Exam (elaborations)
Claims Adjuster Exam 2023 – Q’s & A’s
- Course
- Institution
Claims Adjuster Exam 2023 – Q’s & A’s
[Show more]
Seller
Follow
Studyhall
Reviews received
Content preview
Claims Adjuster Exam 2023 – Q’s & A’sInsurance ✔️Ans --an economic device used to protect against extreme
unforeseen loss
- the transfer of risk from one party to another
Premium ✔️Ans --the fee paid by the insured in exchange for insurance
Principle of Indemnity ✔️Ans --the insurer should be restored to where
they were before the incident
-no profit can be made
Idemnification ✔️Ans --to compensate for loss or damage; to provide
security for financial reimbursement to an individual in case of a specified loss
incurred by the person
4 Elements of a Legal Contract ✔️Ans --Agreement- signature or
handshake
-Consideration- money exchange
-Competent Parties-18 yrs. old, sober, sane
-Legal Purpose-no contracts for money laundering
Insured ✔️Ans -individual who pays premiums in exchange for protection
-can be a person, person's or an organization
- "You," "Your," or "Your's"
(if the insured is a group it is important to list the "first named insured,"-
because that is the only one that can authorize changes to the policy)
Insurer ✔️Ans --company or group offering insurance
-can be a government organization
-terms- "We," "Us," and "Our
6 Characteristics of a Contract:
Personal ✔️Ans --protects the person (insured) from loss
-does not protect property from becoming damaged
-coverage follows the person not the property
,6 Characteristics of a Contract:
Adhesion ✔️Ans --one party dictates terms
-the insured has no power to write the contract
-courses will favor the insured in a case of ambiguity
6 Characteristics of a Contract:
Utmost Good Faith ✔️Ans --applicants are expected not to withhold any
information or the contract can be voided
6 Characteristics of a Contract:
Aleatory ✔️Ans --depending on a unknown future event
-Insurer only has to pay in and when covered losses occur
6 Characteristics of a Contract:
Unilateral ✔️Ans --only the insurer make an obligation to pay for covered
losses
6 Characteristics of a Contract:
Conditional ✔️Ans --the insurer only has to perform if certain conditions
are met
Policy Sections
Declarations Page ✔️Ans --makes contract specific to the policy holder
Includes:
-Name of both parties
-Policy Number
-Location & Description of Item
-Value of Insured Item
-Value of item dates
- Amount & Limit of Coverage
-Deductible
-Premium
, Policy Sections
Definitions ✔️Ans --it is not technically essential
-need to know info. or language used in the contract
Policy Sections
Insuring Agreement ✔️Ans -summarizes:
-what is covered
-which losses are covered
-maximum limit of policy
-the core of the contract
-often one sentence
Policy Sections
Conditions ✔️Ans --the insurer specifies any limits or qualifications the
policy holder must meet
-will explain what procedure to follow in the event of a dispute
Policy Sections
Exclusions ✔️Ans -- what is not covered (excluded) under the contract
Policy Sections
Endorsements ✔️Ans --any additions to the policy
-can be added at anytime (could increase or decrease the price)
-aka: ryder, addendum, attachments
Types of Insurance
Government Insurance ✔️Ans --mandatory participation
-benefits prescribed by law
-designed to meet the needs of the general public
-government has a monopoly
-examples:
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Studyhall. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now