Adjuster Pro

What is a reserve, in insurance terms? - Answer A pool of collected premiums that the insurer sets aside to pay claims Which of these scenarios is NOT an example of indemnification? - Answer When trying to renew her dog's license, Ellen has to pay a penalty to the city for letting its rabies vaccination lapse. Ellen having to pay a fine is not an example of indemnification. Indemnification means being restored to the financial condition you were in before a loss. In three of these sit...

Subrogate Subrogation is the right for an insurer to legally pursue a third party that caused an insurance loss to the insured. This is done as a means of recovering the amount of the claim paid by the insurance carrier to the insured for the loss. While investigating a claim, you determine that the loss was caused by a defective mechanism in the dishwasher. You would attempt to_________________________? Appraisal What is the process when an insurer and an insured have a dispute regardi...

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Stu has a collection of rare comic books. He wants to purchase theft insurance for his collection, separate from his home and other property. What term most accurately describes the type of policy Stu would purchase? Monoline Policy Which of the following statements does NOT apply to the Standard Fire Policy? It automatically covers wind and vandalism. Brainpower Read More Which of the following refers to being restored to the financial condition you were in before a loss?...

All of the following pieces of information can be found in the conditions section of an insurance policy EXCEPT: Causes of loss that are not covered Which of the following best defines the principle of indemnity? After a loss, the insured should be restored to his approximate financial condition before the loss Brainpower Read More SureTrust Insurance was founded and operates in Texas. In Texas, Suretrust is considered a domestic insurer What is a reserve, in insuranc...

+What is a reserve, in insurance terms? A pool of collected premiums that the insurer sets aside to pay claims Which of these scenarios is NOT an example of indemnification? When trying to renew her dog's license, Ellen has to pay a penalty to the city for letting its rabies vaccination lapse. Ellen having to pay a fine is not an example of indemnification. Indemnification means being restored to the financial condition you were in before a loss. In three of these situations, someone ...

Adjuster's Ethical SItuation -Adjuster make frequent decisions involving larger amounts of money -Adjusters should always determine a fair and equitable settlement that abides by the insurance contract Inducement An action, item, or promise made to someone to motivate them toward certain desired actions Consequences for Accepting Inducements -Losing license -Reputation Loss -Lawsuits -Jail time Kickbacks Money or favors offered to the adjuster in exchange for refe...

Principal of Indemnity insured's property should be restored to it's previous state, no better no worse, insured cannot profit from the loss indemnification compensation for loss Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More legal contracts must have: agreement, consideration, competent parties, legal purpose 6 special characteristics of insurance contracts personal adhesion utmost good ...

The Standard Fire Policy -1st used in 1918 in NY -Provided homeowner & commercial property protection. -ACV valuation -Named peril policy -Only covered fire & lightening "165 Line" Policy The original Standard Fire Policy spent 165 lines explaining new insurance concepts that are still used today: -Concealment & misrepresentation -Property & perils excluded from coverage -Insurance cancellation due to an increase in hazards -Obligations to a mortgagee -Insured's duties in th...

The Personal Auto Policy (PAP) A policy that combines liability insurance with other optional coverages PAP Policies can cover -Individuals and residing family members -People driving car with owner's permission -Four-wheeled vehicles under 10,000 lbs *Insurable interest is required Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More PAP Policies will indemnify for: -Property Damage -Personal Injury ...

Agent one who receives the authority to act on behalf of someone else Sales agent Contracted to sell and service insurance policies on behalf of the insurer Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:54 Full screen 6 Ways to Show Appreciation for Your Child's Teacher Adjusters Contracted to settle claims that arise against the insurer Power to bind What the agent says or does can bind the insurer Agents should take the utm...

agreement One of the 4 requirements of a legally binding contract. All parties involved must agree to the terms of the contract. Can also refer to a binder, which is the preliminary substance of a contract. aleatory A characteristic of an insurance contract. Means " depending on unknown future event." An insurance contract will only pay IF and When covered damages occur. Neither party knows how much the contract will end up paying when they enter into the contract. Previous ...

Define Insurance Insurance is a tool that protects people from overwhelming financial losses. Explain how Insurance works Under an insurance contract, the insured pays a scheduled fee called a premium. In return, the insurer promises to pay for specified losses if they occur. Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:02 / 0:15 Full screen Brainpower Read More What is insurance? Insurance transfers risk. A person or organization called the i...

Which kind of losses are covered under a standard fire policy? Direct All fires are not covered by the Standard Fire policies, only those that: are hostile and have a flame or glow Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More At what time does a fire policy go into affect? 12:01am standard time at the location of the insured's property A property is insured under two Standard Fire policies ...

Commercial Property Insurance - covers direct and indirect losses related to business property - does not include farms and 1-4 family dwellings - insures on an ACV basis - RC is available as an endorsement if the insured meets the coinsurance minimum What are the 4 sections of a commercial property policy? dec page, conditions, coverage forms, and causes of loss forms Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brain...