ADJUSTER PRO - INSURANCE LATEST ACTUAL
EXAM WITH COMPLETE QUESTIONS AND
CORRECT VERIFIED ANSWERS ALREADY
GRADED A+ 100% GUARANTEED TO PASS
CONCEPTS
◉what is a premium. Answer: a scheduled amount to be paid for an
insurance policy.
◉What are premiums used for. 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?. Answer: the insurer collects premiums from all policy
holders and uses them to pay out the claims of a few.
◉what is Indemnity. Answer: payment for damages, that is not more or
less than the amount caused by the damage.
◉principle of idemnity. Answer: insurance will pay no more or less than
the actual financial loss suffered
,◉indemnification may also include. Answer: repairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
◉4 Parts of Legal Contract. Answer: 1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
◉legal contract - agreement. Answer: mutual intent by offeror and
offeree
◉six special characteristics of insurance contracts. Answer: 1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
◉what kind of contract is an insurance policy?. Answer: Personal
contract
, ◉what is a contract of adhesion. Answer: the insured must accept the
entire contract with all of its terms and conditions
◉Utmost Good Faith. Answer: An obligation to act in complete honesty
and to disclose all relevant facts.
◉Aleatory Contract. Answer: a contract where the values exchanged
may not be equal but depend on an uncertain event
◉Unilateral Contract. Answer: 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. Answer: 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. Answer: DICE
D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions
EXAM WITH COMPLETE QUESTIONS AND
CORRECT VERIFIED ANSWERS ALREADY
GRADED A+ 100% GUARANTEED TO PASS
CONCEPTS
◉what is a premium. Answer: a scheduled amount to be paid for an
insurance policy.
◉What are premiums used for. 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?. Answer: the insurer collects premiums from all policy
holders and uses them to pay out the claims of a few.
◉what is Indemnity. Answer: payment for damages, that is not more or
less than the amount caused by the damage.
◉principle of idemnity. Answer: insurance will pay no more or less than
the actual financial loss suffered
,◉indemnification may also include. Answer: repairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
◉4 Parts of Legal Contract. Answer: 1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
◉legal contract - agreement. Answer: mutual intent by offeror and
offeree
◉six special characteristics of insurance contracts. Answer: 1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
◉what kind of contract is an insurance policy?. Answer: Personal
contract
, ◉what is a contract of adhesion. Answer: the insured must accept the
entire contract with all of its terms and conditions
◉Utmost Good Faith. Answer: An obligation to act in complete honesty
and to disclose all relevant facts.
◉Aleatory Contract. Answer: a contract where the values exchanged
may not be equal but depend on an uncertain event
◉Unilateral Contract. Answer: 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. Answer: 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. Answer: DICE
D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions
