Adjuster Pro - Insurance adjuster test-Questions
Solved 100% Correct| Verified Solutions-Newest
2025
What is insurance? - ✔✔protection against financial loss
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 - ✔✔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
E - Exclusions
Decelerations section - ✔✔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 - ✔✔Defines terms used to write policy including "collusion"
"decay" "like kind and quality"
Includes important language for adjusters to know
Insuring agreement section - ✔✔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 - ✔✔Insurer specifies any limits or qualifications the policy holder
must meet
Exclusions section - ✔✔losses for which the insured is not covered for
, Endorsements - ✔✔Provision that modifies the coverage of the original contract
Add or subtract coverage
Synonyms - rider, addendum, attachment
Certificate of Insurance - ✔✔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 - ✔✔Non profit
Mandatory participation
Benefits prescribed by law
Designed to meet needs of public
Government has monopoly
Private Insurers - ✔✔Sell insurance based on needs and preferences
Wide variety of products
Exist to generate a profit
Insured party voluntarily participate
Stock Insurance Companies - ✔✔Always for profit
Publicly traded
Stockholder provide capital and participate in profit or losses
"Non participation" insurers - no dividends go to policy holders
Mutual Insurance Company - ✔✔No shareholders
Policy holders elect board of directors
Solved 100% Correct| Verified Solutions-Newest
2025
What is insurance? - ✔✔protection against financial loss
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 - ✔✔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
E - Exclusions
Decelerations section - ✔✔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 - ✔✔Defines terms used to write policy including "collusion"
"decay" "like kind and quality"
Includes important language for adjusters to know
Insuring agreement section - ✔✔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 - ✔✔Insurer specifies any limits or qualifications the policy holder
must meet
Exclusions section - ✔✔losses for which the insured is not covered for
, Endorsements - ✔✔Provision that modifies the coverage of the original contract
Add or subtract coverage
Synonyms - rider, addendum, attachment
Certificate of Insurance - ✔✔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 - ✔✔Non profit
Mandatory participation
Benefits prescribed by law
Designed to meet needs of public
Government has monopoly
Private Insurers - ✔✔Sell insurance based on needs and preferences
Wide variety of products
Exist to generate a profit
Insured party voluntarily participate
Stock Insurance Companies - ✔✔Always for profit
Publicly traded
Stockholder provide capital and participate in profit or losses
"Non participation" insurers - no dividends go to policy holders
Mutual Insurance Company - ✔✔No shareholders
Policy holders elect board of directors
