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ADJUSTER PRO - INSURANCE ADJUSTER TEST 2024 QUESTIONS AND ANSWERS
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ADJUSTER PRO - INSURANCE ADJUSTER TEST 2024 QUESTIONS AND ANSWERS
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ADJUSTER PRO - INSURANCE ADJUSTER TEST4 Parts of Legal Contract - ANSWERS-1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement - ANSWERS-mutual intent by offeror and offeree
six special characteristics of insurance contracts - ANSWERS-1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
what kind of contract is an insurance policy? - ANSWERS-Personal contract
what is a contract of adhesion - ANSWERS-the insured must accept the entire
contract with all of its terms and conditions
,Utmost Good Faith - ANSWERS-An obligation to act in complete honesty and to
disclose all relevant facts.
Aleatory Contract - ANSWERS-a contract where the values exchanged may not be
equal but depend on an uncertain event
Unilateral Contract - ANSWERS-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 - ANSWERS-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 - ANSWERS-DICE
D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions
What is insurance? - ANSWERS-protection against financial loss
, what is a premium - ANSWERS-a scheduled amount to be paid for an insurance
policy.
What are premiums used for - ANSWERS-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? -
ANSWERS-the insurer collects premiums from all policy holders and uses them to
pay out the claims of a few.
what is Indemnity - ANSWERS-payment for damages, that is not more or less than
the amount caused by the damage.
principle of idemnity - ANSWERS-insurance will pay no more or less than the
actual financial loss suffered
indemnification may also include - ANSWERS-repairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
Decelerations section - ANSWERS-Always the first section - establishes the
following
Names of both parties
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