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Adjusterpro 1A-B Questions And Answers With Verified Solutions Rated A+ Latest Updated 2024/2025
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Adjusterpro 1A-B Questions And Answers With Verified Solutions Rated A+ Latest Updated 2024/2025
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Adjusterpro 1A-B Questions AndAnswers With Verified Solutions Rated
A+ Latest Updated 2024/2025
agreement - ANSWER✔✔ One of the 4 requirements of a legally binding contract.
All parties involved must agree to the terms of the contract. Can also refer to a
binder, which is the preliminary substance of a contract.
aleatory - ANSWER✔✔ A characteristic of an insurance contract. Means "
depending on unknown future event." An insurance contract will only pay IF and
When covered damages occur. Neither party knows how much the contract will
end up paying when they enter into the contract.
competence - ANSWER✔✔ One of the 4 qualifications of a legally binding
contract. All parties must be competent, with the necessary legal and mental
capacity.
Conditions - ANSWER✔✔ The section of a policy that qualifies or limits an
insurer's promise to pay or perform.
Consideration - ANSWER✔✔ One of the 4 qualifications of a legally binding
contract. All parties must bring something of value to the contract.
Contract - ANSWER✔✔ An agreement entered into voluntary by two parties or
more with the intention of creating a legal obligation.
Coverages - ANSWER✔✔ The amount and extent of protection provided by an
insurance policy.
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