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Adjusterpro Questions And Answers With Verified Solutions 100% correct!!!
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Adjusterpro Questions And Answers With Verified Solutions 100% correct!!!
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Adjusterpro Questions And AnswersWith Verified Solutions 100% correct!!!
An economic device used to protect against the risk of realizing unforeseen and
extraordinary financial loss
is called: - ANSWER✔✔ insurance
In an insurance contract, the policyholder gives the insurer _____, and the insurer
gives the policyholder - ANSWER✔✔ premium payments; peace of mind
The transfer of risk from one party to another is called: - ANSWER✔✔ insurance.
The Principle of Indemnity is designed to prevent: - ANSWER✔✔ an insured from
making a profit.
Which of the following best defines "insured"? - ANSWER✔✔ An individual or
organization that pays premiums in exchange for financial protection
What are the four requirements of a legally binding contract? - ANSWER✔✔
Agreement, consideration, competent parties, legal purpose
Melinda's home sustained $6,500 in damage when Jared ran into it with his truck.
Melinda received $6,500
from her insurance company, and Jared also paid her $5,000. Melinda has now
profited from this loss and is
in violation of: - ANSWER✔✔ the principle of indemnity.
In an insurance contract, consideration from both parties is comprised of: -
ANSWER✔✔ premiums from the insured and the promise to pay from the insurer.
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