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Adjuster Pro - Insurance adjuster Test Exam Questions With Correct Answers 100% Verified. What is insurance? - Answerprotection against financial loss what is a premium - Answera scheduled amount to be paid for an insurance policy. What are premiums used for - Answerpremiums are collected into...

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  • January 28, 2025
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • adjuster pro insurance adjuster test exam questi

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Adjuster Pro - Insurance adjuster Test Exam
Questions With Correct Answers 100%
Verified.


What is insurance? - Answer✔protection against financial loss
what is a premium - Answer✔a scheduled amount to be paid for an insurance policy.

What are premiums used for - Answer✔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? - Answer✔the
insurer collects premiums from all policy holders and uses them to pay out the claims of a few.
what is Indemnity - Answer✔payment for damages, that is not more or less than the amount
caused by the damage.
principle of idemnity - Answer✔insurance will pay no more or less than the actual financial loss
suffered
indemnification may also include - Answer✔repairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
4 Parts of Legal Contract - Answer✔1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement - Answer✔mutual intent by offeror and offeree
six special characteristics of insurance contracts - Answer✔1. Personal
2. adhesion
3. utmost good faith

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, . ©JASONMcCONNELL 2024/2025 ALL RIGHTS RESERVED

4. aleatory
5. unilateral
6. conditional
what kind of contract is an insurance policy? - Answer✔Personal contract

what is a contract of adhesion - Answer✔the insured must accept the entire contract with all of
its terms and conditions
Utmost Good Faith - Answer✔An obligation to act in complete honesty and to disclose all
relevant facts.
Aleatory Contract - Answer✔a contract where the values exchanged may not be equal but
depend on an uncertain event
Unilateral Contract - Answer✔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 - Answer✔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 - Answer✔DICE
D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions
Decelerations section - Answer✔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
Definitions section - Answer✔Defines terms used to write policy including "collusion" "decay"
"like kind and quality"
Includes important language for adjusters to know

2|Page

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