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Texas All-Lines Adjuster Pre-Licensing 2024/2025 already graded A+ $12.99
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Texas All-Lines Adjuster Pre-Licensing 2024/2025 already graded A+

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Texas All-Lines Adjuster Pre-Licensing 2024/2025 already graded A+

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Ashley96
Texas All-Lines Adjuster Pre-Licensing

Chapter 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

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