Claims Adjuster Exam Questions With
Correct Answers
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
Correct Answers
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
