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Adjuster Pro SC - Mod 1 - Insurance Terms and Related Concepts WITH 100% CORRECT ANSWERS 2024 £12.64   Add to cart
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Adjuster Pro SC - Mod 1 - Insurance Terms and Related Concepts WITH 100% CORRECT ANSWERS 2024
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Principal of Indemnity insured's property should be restored to it's previous state, no better no worse, insured cannot profit from the loss indemnification compensation for loss Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen ...

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  • August 30, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • adjuster pro sc mod 1 insurance terms

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  • Adjuster Pro
  • Adjuster Pro
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Adjuster Pro SC - Mod 1 -
Insurance Terms and Related
Concepts WITH 100% CORRECT
ANSWERS 2024

Principal of Indemnity - answer insured's property
should be restored to it's previous state, no better
no worse, insured cannot profit from the loss


indemnification - answer compensation for loss


legal contracts must have: - answer agreement,
consideration, competent parties, legal purpose


6 special characteristics of insurance contracts -
answer personal
adhesion
utmost good faith
aleatory
unilateral
conditional


aleatory - answer depending on an unknown future
event

, adhesion - answer insured agrees to the contract,
but has no say in the wording


unilateral obligation - answer only insurers make
an obligation, insureds can stop paying premiums
at any time


4 sections of a policy - answer declarations
definitions
insuring agreement
conditions
exclusions
endorsements


government/social insurance - answer non-profit
prescribed by law, mandatory
meets needs of general public
gov has a monopoly


private insurance - answer based on consumer
preferences
for profit
wide variety of insurance products

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