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Exam (elaborations)

Adjuster Pro - Insurance Adjuster Test Questions And Answers (2023 – 2024)

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  • Adjuster Pro - Insurance
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  • Adjuster Pro - Insurance

Adjuster Pro - Insurance Adjuster Test Questions And Answers (2023 – 2024)

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  • January 26, 2023
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • adjuster pro insurance
  • what is a premium
  • Adjuster Pro - Insurance
  • Adjuster Pro - Insurance
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Adjuster Pro - Insurance Adjuster Test Questions And
Answers (2023 – 2024)



What is insurance? - protection against financial loss



What is a premium - a scheduled amount to be paid for an insurance policy.



What are premiums used for - 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? - the insurer
collects premiums from all policy holders and uses them to pay out the claims of a few.



What is Indemnity - payment for damages, that is not more or less than the amount caused by the
damage.



Principle of idemnity - insurance will pay no more or less than the actual financial loss suffered



Indemnification may also include - repairs to property

Reimbursement for additional living expenses

Rental cars and hotels

Costs directly associated with a loss



4 Parts of Legal Contract - 1. Agreement

2. Consideration

3. Competent Parties

4. Legal Purpose

,Legal contract - agreement - mutual intent by offeror and offeree



Six special characteristics of insurance contracts - 1. Personal

2. Adhesion

3. Utmost good faith

4. Aleatory

5. Unilateral

6. Conditional



What kind of contract is an insurance policy? - Personal contract



What is a contract of adhesion - the insured must accept the entire contract with all of its terms and
conditions



Utmost Good Faith - An obligation to act in complete honesty and to disclose all relevant facts.



Aleatory Contract - a contract where the values exchanged may not be equal but depend on an
uncertain event



Unilateral Contract - insurance 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 - A 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 - DICE

, D - Declarations page

I - Insuring Agreement

C- Conditions

E - Exclusions



Decelerations section - Always 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 - Defines terms used to write policy including "collusion" "decay" "like kind and
quality"

Includes important language for adjusters to know



Insuring agreement section - What is covered and how

Which causes of loss are covered

Any services provided

Any exclusions to coverage

The maximum limit of policy coverage in dollars



Conditions section - Insurer specifies any limits or qualifications the policy holder must meet

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