Exam (elaborations)
Texas All-Lines Adjuster Pre-Licensing 2024/2025 already graded A+
- Course
- Institution
Texas All-Lines Adjuster Pre-Licensing 2024/2025 already graded A+
[Show more]
Content preview
Texas All-Lines Adjuster Pre-LicensingChapter 1 - ANS
insurance - ANSfinancial took that protects individual and organizations from unforeseen and
extraordinary financial losses by transferring risk to another party
insured - ANSindividual or organization that pays premiums in exchange for protection
insurer - ANScompany, group, or government agency offering financial protection
how does insurance work? - ANSinsured pays premium
insurer promises to pay for specific losses if they occur
insurer's promise gives peace of mind to insured
principle of indemnity - ANSwhen a loss occurs, an individual should be restored to the
approximate financial condition he was in before the loss, no more and no less
Q1: How can insurance companies afford to pay for an individual's catastrophic loss? - ANS
Q1: The purpose of the principle of indemnity: - ANSprevents an insured from profiting from a
loss
Q1: Which of the following best defines premium? - ANSthe fee paid by the insured in exchange
for the insurance policy
Q1: What best describes insurance? - ANSan economic device used to protect against the risk
of unforeseen and extraordinary financial loss
Q1: Mark incurred $8000 damage to his car in an accident. He received $8000 from his
insurance company and $4000 from the other driver. By receiving profit from his loss, Mark
could be in violation of: - ANSthe principle of indemnity
he should be in the same financial condition. no better, no worse
indemnification may include payment for: - ANSrepairs to property
reimbursement for additional living expenses
rental cars, hotels
,costs directly associated with a loss, as allowed under the policy
legal contract/insurance policy is: - ANScontract to provide financial protection for a fee
legally binding because it meets the 4 requirements of a legal contract
What are the 4 requirements of a legal contract? - ANSagreement (offer and acceptance)
consideration
competent parties
legal purpose
agreement - ANSmutual consent between offeror and offeree
acceptance criteria - ANSofferee communicates to the offeror his intent to enter into contract
must be unconditional - the offeree accepts the terms proposed by the offeror
original offeree is the only person who can legally accept the offer
An offer may be terminated by: - ANSrevocation by offeror
rejection by offeree
time lapse
termination by operation of law
-either party dies or becomes disabled
-performance of contract becomes illegal after the offer
-subject matter is destroyed
offer rejection - ANSexplicit rejection
proposal of new offer
counteroffer
consideration - ANSall parties bring something of value
competent parties - ANS18 years old, sober, and sane
, legal purpose - ANSno contracts for money laundering
Q2: An offeree may legally reject a contract offer by any of the following means EXCEPT: -
ANSasking for clarification or additional information
Q2: If covered by an insurance policy, an insured may be indemnified for all of the following
except: - ANShome remodels
Q2: Which of the following is NOT a requirement for a legally binding contract? - ANSit must be
a notarized document
Q2: Which of the following refers to being restored to the financial condition you were in before
a loss? - ANSindemnification
Q2: A legally binding contract is where the risk of financial loss is transferred in exchange for
premiums is called: - ANSan insurance policy
1-A: The purpose of the principle of indemnity is: - ANSto prevent and insured from making a
profit on a loss
1-A: Which of the following best defines premium? - ANSthe fee paid by the insured in
exchange for an insurance policy
1-A: What is a reserve, in insurance terms? - ANSa pool of collected premiums that the insurer
sets aside to pay claims
1-A: Which of the following refers to being restored to the financial condition you were in before
a loss? - ANSindemnification
six special characteristics of insurance contracts - ANSpersonal
adhesion
utmost good faith
aleatory
unilateral
conditional
personal contract - ANSprotects policyholder from financial losses
does not protect property from becoming damaged
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 Ashley96. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
64670 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 15 years now
Recently viewed by you
Exam (elaborations) ·
FIRE INVESTIGATOR REVIEWS With Complete Solutions 100% 2024
Exam (elaborations) ·
Mesopotamia question with 100% correct answers rated A+ 2023
Summary ·
Samenvatting H8 - participe présent, adjectif verbal, gérondif
Exam (elaborations) ·
NR 442 Community Health Nursing/NR442 Exam 1 Study Guide Graded A+
Exam (elaborations) ·
Arthrex Sports IOT Exam Questions With 100% Correct Answers
Exam (elaborations) ·
FISDAP EMT Medical Exam Questions and Answers 100% Accurate
Exam (elaborations) ·
Varcarolis (Ch-20) Exam Questions And Answers (Verified And Updated)
Exam (elaborations) ·
TCOLE JAILER EXAM questions and answers guaranteed pass 2024/2025
