Adjuster Pro - Insurance adjuster test
What is insurance? - ANSWER protection against financial loss what is a premium - ANSWER a scheduled amount to be paid for an insurance policy. What are premiums used for - 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? - ANSWER the insurer collects premiums from all policy holders and uses them to pay out the claims of a few. what is Indemnity - ANSWER payment for damages, that is not more or less than the amount caused by the damage. principle of idemnity - ANSWER insurance will pay no more or less than the actual financial loss suffered indemnification may also include - ANSWER repairs to property reimbursement for additional living expenses rental cars and hotels costs directly associated with a loss 4 Parts of Legal Contract - ANSWER 1. Agreement 2. Consideration 3. Competent Parties 4. Legal Purpose legal contract - agreement - ANSWER mutual intent by offeror and offeree
Información del documento
- Subido en
- 31 de enero de 2024
- Número de páginas
- 13
- Escrito en
- 2023/2024
- Tipo
- Examen
- Contiene
- Preguntas y respuestas