Claims Adjuster questions with verified answers
2024\2025 A+ Grade
Insurance
- correct answer -an economic device used to protect against extreme unforeseen loss
- the transfer of risk from one party to another
Premium
- correct answer -the fee paid by the insured in exchange for insurance
Principle of Indemnity
- correct answer -the insurer should be restored to where they were before the incident
-no profit can be made
Idemnification
- correct answer -to compensate for loss or damage; to provide security for financial reimbursement to
an individual in case of a specified loss incurred by the person
4 Elements of a Legal Contract
- correct answer -Agreement- signature or handshake
-Consideration- money exchange
-Competent Parties-18 yrs. old, sober, sane
-Legal Purpose-no contracts for money laundering
Insured
- correct answer individual who pays premiums in exchange for protection
-can be a person, person's or an organization
- "You," "Your," or "Your's"
,(if the insured is a group it is important to list the "first named insured,"- because that is the only one
that can authorize changes to the policy)
Insurer
- correct answer -company or group offering insurance
-can be a government organization
-terms- "We," "Us," and "Our
6 Characteristics of a Contract:
Personal
- correct answer -protects the person (insured) from loss
-does not protect property from becoming damaged
-coverage follows the person not the property
6 Characteristics of a Contract:
Adhesion
- correct answer -one party dictates terms
-the insured has no power to write the contract
-courses will favor the insured in a case of ambiguity
6 Characteristics of a Contract:
Utmost Good Faith
- correct answer -applicants are expected not to withhold any information or the contract can be voided
6 Characteristics of a Contract:
Aleatory
- correct answer -depending on a unknown future event
, -Insurer only has to pay in and when covered losses occur
6 Characteristics of a Contract:
Unilateral
- correct answer -only the insurer make an obligation to pay for covered losses
6 Characteristics of a Contract:
Conditional
- correct answer -the insurer only has to perform if certain conditions are met
Policy Sections
Declarations Page
- correct answer -makes contract specific to the policy holder
Includes:
-Name of both parties
-Policy Number
-Location & Description of Item
-Value of Insured Item
-Value of item dates
- Amount & Limit of Coverage
-Deductible
-Premium
Policy Sections
2024\2025 A+ Grade
Insurance
- correct answer -an economic device used to protect against extreme unforeseen loss
- the transfer of risk from one party to another
Premium
- correct answer -the fee paid by the insured in exchange for insurance
Principle of Indemnity
- correct answer -the insurer should be restored to where they were before the incident
-no profit can be made
Idemnification
- correct answer -to compensate for loss or damage; to provide security for financial reimbursement to
an individual in case of a specified loss incurred by the person
4 Elements of a Legal Contract
- correct answer -Agreement- signature or handshake
-Consideration- money exchange
-Competent Parties-18 yrs. old, sober, sane
-Legal Purpose-no contracts for money laundering
Insured
- correct answer individual who pays premiums in exchange for protection
-can be a person, person's or an organization
- "You," "Your," or "Your's"
,(if the insured is a group it is important to list the "first named insured,"- because that is the only one
that can authorize changes to the policy)
Insurer
- correct answer -company or group offering insurance
-can be a government organization
-terms- "We," "Us," and "Our
6 Characteristics of a Contract:
Personal
- correct answer -protects the person (insured) from loss
-does not protect property from becoming damaged
-coverage follows the person not the property
6 Characteristics of a Contract:
Adhesion
- correct answer -one party dictates terms
-the insured has no power to write the contract
-courses will favor the insured in a case of ambiguity
6 Characteristics of a Contract:
Utmost Good Faith
- correct answer -applicants are expected not to withhold any information or the contract can be voided
6 Characteristics of a Contract:
Aleatory
- correct answer -depending on a unknown future event
, -Insurer only has to pay in and when covered losses occur
6 Characteristics of a Contract:
Unilateral
- correct answer -only the insurer make an obligation to pay for covered losses
6 Characteristics of a Contract:
Conditional
- correct answer -the insurer only has to perform if certain conditions are met
Policy Sections
Declarations Page
- correct answer -makes contract specific to the policy holder
Includes:
-Name of both parties
-Policy Number
-Location & Description of Item
-Value of Insured Item
-Value of item dates
- Amount & Limit of Coverage
-Deductible
-Premium
Policy Sections
