Exam (elaborations)
Exam for Adjuster Pro - Insurance adjuster test. with Answers Latest 2023/2024VERIFIED
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Adjuster Pro - Insurance adjuster test.
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2 reviews
By: wendymoorerealtor • 1 year ago
This was not helpful on the test at all! This was more definitions than test answer/questions. Do not think this will help anyone pass the edam
By: hrwilson51004 • 1 year ago
Content preview
Adjuster Pro - Insurance adjuster testWhat 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
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.
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