1 | P a g e | © copyright 2024/2025 | Grade A+
Adjuster Pro - Insurance adjuster
test Questions and Answers (100%
Pass)
What is insurance?
✓ protection against financial loss
what is a premium
✓ a scheduled amount to be paid for an insurance policy.
What are premiums used for
✓ 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?
✓ the insurer collects premiums from all policy holders and uses them to
pay out the claims of a few.
what is Indemnity
Master01 | October, 2024/2025 | Latest update
, 1 | P a g e | © copyright 2024/2025 | Grade A+
✓ payment for damages, that is not more or less than the amount
caused by the damage.
principle of idemnity
✓ insurance will pay no more or less than the actual financial loss
suffered
indemnification may also include
✓ repairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
4 Parts of Legal Contract
✓ 1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement
Master01 | October, 2024/2025 | Latest update
, 1 | P a g e | © copyright 2024/2025 | Grade A+
✓ mutual intent by offeror and offeree
six special characteristics of insurance contracts
✓ 1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
what kind of contract is an insurance policy?
✓ Personal contract
what is a contract of adhesion
✓ the insured must accept the entire contract with all of its terms and
conditions
Utmost Good Faith
Master01 | October, 2024/2025 | Latest update
, 1 | P a g e | © copyright 2024/2025 | Grade A+
✓ An obligation to act in complete honesty and to disclose all relevant
facts.
Aleatory Contract
✓ a contract where the values exchanged may not be equal but
depend on an uncertain event
Unilateral Contract
✓ 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
✓ 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
✓ DICE
D - declarations page
I - Insuring Agreement
C- Conditions
Master01 | October, 2024/2025 | Latest update
Adjuster Pro - Insurance adjuster
test Questions and Answers (100%
Pass)
What is insurance?
✓ protection against financial loss
what is a premium
✓ a scheduled amount to be paid for an insurance policy.
What are premiums used for
✓ 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?
✓ the insurer collects premiums from all policy holders and uses them to
pay out the claims of a few.
what is Indemnity
Master01 | October, 2024/2025 | Latest update
, 1 | P a g e | © copyright 2024/2025 | Grade A+
✓ payment for damages, that is not more or less than the amount
caused by the damage.
principle of idemnity
✓ insurance will pay no more or less than the actual financial loss
suffered
indemnification may also include
✓ repairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
4 Parts of Legal Contract
✓ 1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement
Master01 | October, 2024/2025 | Latest update
, 1 | P a g e | © copyright 2024/2025 | Grade A+
✓ mutual intent by offeror and offeree
six special characteristics of insurance contracts
✓ 1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
what kind of contract is an insurance policy?
✓ Personal contract
what is a contract of adhesion
✓ the insured must accept the entire contract with all of its terms and
conditions
Utmost Good Faith
Master01 | October, 2024/2025 | Latest update
, 1 | P a g e | © copyright 2024/2025 | Grade A+
✓ An obligation to act in complete honesty and to disclose all relevant
facts.
Aleatory Contract
✓ a contract where the values exchanged may not be equal but
depend on an uncertain event
Unilateral Contract
✓ 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
✓ 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
✓ DICE
D - declarations page
I - Insuring Agreement
C- Conditions
Master01 | October, 2024/2025 | Latest update
