CLAIMS ADJUSTER
CLAIMS ADJUSTER EXAM QUESTIONS AND ANSWERS % GUARANTEED
SUCCESS.
Insurance answer >>>-an economic device used to protect against
extreme unforeseen loss
- the transfer of risk from one party to another
Premium answer >>>-the fee paid by the insured in exchange for
insurance
Principle of Indemnity answer >>>-the insurer should be restored to
where they were before the incident
-no profit can be made
Indemnification 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 answer >>>-Agreement- signature or
handshake
,CLAIMS ADJUSTER
-Consideration- money exchange
-Competent Parties-18 yrs. old, sober, sane
-Legal Purpose-no contracts for money laundering
Insured answer >>>individual who pays premiums in exchange for
protection
-can be a person, person's or an organization
- "You," "Your," or "Yours’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 answer >>>-company or group offering insurance
-can be a government organization
-terms- "We," "Us," and "Us
6 Characteristics of a Contract:
Personal 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:
, CLAIMS ADJUSTER
Adhesion 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 answer >>>-applicants are expected not to
withhold any information or the contract can be voided
6 Characteristics of a Contract:
Lavatory answer >>>-depending on an unknown future event
-Insurer only has to pay in and when covered losses occur
6 Characteristics of a Contract:
Unilateral answer >>>-only the insurer makes an obligation to pay for
covered losses
6 Characteristics of a Contract:
CLAIMS ADJUSTER EXAM QUESTIONS AND ANSWERS % GUARANTEED
SUCCESS.
Insurance answer >>>-an economic device used to protect against
extreme unforeseen loss
- the transfer of risk from one party to another
Premium answer >>>-the fee paid by the insured in exchange for
insurance
Principle of Indemnity answer >>>-the insurer should be restored to
where they were before the incident
-no profit can be made
Indemnification 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 answer >>>-Agreement- signature or
handshake
,CLAIMS ADJUSTER
-Consideration- money exchange
-Competent Parties-18 yrs. old, sober, sane
-Legal Purpose-no contracts for money laundering
Insured answer >>>individual who pays premiums in exchange for
protection
-can be a person, person's or an organization
- "You," "Your," or "Yours’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 answer >>>-company or group offering insurance
-can be a government organization
-terms- "We," "Us," and "Us
6 Characteristics of a Contract:
Personal 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:
, CLAIMS ADJUSTER
Adhesion 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 answer >>>-applicants are expected not to
withhold any information or the contract can be voided
6 Characteristics of a Contract:
Lavatory answer >>>-depending on an unknown future event
-Insurer only has to pay in and when covered losses occur
6 Characteristics of a Contract:
Unilateral answer >>>-only the insurer makes an obligation to pay for
covered losses
6 Characteristics of a Contract:
