Adjuster Pro 1A - B Questions And Answers
Coverages The amount and extent of protection provided by an insurance policy.
Dec Page 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 Page in policy that gives specific limited meaning to terms used in policy.
Exclusions 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 Non-profit mutual aid organizations that engage primarily in
charitable or benevolent activities. They offer their members insurance against death, disease,
and disability.
Full and legal purpose One of the 4 qualifications of a legally binding contract. The
purpose of the contract must be legal ( no contract for illicit drug deals).
, Adjuster Pro 1A - B Questions And Answers
Good faith Acting honestly and fairly, with good intentions and full disclosure.
Indemnification Reimbursement for a loss, which leaves the claimant in the same
financial position that she was in before the loss.
Indemnify To restore by payment, repair, or replacement.
Indemnity Insurance Insurance that indemnify's loss as opposed to liability.
Insurance A financial device that transfers the risk of unexpected, catastrophic losses from
one party to another.
Insurance Company Company which sells insurance policies to individuals or to other
companies.
Insurance Policy A contract wherein an insured pays a premium to an insurer in exchange
for financial protection in the event of a covered loss.
Coverages The amount and extent of protection provided by an insurance policy.
Dec Page 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 Page in policy that gives specific limited meaning to terms used in policy.
Exclusions 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 Non-profit mutual aid organizations that engage primarily in
charitable or benevolent activities. They offer their members insurance against death, disease,
and disability.
Full and legal purpose One of the 4 qualifications of a legally binding contract. The
purpose of the contract must be legal ( no contract for illicit drug deals).
, Adjuster Pro 1A - B Questions And Answers
Good faith Acting honestly and fairly, with good intentions and full disclosure.
Indemnification Reimbursement for a loss, which leaves the claimant in the same
financial position that she was in before the loss.
Indemnify To restore by payment, repair, or replacement.
Indemnity Insurance Insurance that indemnify's loss as opposed to liability.
Insurance A financial device that transfers the risk of unexpected, catastrophic losses from
one party to another.
Insurance Company Company which sells insurance policies to individuals or to other
companies.
Insurance Policy A contract wherein an insured pays a premium to an insurer in exchange
for financial protection in the event of a covered loss.
