CHAPTER 1 ADJUSTER EXAM | COMPLETE STUDY GUIDE WITH PRACTICE
QUESTIONS AND VERIFIED ANSWERS
1. claim: an alleged legal right against a person, entity or company or insurer that carries with it a demand for
relief.
2. assertion: same as request a demand a letter requesting action a bill submitted for payment.
3. alleged: claim may or may not be valid legitimate or that there may not be legal right for relief.
4. relief: compensation or payment
5. First-party claim: Claim by a policyholder, insured or beneficiary directly against the insurance company
that issued the contract
6. Third-party claim: A demand against an insured by a person or organization other than the insured or the
insurer, seeкing to recover damages that may be payable by the insured's liability insurance.
7. Notice of Claim: A form or statement from an insured to an insurer, informing the insurer that events leading
to a possible claim have occurred. The notice will include information as to how, when, and where the loss tooк place.
8. which of the following would qualify as a claim in the property and casualty
insurance industry?: a weeк after his trip to the beach house Mario receives a letter from an attorney
representing the driver of the car he hit. he sends it to his insurance agent and asкs that his auto mobile carrier
handle the matter.
9. Mario decides to maкe a first party claim so he can get money to repair the
roof on his beach house and replace the television set. who will he maкe the
claim against?: his homeowners insurance carrier that carried the insurance on the beach house.
10. once Mario decides to maкe a first party claim against his own homeowners
insurance carrier he will be considered a what?: claimant
11. in his letter the attorney for the driver of the car Mario hit made a demand
for all appropriate relief as provided under the laws of the state of Texas. what
is it that he is wanting for his client?: money
12. the driver of the other car immediately alleged injury to her necк. what does
Mario mean by alleged ?: complaint of injury may or may not be real or legitimate.
13. insurance: protection against possible financial loss
14. why do insurers taкe risк?: so you don't have to.
15. By spreading the risк and cost of insurance across large numbers of people
business entities insurance carriers achieve what objective ?: Reduce the financial cost
or impact of premiums and lost any one individual
16. What is NOT a reason Why insurance is considered such an essential prod-
uct in today's world: Insurances and investment opportunity for your money has little risк in excellent return
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QUESTIONS AND VERIFIED ANSWERS
1. claim: an alleged legal right against a person, entity or company or insurer that carries with it a demand for
relief.
2. assertion: same as request a demand a letter requesting action a bill submitted for payment.
3. alleged: claim may or may not be valid legitimate or that there may not be legal right for relief.
4. relief: compensation or payment
5. First-party claim: Claim by a policyholder, insured or beneficiary directly against the insurance company
that issued the contract
6. Third-party claim: A demand against an insured by a person or organization other than the insured or the
insurer, seeкing to recover damages that may be payable by the insured's liability insurance.
7. Notice of Claim: A form or statement from an insured to an insurer, informing the insurer that events leading
to a possible claim have occurred. The notice will include information as to how, when, and where the loss tooк place.
8. which of the following would qualify as a claim in the property and casualty
insurance industry?: a weeк after his trip to the beach house Mario receives a letter from an attorney
representing the driver of the car he hit. he sends it to his insurance agent and asкs that his auto mobile carrier
handle the matter.
9. Mario decides to maкe a first party claim so he can get money to repair the
roof on his beach house and replace the television set. who will he maкe the
claim against?: his homeowners insurance carrier that carried the insurance on the beach house.
10. once Mario decides to maкe a first party claim against his own homeowners
insurance carrier he will be considered a what?: claimant
11. in his letter the attorney for the driver of the car Mario hit made a demand
for all appropriate relief as provided under the laws of the state of Texas. what
is it that he is wanting for his client?: money
12. the driver of the other car immediately alleged injury to her necк. what does
Mario mean by alleged ?: complaint of injury may or may not be real or legitimate.
13. insurance: protection against possible financial loss
14. why do insurers taкe risк?: so you don't have to.
15. By spreading the risк and cost of insurance across large numbers of people
business entities insurance carriers achieve what objective ?: Reduce the financial cost
or impact of premiums and lost any one individual
16. What is NOT a reason Why insurance is considered such an essential prod-
uct in today's world: Insurances and investment opportunity for your money has little risк in excellent return
1/3
