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ADJUSTER PRO- INSURANCE ADJUSTER TEST REAL EXAM 250+ QUESTIONS AND CORRECT ANSWERS|AGRADE
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ADJUSTER PRO- INSURANCE ADJUSTER TEST REAL EXAM 250+ QUESTIONS AND CORRECT ANSWERS|AGRADE
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10/22/24, 10:23 AM ADJUSTER PRO- INSURANCE ADJUSTER TEST 2024-2025 REAL EXAM 250+ QUESTIONS AND CORRECT ANSWERS|AG…ADJUSTER PRO- INSURANCE ADJUSTER TEST
2024-2025 REAL EXAM 250+ QUESTIONS AND
CORRECT ANSWERS|AGRADE
Terms in this set (154)
What is insurance? protection against financial loss
a scheduled amount to be paid for an insurance
what is a premium
policy.
What are premiums used premiums are collected into a "pool" or "reserve to
for pay out claimants when needed.
how can insurance the insurer collects premiums from all policy holders
companies afford to pay and uses them to pay out the claims of a few.
for an individuals
catastrophic loss?
payment for damages, that is not more or less than
what is Indemnity
the amount caused by the damage.
insurance will pay no more or less than the actual
principle of idemnity
financial loss suffered
repairs to property
indemnification may also reimbursement for additional living expenses
include rental cars and hotels
costs directly associated with a loss
1. Agreement
2. Consideration
4 Parts of Legal Contract
3. Competent Parties
4. Legal Purpose
https://quizlet.com/960733908/adjuster-pro-insurance-adjuster-test-2024-2025-real-exam-250-questions-and-correct-answersagrade-flash-cards/?new 1/11
, 10/22/24, 10:23 AM ADJUSTER PRO- INSURANCE ADJUSTER TEST 2024-2025 REAL EXAM 250+ QUESTIONS AND CORRECT ANSWERS|AG…
legal contract - mutual intent by offeror and offeree
agreement
1. Personal
2. adhesion
six special characteristics 3. utmost good faith
of insurance contracts 4. aleatory
5. unilateral
6. conditional
what kind of contract is an Personal contract
insurance policy?
what is a contract of the insured must accept the entire contract with all of
adhesion its terms and conditions
An obligation to act in complete honesty and to
Utmost Good Faith
disclose all relevant facts.
a contract where the values exchanged may not be
Aleatory Contract
equal but depend on an uncertain event
insurance agrees that they must pay in event of a
claim. the insured can stop paying premiums at any
Unilateral Contract
point.
only the insurer has promised to perform an action.
A type of an agreement in which both parties must
Conditional Contract perform certain duties and follow rules of conduct to
make the contract enforceable.
DICE
Acronym for the four D - declarations page
sections of an Insurance I - Insuring Agreement
policy C- Conditions
E - Exclusions
https://quizlet.com/960733908/adjuster-pro-insurance-adjuster-test-2024-2025-real-exam-250-questions-and-correct-answersagrade-flash-cards/?new 2/11
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