Exam (elaborations)
Adjuster Pro 1A – B/31 Questions and Answers/100% Verified!!
Adjuster Pro 1A – B/31 Questions and Answers/100% Verified!!
[Show more]
Content preview
Adjuster Pro 1A – B/31 Questions andAnswers/100% Verified!!
agreement - -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 - -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 - -One of the 4 qualifications of a legally binding contract. All
parties must be competent, with the necessary legal and mental capacity.
-Conditions - -The section of a policy that qualifies or limits an insurer's
promise to pay or perform.
-Consideration - -One of the 4 qualifications of a legally binding contract. All
parties must bring something of value to the contract.
-Contract - -An agreement entered into voluntary by two parties or more
with the intention of creating a legal obligation.
-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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £5.17. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79271 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now