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Adjusterpro Questions And Answers 2 Questions And Answers With Verified Solutions Rated A+
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Adjusterpro Questions And Answers 2 Questions And Answers With Verified Solutions Rated A+
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Adjusterpro Questions And Answers 2Questions And Answers With Verified
Solutions Rated A+
The purpose of the principle of indemnity is: - ANSWER✔✔ To prevent an
insured from making a profit on a loss.
Which of the following best defines premium? - ANSWER✔✔ The fee paid by the
insured in exchange for an insurance policy, the premium is a fee.
What ia a reserve, in insurance terms? - ANSWER✔✔ What ia a reserve, in
insurance terms?
Which of the following refers to being restored to the financial condition you
before a loss? - ANSWER✔✔ Indemnification
Which of the following decribes a contract in which only one party makes a
promise to perform? - ANSWER✔✔ Unilateral Contract
Charlotte's son just turned 16 and got his divers license. Where would this addition
be found in the policy? - ANSWER✔✔ Endorsements
Which of the following statements is NOT true about an insurance policy. -
ANSWER✔✔ The concept of utmost good faith only applies to the insured.
If fuel tanks caught fire and exploded, and didn't not automatic shut-off for the fuel
tanks in the policy? - ANSWER✔✔ Conditions.
, Which of the following is considered a speculative risk? - ANSWER✔✔ Buying a
lottery ticket.
Which of the following best decribes the Law of Large Numbers? - ANSWER✔✔
The Law of numbers of units insured, the more accurately the insurer can predict
the number of claims from that group.
During a violet summer storm, the lightning bolt hits house damaging the roof, the
insurer call the bolt what? - ANSWER✔✔ A peril
Which of the following best describes the insurance concept of "exposure"? -
ANSWER✔✔ The possibility of damage or loss.
Which of the following NOT a qualification of an insurable risk? - ANSWER✔✔
An insurable risk must have guaranteed protection from damage.
Jason auto policy can cancel if a premium not paid in 30 days, Jason is more than
30 X 5, what will happen? - ANSWER✔✔ The insurer will pay the claim because
of the implied waiver they made not canceling the previous times he was late on
payments.
When an applicant for a homeowners insurance policy list the address and
description of home, he providing? - ANSWER✔✔ Representations
Which of the following is TRUE about the principal of estoppel? - ANSWER✔✔
Estoppel protects the insured party from a insurer who initially approves coverage,
but then later denies coverage after the insured pays for the repairs.
Which of the following statements about moral hazard is FALSE? - ANSWER✔✔
It is the result of an unconscious behavior.
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