Connecticut Casualty Adjusters License Exam Questions and Answers

Connecticut Casualty Adjusters License Exam Questions and Answers Necessary Contract Elements {{Correct Ans- Agreement, consideration, legal capacity, legal purpose Agreement {{Correct Ans- offer and acceptance Consideration {{Correct Ans- The binding force in a contract that requires something of value to be exchanged for the transfer of risk. Legal capacity {{Correct Ans- Competent parties: Requirement that a party to a contract be of legal age and have requisite mental capacity to enter into contract Legal purpose {{Correct Ans- The purpose of the contract must be legal and not against public policy. Unilateral {{Correct Ans- One-sided. Insurer writes the policy Adhesion {{Correct Ans- Drafted by insurer and accepted by insured Aleatory {{Correct Ans- One party may recover more in value than he has parted with Utmost Good Faith {{Correct Ans- 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. Warranty {{Correct Ans- Statement absolutely true