Claims Adjuster Questions With Verified Answers Download To Pass!!!
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Claims adjuster
Institution
Claims Adjuster
Claims Adjuster Questions With Verified Answers Download To Pass!!!
Insurance - correct answer...-an economic device used to protect against extreme unforeseen loss
- the transfer of risk from one party to another
Premium - correct answer...-the fee paid by the insured in exchange for insura...
Claims Adjuster Questions With Verified
Answers Download To Pass!!!
Insurance - correct answer...-an economic device used to protect against extreme
unforeseen loss
- the transfer of risk from one party to another
Premium - correct answer...-the fee paid by the insured in exchange for insurance
Principle of Indemnity - correct answer...-the insurer should be restored to where they
were before the incident
-no profit can be made
Idemnification - correct answer...-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 - correct answer...-Agreement- signature or handshake
-Consideration- money exchange
-Competent Parties-18 yrs. old, sober, sane
-Legal Purpose-no contracts for money laundering
Insured - correct answer...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 - correct answer...-company or group offering insurance
-can be a government organization
-terms- "We," "Us," and "Our
6 Characteristics of a Contract:
Personal - correct answer...-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 - correct answer...-one party dictates terms
-the insured has no power to write the contract
-courses will favor the insured in a case of ambiguity
Lecturegrader
, 6 Characteristics of a Contract:
Utmost Good Faith - correct answer...-applicants are expected not to withhold any
information or the contract can be voided
6 Characteristics of a Contract:
Aleatory - correct answer...-depending on a unknown future event
-Insurer only has to pay in and when covered losses occur
6 Characteristics of a Contract:
Unilateral - correct answer...-only the insurer make an obligation to pay for covered
losses
6 Characteristics of a Contract:
Conditional - correct answer...-the insurer only has to perform if certain conditions are
met
Policy Sections
Declarations Page - correct answer...-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 - correct answer...-it is not technically essential
-need to know info. or language used in the contract
Policy Sections
Insuring Agreement - correct answer...summarizes:
-what is covered
-which losses are covered
-maximum limit of policy
-the core of the contract
Lecturegrader
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