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Adjuster Pro - Insurance adjuster test Questions and Answers (Graded A+)
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Adjuster Pro - Insurance adjuster test Questions and Answers (Graded A+)
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Adjuster Pro - Insurance adjuster testQuestions and Answers (Graded A+)
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
-Exclusions section - -losses for which the insured is not covered for
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