provide ocommercial oliability RRG oRequirements o- o ocorrect oanswer. o o oMembers omust obe oinvolved oin osimilar obusiness oendeavors o Don't oneed oto obe olicensed oin omultiple ostates Classification obased oon olocation o- o ocorrect oanswer. o o oDomestic oInsurer o- oadhere oto olaw oof oa ostate, olocated oin othat ostate Foreign oinsurer o- oadhere oto olaws oin othe oUS obut ocan obe olocated oelsewhere o Alien oinsurer o- oobey olaws oof oanother ocountry oall otogether Risk o- o ocorrect oanswer. o o oPotential ofor ofinancial oloss o An oinsured oitem Two otypes oof orisk o- o ocorrect oanswer. o o oPure oand oSpeculative Speculative orisk o- o ocorrect oanswer. o o oNo ocertainty oof ogain oor oloss o Made oknowingly, oby oconscious ochoice o Cannot obe oinsured Pure orisk o- o ocorrect oanswer. o o oRisk owith ono ochance oof ogain o Can oonly oresult oin oeither oloss oor ono oloss o Can obe oinsured Exposure o- o ocorrect oanswer. o o oExtent oto owhich oan oitem, operson, oor oorganization ois oopen oto odamage oor oloss Evaluating oexposure o- o ocorrect oanswer. o o oExpressed oin odollars oor ounits Determining ofactor oin oissuing oa opolicy oand osetting oa opremium Hazard o- o ocorrect oanswer. o o oA ocondition oincreasing othe olikelihood oor oseverity oof oa oloss Peril o- o ocorrect oanswer. o o oThe oactual ocause oof oloss oor odamage Insurable orisk o- o ocorrect oanswer. o o oAdequate opremiums o Definable orisk o Unexpected olosses Substantial oloss Exclusions o Law oof olarge onumbers Adequate oPremiums o- o ocorrect oanswer. o o oPotential oloss ocan't obe otoo omuch ofor oinsurer oto opay o Insurer omust ob oable oto ocover oclaims oand oexpenses o If opremiums omust obe oset otoo ohigh, othe orisk ois onot oinsurable Difneable orisk o- o ocorrect oanswer. o o oInsurer ocan odefine oexact oconditions ounder owhich othe oitem ois ocovered oby othe opolicy o Item oit's oself ois odefineable Item ohas oprecise ovalue Unexpected oloss o- o ocorrect oanswer. o o oUnforeseeable Unexpected Reasonably ounpreventable o Random oin onature Substantial oloss o- o ocorrect oanswer. o o oMust ocause osubstantial oeconomic ohardship Exclusions o- o ocorrect oanswer. o o oInsurer omust obe oable oto oexclude olarge oscale odisasters oand ocatastrophic oevents Law oof olarge onumbers o- o ocorrect oanswer. o o oInsurer omust obe oable oto ocover olarge onumbers oof osimilar orisks o Spreads orisk oacross omore opolicies o Helps oinsurers opredict olosses omore oaccurately o Similar orisks ocan omean, ocars ohouses, opersons olives, osimilar obusiness oetc Adverse oSelection o- o ocorrect oanswer. o o owhen osomeone obuys ohealth oinsurance obecause othey oknow othey owill oprobably ofile oa oclaim 4 orisk omanagement otechniques o- o ocorrect oanswer. o o oAvoidance o Reduction Transference o Retention Risk oavoidance o- o ocorrect oanswer. o o oEliminates orisk oby onot otaking oaction othat oinvolves orisk Risk oreduction o- o ocorrect oanswer. o o oTaking omeasures oto oreduce orisk othat ois oinvolved o Also ocalled orisk omitigation Risk oTransference o- o ocorrect oanswer. o o oManagement oof osever orisk oby otransferring orisk oto osomeone oelse Most ocommon oexample ois oInsurance Risk oretention o- o ocorrect oanswer. o o oAcknowledging othe orisks oand opreparing oto ohandle othe ounexpected olosses oas othey ooccur Policy oPeriod o- o ocorrect oanswer. o o oThe otime oframe, obeginning owith othe oinception odate oto othe oexpiration odate, oduring owhich oinsurance ocoverage oapplies. Binder o- o ocorrect oanswer. o o oProviding otemporary ocoverage ountil othe opolicy ois oissued Blanket ocoverage ovs ospecific ocoverage o- o ocorrect oanswer. o o oBlankets ocover omore othan oone oproperty, otype oof oproperty, oor ocoverage ounder oa osingle olimit Specific olimits o- olimits othat oapply oto oon ospecific otype oof oproperty Representation o- o ocorrect oanswer. o o oStatement oof ofact Missrepresentation o- o ocorrect oanswer. o o oA ofalse, odistorted oor odeceptive ostatements Warranty o- o ocorrect oanswer. o o oPromise oor ogaruntee ocertain oconditions oare omet Warranties oare ofound oon othe oconditions opage o If opolicy oholder obreaks oup owarranty othe oinsurer ocan odeny ocoverage Concealment o- o ocorrect oanswer. o o oConcealment ois ohiding othe otruth o Deliberately owithholding oinformation Waiver o- o ocorrect oanswer. o o oVoluntarily osurrender oof oa oright, oclaim, oor oprivilege Expressed owaiver o- o ocorrect oanswer. o o oIn owriting oor osigned Implied owaiver o- o ocorrect oanswer. o o oassumed obased oon oactions Estoppel o- o ocorrect oanswer. o o oLegal oprinciple othat oprevents oan oinsurer ofrom odenying ocoverage oif othe oinsured ohas oreasonably ocome oto obelieve othat ohe ohas osuch ocoverage obased oon oinsurers opractices Types oof ohazards o- o ocorrect oanswer. o o oPhysical, oMoral, oMorale, olegal Moral ohazard o- o ocorrect oanswer. o o oResults ofrom othe opolicy oholders odeliberate odecision o Involves oreckless obehavior obecause oof othe ofinancial osecurity ooffered oby oinsurance Is oa otype oof obehavioral ohazard Morale ohazard o- o ocorrect oanswer. o o oOccur owhen osomeone oexhibits orisky obehavior obecause oof ohaving oinsurance. Physical ohazard o- o ocorrect oanswer. o o oPhysical oconditions othat oincrease othe ochance oof oloss. Types oof ophysical ohazards o- o ocorrect oanswer. o o oEnvironmental o- opot oholes oin oroad Material o- oasbestos oin oa oold ohouse Operational o- opoorly omanaged oengine Occupant o- oworking oin oa ocoal omine Legal ohazard o- o ocorrect oanswer. o o oIncreased ochance oof oloss obecause oof olegal oaction fraud o- o ocorrect oanswer. o o oDeceiving oan oinsurer oto oprofit ofrom oan oinsurance opolicy Hard oand osoft ofraud o- o ocorrect oanswer. o o oHard ofraud o- oplanning oor ofaking oa oloss o Soft ofraud o- oexaggerating oa oclaim oto oinflate othe oindemnity proximate ocause o- o ocorrect oanswer. o o oUnbroken ochain oof oevents obetween oan ooccurrence oand oa oloss o- othen othat ooccurrence ois othe oproximate ocause oof othe oloss occurrence o- o ocorrect oanswer. o o oAn oevent, oincident, oor ocondition othat ocauses odamage Occurrence oas oproximate ocause o- o ocorrect oanswer. o o oThe ooriginal ooccurrence ocauses odamage othat oleads oto omore odamage Direct oloss o- o ocorrect oanswer. o o oPhysical oharm oto otangible oproperty