ADJUSTER PRO-INSURANCE ADJUSTER
TEST. AVTUAL EXAM GRADED A+. VERIFIED
SOLUTIONS. 2024/2025 LATEST UPDATE.
LATEST!!
4 Parts of Legal Contract - ANS✔✔-1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement - ANS✔✔-mutual intent by offeror and offeree
six special characteristics of insurance contracts - ANS✔✔-1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
what kind of contract is an insurance policy? - ANS✔✔-Personal contract
what is a contract of adhesion - ANS✔✔-the insured must accept the entire
contract with all of its terms and conditions
,Utmost Good Faith - ANS✔✔-An obligation to act in complete honesty and to
disclose all relevant facts.
Aleatory Contract - ANS✔✔-a contract where the values exchanged may not be
equal but depend on an uncertain event
Unilateral Contract - ANS✔✔-insurance agrees that they must pay in event of a
claim. the insured can stop paying premiums at any point.
only the insurer has promised to perform an action.
Conditional Contract - ANS✔✔-A type of an agreement in which both parties
must perform certain duties and follow rules of conduct to make the contract
enforceable.
Acronym for the four sections of an Insurance policy - ANS✔✔-DICE
D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions
Decelerations section - ANS✔✔-Always the first section - establishes the
following
Names of both parties
Policy number
Location and description of insured item
Dates of the policy
Amount and limit of coverage
Deductible
Premium
Definitions section - ANS✔✔-Defines terms used to write policy including
"collusion" "decay" "like kind and quality"
Includes important language for adjusters to know
, Insuring agreement section - ANS✔✔-What is covered and how
Which causes of loss are covered
Any services provided
Any exclusions to coverage
The maximum limit of policy coverage in dollars
Conditions section - ANS✔✔-Insurer specifies any limits or qualifications the
policy holder must meet
Exclusions section - ANS✔✔-losses for which the insured is not covered for
Endorsements - ANS✔✔-Provision that modifies the coverage of the original
contract
Add or subtract coverage
Synonyms - rider, addendum, attachment
Certificate of Insurance - ANS✔✔-A legal document that indicates that an
insurance policy has been issued, and that states both the amounts and types of
insurance provided.
Characteristics of social insurance - ANS✔✔-Non profit
Mandatory participation
Benefits prescribed by law
Designed to meet needs of public
Government has monopoly
Private Insurers - ANS✔✔-Sell insurance based on needs and preferences
Wide variety of products
Exist to generate a profit
Insured party voluntarily participate
TEST. AVTUAL EXAM GRADED A+. VERIFIED
SOLUTIONS. 2024/2025 LATEST UPDATE.
LATEST!!
4 Parts of Legal Contract - ANS✔✔-1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement - ANS✔✔-mutual intent by offeror and offeree
six special characteristics of insurance contracts - ANS✔✔-1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
what kind of contract is an insurance policy? - ANS✔✔-Personal contract
what is a contract of adhesion - ANS✔✔-the insured must accept the entire
contract with all of its terms and conditions
,Utmost Good Faith - ANS✔✔-An obligation to act in complete honesty and to
disclose all relevant facts.
Aleatory Contract - ANS✔✔-a contract where the values exchanged may not be
equal but depend on an uncertain event
Unilateral Contract - ANS✔✔-insurance agrees that they must pay in event of a
claim. the insured can stop paying premiums at any point.
only the insurer has promised to perform an action.
Conditional Contract - ANS✔✔-A type of an agreement in which both parties
must perform certain duties and follow rules of conduct to make the contract
enforceable.
Acronym for the four sections of an Insurance policy - ANS✔✔-DICE
D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions
Decelerations section - ANS✔✔-Always the first section - establishes the
following
Names of both parties
Policy number
Location and description of insured item
Dates of the policy
Amount and limit of coverage
Deductible
Premium
Definitions section - ANS✔✔-Defines terms used to write policy including
"collusion" "decay" "like kind and quality"
Includes important language for adjusters to know
, Insuring agreement section - ANS✔✔-What is covered and how
Which causes of loss are covered
Any services provided
Any exclusions to coverage
The maximum limit of policy coverage in dollars
Conditions section - ANS✔✔-Insurer specifies any limits or qualifications the
policy holder must meet
Exclusions section - ANS✔✔-losses for which the insured is not covered for
Endorsements - ANS✔✔-Provision that modifies the coverage of the original
contract
Add or subtract coverage
Synonyms - rider, addendum, attachment
Certificate of Insurance - ANS✔✔-A legal document that indicates that an
insurance policy has been issued, and that states both the amounts and types of
insurance provided.
Characteristics of social insurance - ANS✔✔-Non profit
Mandatory participation
Benefits prescribed by law
Designed to meet needs of public
Government has monopoly
Private Insurers - ANS✔✔-Sell insurance based on needs and preferences
Wide variety of products
Exist to generate a profit
Insured party voluntarily participate
