Adjuster Pro - Insurance adjuster test Questions and Answers Solved Correctly Rated A+
What is insurance? - Answersprotection against financial loss
what is a premium - Answersa scheduled amount to be paid for an insurance policy.
What are premiums used for - Answerspremiums 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? - Answersthe
insurer collects premiums from all policy holders and uses them to pay out the claims of a few.
what is Indemnity - Answerspayment for damages, that is not more or less than the amount
caused by the damage.
principle of idemnity - Answersinsurance will pay no more or less than the actual financial loss
suffered
indemnification may also include - Answersrepairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
4 Parts of Legal Contract - Answers1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement - Answersmutual intent by offeror and offeree
six special characteristics of insurance contracts - Answers1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
what kind of contract is an insurance policy? - AnswersPersonal contract
, what is a contract of adhesion - Answersthe insured must accept the entire contract with all of
its terms and conditions
Utmost Good Faith - AnswersAn obligation to act in complete honesty and to disclose all
relevant facts.
Aleatory Contract - Answersa contract where the values exchanged may not be equal but
depend on an uncertain event
Unilateral Contract - Answersinsurance agrees that they must pay in event of a claim. the
insured can stop paying premiums at any point.
only the insurer has promised to perform an action.
Conditional Contract - AnswersA type of an agreement in which both parties must perform
certain duties and follow rules of conduct to make the contract enforceable.
Acronym for the four sections of an Insurance policy - AnswersDICE
D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions
Decelerations section - AnswersAlways the first section - establishes the following
Names of both parties
Policy number
Location and description of insured item
Dates of the policy
Amount and limit of coverage
Deductible
Premium
Definitions section - AnswersDefines terms used to write policy including "collusion" "decay"
"like kind and quality"
Includes important language for adjusters to know
Insuring agreement section - AnswersWhat is covered and how
What is insurance? - Answersprotection against financial loss
what is a premium - Answersa scheduled amount to be paid for an insurance policy.
What are premiums used for - Answerspremiums 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? - Answersthe
insurer collects premiums from all policy holders and uses them to pay out the claims of a few.
what is Indemnity - Answerspayment for damages, that is not more or less than the amount
caused by the damage.
principle of idemnity - Answersinsurance will pay no more or less than the actual financial loss
suffered
indemnification may also include - Answersrepairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
4 Parts of Legal Contract - Answers1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement - Answersmutual intent by offeror and offeree
six special characteristics of insurance contracts - Answers1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
what kind of contract is an insurance policy? - AnswersPersonal contract
, what is a contract of adhesion - Answersthe insured must accept the entire contract with all of
its terms and conditions
Utmost Good Faith - AnswersAn obligation to act in complete honesty and to disclose all
relevant facts.
Aleatory Contract - Answersa contract where the values exchanged may not be equal but
depend on an uncertain event
Unilateral Contract - Answersinsurance agrees that they must pay in event of a claim. the
insured can stop paying premiums at any point.
only the insurer has promised to perform an action.
Conditional Contract - AnswersA type of an agreement in which both parties must perform
certain duties and follow rules of conduct to make the contract enforceable.
Acronym for the four sections of an Insurance policy - AnswersDICE
D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions
Decelerations section - AnswersAlways the first section - establishes the following
Names of both parties
Policy number
Location and description of insured item
Dates of the policy
Amount and limit of coverage
Deductible
Premium
Definitions section - AnswersDefines terms used to write policy including "collusion" "decay"
"like kind and quality"
Includes important language for adjusters to know
Insuring agreement section - AnswersWhat is covered and how
