Adjuster Pro 1A – B Study Guide.
Agreement - answerOne 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 - answerA characteristic of an insur...
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.
Dec Page - answer✔Also called the declarations page. First page of a policy, which provides a
summary of the contract; includes names of insured, addresses, coverage limits, policy period,
etc.
Definitions - answer✔Page in policy that gives specific limited meaning to terms used in policy.
Exclusions - answer✔A section of an insurance policy that reduces coverage by listing specific
individuals, property, or perils that are NOT covered by the policy.
Fraternal Benefit Societies - answer✔Non-profit mutual aid organizations that engage primarily
in charitable or benevolent activities. They offer their members insurance against death, disease,
and disability.
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