Adjuster pro TEXAS EXAM Questions &
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Terms in this set (201) Hide definitions
insurance protection against possible financial loss
Premium A specific sum of money paid by the insured to the insurance company in
exchange for financial protection against loss.
spreading the risk A method of displacing vulnerability to hazards across a larger population
through the use of insurance and aid.
indemnity Restoration to approximate financial condition no better no less
4 conditions of insurance contracts to make it legal Agreement, Consideration,
Competent parties, Legal purpose
Parts of the Insurance Contract declarations/definitions
insuring agreements, conditions,
exclusions
, Personal/Property insurance Protects from financial loss
liability insurance pays for injuries to other people and property if you are responsible for the
accident
Adhesion One party (Insurer) dictates the terms of the contract
Doctrine of Reasonable Expectations Legal principle that provides that an insurance policy includes coverage that an
average person would reasonably expect it to include.
Utmost Good Faith A principle of insurance which states that the insurance company must be able to
rely on the honesty and cooperation of the insured, and the insured must rely on
the company to fulfill its obligations in good faith.
Aleatory depending on an unknown future event
Unilateral Contract The insurer is under obligation to pay for loss
Conditional Damage are paid if conditions are met
Adverse Selection A high-risk person benefits more from insurance, so is more likely to purchase it.
hazard A danger or risk.
peril cause of loss
Loss Must be unforeseen in expected and defined
exposure How likely a loss will occur
Law of large numbers The larger the number of units insured, the more accurately the insurer can predict
the number of claims from that group
Binder A temporary written or oral agreement to provide insurance coverage until a
formal written policy is issued.
Answers | 100% Verified solutions |Questions
with Correct Answers 2025 latest update!!
Leave the first rating
Save
Students also studied
Flashcard sets Study guides
Cigna Healthspring - 2026 Certificat... USPS SSA Window exam California Insurance Regulation for I... IHMO C
Teacher 47 terms Teacher 74 terms Teacher 155 terms Teacher
surepasshub Preview Humphrey_musyoki Preview stanleyfadhlan32 Preview vmu
Terms in this set (201) Hide definitions
insurance protection against possible financial loss
Premium A specific sum of money paid by the insured to the insurance company in
exchange for financial protection against loss.
spreading the risk A method of displacing vulnerability to hazards across a larger population
through the use of insurance and aid.
indemnity Restoration to approximate financial condition no better no less
4 conditions of insurance contracts to make it legal Agreement, Consideration,
Competent parties, Legal purpose
Parts of the Insurance Contract declarations/definitions
insuring agreements, conditions,
exclusions
, Personal/Property insurance Protects from financial loss
liability insurance pays for injuries to other people and property if you are responsible for the
accident
Adhesion One party (Insurer) dictates the terms of the contract
Doctrine of Reasonable Expectations Legal principle that provides that an insurance policy includes coverage that an
average person would reasonably expect it to include.
Utmost Good Faith A principle of insurance which states that the insurance company must be able to
rely on the honesty and cooperation of the insured, and the insured must rely on
the company to fulfill its obligations in good faith.
Aleatory depending on an unknown future event
Unilateral Contract The insurer is under obligation to pay for loss
Conditional Damage are paid if conditions are met
Adverse Selection A high-risk person benefits more from insurance, so is more likely to purchase it.
hazard A danger or risk.
peril cause of loss
Loss Must be unforeseen in expected and defined
exposure How likely a loss will occur
Law of large numbers The larger the number of units insured, the more accurately the insurer can predict
the number of claims from that group
Binder A temporary written or oral agreement to provide insurance coverage until a
formal written policy is issued.
