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Adjuster Pro - Insurance adjuster test 2024/2025 already graded A+
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Adjuster Pro - Insurance adjuster test 2024/2025 already graded A+
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Adjuster Pro - Insurance adjuster testWhat is insurance? - ANSprotection against financial loss
what is a premium - ANSa scheduled amount to be paid for an insurance policy.
What are premiums used for - ANSpremiums 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? - ANSthe
insurer collects premiums from all policy holders and uses them to pay out the claims of a few.
what is Indemnity - ANSpayment for damages, that is not more or less than the amount caused
by the damage.
principle of idemnity - ANSinsurance will pay no more or less than the actual financial loss
suffered
indemnification may also include - ANSrepairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
4 Parts of Legal Contract - ANS1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement - ANSmutual intent by offeror and offeree
six special characteristics of insurance contracts - ANS1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
what kind of contract is an insurance policy? - ANSPersonal contract
what is a contract of adhesion - ANSthe insured must accept the entire contract with all of its
terms and conditions
, Utmost Good Faith - ANSAn obligation to act in complete honesty and to disclose all relevant
facts.
Aleatory Contract - ANSa contract where the values exchanged may not be equal but depend
on an uncertain event
Unilateral Contract - ANSinsurance 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 - ANSA 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 - ANSDICE
D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions
Decelerations section - ANSAlways 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 - ANSDefines terms used to write policy including "collusion" "decay" "like
kind and quality"
Includes important language for adjusters to know
Insuring agreement section - ANSWhat is covered and how
Which causes of loss are covered
Any services provided
Any exclusions to coverage
The maximum limit of policy coverage in dollars
Conditions section - ANSInsurer specifies any limits or qualifications the policy holder must meet
Exclusions section - ANSlosses for which the insured is not covered for
Endorsements - ANSProvision that modifies the coverage of the original contract
Add or subtract coverage
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