Adjuster Pro Insurance Adjuster Test 2025 Updated Questions and Answers Latest (2025 / 2026) (Verified Answers)

Adjuster Pro Insurance Adjuster Test 2025 Updated Questions and Answers Latest (2025 / 2026) (Verified Answers) What is insurance? - CORRECT Answer protection against financial loss what is a premium - CORRECT Answer a scheduled amount to be paid for an insurance policy. What are premiums used for - CORRECT 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? - CORRECT Answer the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. what is Indemnity - CORRECT Answer payment for damages, that is not more or less than the amount caused by the damage. principle of idemnity - CORRECT Answer insurance will pay no more or less than the actual financial loss suffered indemnification may also include - CORRECT Answer repairs to property reimbursement for additional living expenses rental cars and hotels costs directly associated with a loss 4 Parts of Legal Contract - CORRECT Answer 1. Agreement 2. Consideration 3. Competent Parties 4. Legal Purpose legal contract - agreement - CORRECT Answer mutual intent by offeror and offeree six special characteristics of insurance contracts - CORRECT Answer 1. Personal 2. adhesion 3. utmost good faith 4. aleatory 5. unilateral 6. conditional what kind of contract is an insurance policy? - CORRECT Answer Personal contract what is a contract of adhesion - CORRECT Answer the insured must accept the entire contract with all of its terms and conditions Utmost Good Faith - CORRECT Answer An obligation to act in complete honesty and to disclose all relevant facts.