6/22/25, 9:11 AM Adjuster Pro - Insurance adjuster test ACTUAL exam: QUESTION AND ANSWERS UPDATED 2025 LATEST Flashcards | Quizlet
Adjuster Pro - Insurance adjuster test ACTUAL
exam: QUESTION AND ANSWERS UPDATED 2025
LATEST
Save
Terms in this set (154)
What is insurance? protection against financial loss
a scheduled amount to be paid for an insurance
what is a premium
policy.
What are premiums used premiums are collected into a "pool" or "reserve to
for pay out claimants when needed.
how can insurance the insurer collects premiums from all policy holders
companies afford to pay and uses them to pay out the claims of a few.
for an individuals
catastrophic loss?
payment for damages, that is not more or less than
what is Indemnity
the amount caused by the damage.
insurance will pay no more or less than the actual
principle of idemnity
financial loss suffered
repairs to property
indemnification may also reimbursement for additional living expenses
include rental cars and hotels
costs directly associated with a loss
https://quizlet.com/1056106626/adjuster-pro-insurance-adjuster-test-actual-exam-question-and-answers-updated-2025-latest-flash-cards/?new 1/17
,6/22/25, 9:11 AM Adjuster Pro - Insurance adjuster test ACTUAL exam: QUESTION AND ANSWERS UPDATED 2025 LATEST Flashcards | Quizlet
1. Agreement
2. Consideration
4 Parts of Legal Contract
3. Competent Parties
4. Legal Purpose
legal contract - mutual intent by offeror and offeree
agreement
1. Personal
2. adhesion
six special characteristics 3. utmost good faith
of insurance contracts 4. aleatory
5. unilateral
6. conditional
what kind of contract is an Personal contract
insurance policy?
what is a contract of the insured must accept the entire contract with all of
adhesion its terms and conditions
An obligation to act in complete honesty and to
Utmost Good Faith
disclose all relevant facts.
a contract where the values exchanged may not be
Aleatory Contract
equal but depend on an uncertain event
insurance agrees that they must pay in event of a
claim. the insured can stop paying premiums at any
Unilateral Contract
point.
only the insurer has promised to perform an action.
A type of an agreement in which both parties must
Conditional Contract perform certain duties and follow rules of conduct to
make the contract enforceable.
DICE
Acronym for the four D - declarations page
sections of an Insurance I - Insuring Agreement
policy C- Conditions
E - Exclusions
https://quizlet.com/1056106626/adjuster-pro-insurance-adjuster-test-actual-exam-question-and-answers-updated-2025-latest-flash-cards/?new 2/17
, 6/22/25, 9:11 AM Adjuster Pro - Insurance adjuster test ACTUAL exam: QUESTION AND ANSWERS UPDATED 2025 LATEST Flashcards | Quizlet
Always the first section - establishes the following
Names of both parties
Policy number
Location and description of insured item
Decelerations section
Dates of the policy
Amount and limit of coverage
Deductible
Premium
Defines terms used to write policy including
Definitions section "collusion" "decay" "like kind and quality"
Includes important language for adjusters to know
What is covered and how
Which causes of loss are covered
Insuring agreement
Any services provided
section
Any exclusions to coverage
The maximum limit of policy coverage in dollars
Insurer specifies any limits or qualifications the policy
Conditions section
holder must meet
Exclusions section losses for which the insured is not covered for
Provision that modifies the coverage of the original
contract
Endorsements
Add or subtract coverage
Synonyms - rider, addendum, attachment
A legal document that indicates that an insurance
Certificate of Insurance policy has been issued, and that states both the
amounts and types of insurance provided.
Non profit
Mandatory participation
Characteristics of social
Benefits prescribed by law
insurance
Designed to meet needs of public
Government has monopoly
https://quizlet.com/1056106626/adjuster-pro-insurance-adjuster-test-actual-exam-question-and-answers-updated-2025-latest-flash-cards/?new 3/17
Adjuster Pro - Insurance adjuster test ACTUAL
exam: QUESTION AND ANSWERS UPDATED 2025
LATEST
Save
Terms in this set (154)
What is insurance? protection against financial loss
a scheduled amount to be paid for an insurance
what is a premium
policy.
What are premiums used premiums are collected into a "pool" or "reserve to
for pay out claimants when needed.
how can insurance the insurer collects premiums from all policy holders
companies afford to pay and uses them to pay out the claims of a few.
for an individuals
catastrophic loss?
payment for damages, that is not more or less than
what is Indemnity
the amount caused by the damage.
insurance will pay no more or less than the actual
principle of idemnity
financial loss suffered
repairs to property
indemnification may also reimbursement for additional living expenses
include rental cars and hotels
costs directly associated with a loss
https://quizlet.com/1056106626/adjuster-pro-insurance-adjuster-test-actual-exam-question-and-answers-updated-2025-latest-flash-cards/?new 1/17
,6/22/25, 9:11 AM Adjuster Pro - Insurance adjuster test ACTUAL exam: QUESTION AND ANSWERS UPDATED 2025 LATEST Flashcards | Quizlet
1. Agreement
2. Consideration
4 Parts of Legal Contract
3. Competent Parties
4. Legal Purpose
legal contract - mutual intent by offeror and offeree
agreement
1. Personal
2. adhesion
six special characteristics 3. utmost good faith
of insurance contracts 4. aleatory
5. unilateral
6. conditional
what kind of contract is an Personal contract
insurance policy?
what is a contract of the insured must accept the entire contract with all of
adhesion its terms and conditions
An obligation to act in complete honesty and to
Utmost Good Faith
disclose all relevant facts.
a contract where the values exchanged may not be
Aleatory Contract
equal but depend on an uncertain event
insurance agrees that they must pay in event of a
claim. the insured can stop paying premiums at any
Unilateral Contract
point.
only the insurer has promised to perform an action.
A type of an agreement in which both parties must
Conditional Contract perform certain duties and follow rules of conduct to
make the contract enforceable.
DICE
Acronym for the four D - declarations page
sections of an Insurance I - Insuring Agreement
policy C- Conditions
E - Exclusions
https://quizlet.com/1056106626/adjuster-pro-insurance-adjuster-test-actual-exam-question-and-answers-updated-2025-latest-flash-cards/?new 2/17
, 6/22/25, 9:11 AM Adjuster Pro - Insurance adjuster test ACTUAL exam: QUESTION AND ANSWERS UPDATED 2025 LATEST Flashcards | Quizlet
Always the first section - establishes the following
Names of both parties
Policy number
Location and description of insured item
Decelerations section
Dates of the policy
Amount and limit of coverage
Deductible
Premium
Defines terms used to write policy including
Definitions section "collusion" "decay" "like kind and quality"
Includes important language for adjusters to know
What is covered and how
Which causes of loss are covered
Insuring agreement
Any services provided
section
Any exclusions to coverage
The maximum limit of policy coverage in dollars
Insurer specifies any limits or qualifications the policy
Conditions section
holder must meet
Exclusions section losses for which the insured is not covered for
Provision that modifies the coverage of the original
contract
Endorsements
Add or subtract coverage
Synonyms - rider, addendum, attachment
A legal document that indicates that an insurance
Certificate of Insurance policy has been issued, and that states both the
amounts and types of insurance provided.
Non profit
Mandatory participation
Characteristics of social
Benefits prescribed by law
insurance
Designed to meet needs of public
Government has monopoly
https://quizlet.com/1056106626/adjuster-pro-insurance-adjuster-test-actual-exam-question-and-answers-updated-2025-latest-flash-cards/?new 3/17
