Adjuster Pro - Insurance Adjuster Test Questions with 100% Verified Correct Answers

Adjuster Pro - Insurance Adjuster Test Questions with 100% Verified Correct Answers What is insurance? - Correct Answer protection against financial loss what is a premium - Correct Answer a scheduled amount to be paid for an insurance policy. What are premiums used for - Correct 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? - Correct Answer the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. what is Indemnity - Correct Answer payment for damages, that is not more or less than the amount caused by the damage. principle of idemnity - Correct Answer insurance will pay no more or less than the actual financial loss suffered indemnification may also include - Correct Answer repairs to property reimbursement for additional living expenses rental cars and hotels costs directly associated with a loss 4 Parts of Legal Contract - Correct Answer 1. Agreement 2. Consideration 3. Competent Parties 4. Legal Purpose legal contract - agreement - Correct Answer mutual intent by offeror and offeree six special characteristics of insurance contracts - Correct Answer 1. Perso