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Adjuster Pro - Insurance Adjuster Test Exam Q&A 100% Guaranteed Pass

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Adjuster Pro - Insurance Adjuster Test Exam Q&A 100% Guaranteed Pass What is insurance? - protection against financial loss what is a premium - a scheduled amount to be paid for an insurance policy. What are premiums used for - premiums are collected into a "pool" or "reserve to pay out claim...

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Uploaded on January 27, 2025
Number of pages 25
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

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adjuster pro insurance adjuster

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Adjuster Pro - Insurance Adjuster Test
Exam Q&A 100% Guaranteed Pass

What is insurance? - ✔✔protection against financial loss

what is a premium - ✔✔a scheduled amount to be paid for an insurance policy.

What are premiums used for - ✔✔premiums are collected into a "pool" or

"reserve to pay out claimants when needed.

how can insurance companies afford to pay for an individuals catastrophic loss?

- ✔✔the insurer collects premiums from all policy holders and uses them to pay

out the claims of a few.

what is Indemnity - ✔✔payment for damages, that is not more or less than the

amount caused by the damage.

principle of idemnity - ✔✔insurance will pay no more or less than the actual

financial loss suffered

indemnification may also include - ✔✔repairs to property

reimbursement for additional living expenses

rental cars and hotels

costs directly associated with a loss

4 Parts of Legal Contract - ✔✔1. Agreement
1|Page
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.

,2. Consideration

3. Competent Parties

4. Legal Purpose

legal contract - agreement - ✔✔mutual intent by offeror and offeree

six special characteristics of insurance contracts - ✔✔1. Personal

2. adhesion

3. utmost good faith

4. aleatory

5. unilateral

6. conditional

what kind of contract is an insurance policy? - ✔✔Personal contract

what is a contract of adhesion - ✔✔the insured must accept the entire contract

with all of its terms and conditions

Utmost Good Faith - ✔✔An obligation to act in complete honesty and to

disclose all relevant facts.

Aleatory Contract - ✔✔a contract where the values exchanged may not be equal

but depend on an uncertain event

2|Page
©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.

, Unilateral Contract - ✔✔insurance agrees that they must pay in event of a

claim. the insured can stop paying premiums at any point.

only the insurer has promised to perform an action.

Conditional Contract - ✔✔A type of an agreement in which both parties must

perform certain duties and follow rules of conduct to make the contract

enforceable.

Acronym for the four sections of an Insurance policy - ✔✔DICE

D - declarations page

I - Insuring Agreement

C- Conditions

E - Exclusions

Decelerations section - ✔✔Always the first section - establishes the following

Names of both parties

Policy number

Location and description of insured item

Dates of the policy

Amount and limit of coverage

Deductible

Premium
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©JOSHCLAY 2025/2026. YEAR PUBLISHED 2025.

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Adjuster Pro - Insurance Adjuster Test Exam Q&A 100% Guaranteed Pass

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