Exam (elaborations)
Texas All-Lines Adjuster Pre-Licensing exam with correct answers.
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Texas All-Lines Adjuster Pre-Licensing exam with correct answers.
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Texas All-Lines Adjuster Pre-Licensingexam with correct answers
Chapter n1 n- nANS-
insurance n- nANS-financial ntook nthat nprotects nindividual nand norganizations nfrom
nunforeseen nand nextraordinary nfinancial nlosses nby ntransferring nrisk nto nanother
nparty
insured n- nANS-individual nor norganization nthat npays npremiums nin nexchange nfor
nprotection
insurer n- nANS-company, ngroup, nor ngovernment nagency noffering nfinancial nprotection
how ndoes ninsurance nwork? n- nANS-insured npays npremium
insurer npromises nto npay nfor nspecific nlosses nif nthey noccur
insurer's npromise ngives npeace nof nmind nto ninsured
principle nof nindemnity n- nANS-when na nloss noccurs, nan nindividual nshould nbe
nrestored nto nthe napproximate nfinancial ncondition nhe nwas nin nbefore nthe nloss, nno
nmore nand nno nless
Q1: nHow ncan ninsurance ncompanies nafford nto npay nfor nan nindividual's ncatastrophic
nloss? n- nANS-
Q1: nThe npurpose nof nthe nprinciple nof nindemnity: n- nANS-prevents nan ninsured nfrom
nprofiting nfrom na nloss
Q1: nWhich nof nthe nfollowing nbest ndefines npremium? n- nANS-the nfee npaid nby nthe
ninsured nin nexchange nfor nthe ninsurance npolicy
Q1: nWhat nbest ndescribes ninsurance? n- nANS-an neconomic ndevice nused nto nprotect
nagainst nthe nrisk nof nunforeseen nand nextraordinary nfinancial nloss
Q1: nMark nincurred n$8000 ndamage nto nhis ncar nin nan naccident. nHe nreceived n$8000
nfrom nhis ninsurance ncompany nand n$4000 nfrom nthe nother ndriver. nBy nreceiving
nprofit nfrom nhis nloss, nMark ncould nbe nin nviolation nof: n- nANS-the nprinciple nof
nindemnity
he nshould nbe nin nthe nsame nfinancial ncondition. nno nbetter, nno nworse
,indemnification nmay ninclude npayment nfor: n- nANS-repairs nto nproperty
reimbursement nfor nadditional nliving nexpenses
rental ncars, nhotels
costs ndirectly nassociated nwith na nloss, nas nallowed nunder nthe npolicy
legal ncontract/insurance npolicy nis: n- nANS-contract nto nprovide nfinancial nprotection
nfor na nfee
legally nbinding nbecause nit nmeets nthe n4 nrequirements nof na nlegal ncontract
What nare nthe n4 nrequirements nof na nlegal ncontract? n- nANS-agreement n(offer nand
nacceptance)
consideration
competent nparties n
legal npurpose
agreement n- nANS-mutual nconsent nbetween nofferor nand nofferee
acceptance ncriteria n- nANS-offeree ncommunicates nto nthe nofferor nhis nintent nto nenter
ninto ncontract
must nbe nunconditional n- nthe nofferee naccepts nthe nterms nproposed nby nthe nofferor
original nofferee nis nthe nonly nperson nwho ncan nlegally naccept nthe noffer
An noffer nmay nbe nterminated nby: n- nANS-revocation nby nofferor
rejection nby nofferee
time nlapse
termination nby noperation nof nlaw
n-either nparty ndies nor nbecomes ndisabled
n-performance nof ncontract nbecomes nillegal nafter nthe noffer
n-subject nmatter nis ndestroyed
offer nrejection n- nANS-explicit nrejection
proposal nof nnew noffer
, counteroffer
consideration n- nANS-all nparties nbring nsomething nof nvalue
competent nparties n- nANS-18 nyears nold, nsober, nand nsane
legal npurpose n- nANS-no ncontracts nfor nmoney nlaundering
Q2: nAn nofferee nmay nlegally nreject na ncontract noffer nby nany nof nthe nfollowing nmeans
nEXCEPT: n- nANS-asking nfor nclarification nor nadditional ninformation
Q2: nIf ncovered nby nan ninsurance npolicy, nan ninsured nmay nbe nindemnified nfor nall nof
nthe nfollowing nexcept: n- nANS-home nremodels
Q2: nWhich nof nthe nfollowing nis nNOT na nrequirement nfor na nlegally nbinding ncontract?
n- nANS-it nmust nbe na nnotarized ndocument
Q2: nWhich nof nthe nfollowing nrefers nto nbeing nrestored nto nthe nfinancial ncondition nyou
nwere nin nbefore na nloss? n- nANS-indemnification
Q2: nA nlegally nbinding ncontract nis nwhere nthe nrisk nof nfinancial nloss nis ntransferred nin
nexchange nfor npremiums nis ncalled: n- nANS-an ninsurance npolicy
1-A: nThe npurpose nof nthe nprinciple nof nindemnity nis: n- nANS-to nprevent nand ninsured
nfrom nmaking na nprofit non na nloss
1-A: nWhich nof nthe nfollowing nbest ndefines npremium? n- nANS-the nfee npaid nby nthe
ninsured nin nexchange nfor nan ninsurance npolicy
1-A: nWhat nis na nreserve, nin ninsurance nterms? n- nANS-a npool nof ncollected npremiums
nthat nthe ninsurer nsets naside nto npay nclaims
1-A: nWhich nof nthe nfollowing nrefers nto nbeing nrestored nto nthe nfinancial ncondition
nyou nwere nin nbefore na nloss? n- nANS-indemnification
six nspecial ncharacteristics nof ninsurance ncontracts n- nANS-personal
adhesion
utmost ngood nfaith
aleatory
unilateral n
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