100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
Adjuster Pro SC - Mod 1 - Insurance Terms and Related Concepts Exam Questions And Answers With Verified Solutions Latest Updated 2024/2025 (GRADED A+)$13.99
Add to cart
Adjuster Pro SC - Mod 1 - Insurance
Terms and Related Concepts Exam
Questions And Answers With Verified
Solutions Latest Updated 2024/2025
(GRADED A+)
Principal of Indemnity - ANSWER✔✔ insured's property should be restored to it's
previous state, no better no worse, insured cannot profit from the loss
6 special characteristics of insurance contracts - ANSWER✔✔ personal
adhesion
utmost good faith
aleatory
unilateral
conditional
aleatory - ANSWER✔✔ depending on an unknown future event
adhesion - ANSWER✔✔ insured agrees to the contract, but has no say in the
wording
, unilateral obligation - ANSWER✔✔ only insurers make an obligation, insureds
can stop paying premiums at any time
4 sections of a policy - ANSWER✔✔ declarations
definitions
insuring agreement
conditions
exclusions
endorsements
government/social insurance - ANSWER✔✔ non-profit
prescribed by law, mandatory
meets needs of general public
gov has a monopoly
private insurance - ANSWER✔✔ based on consumer preferences
for profit
wide variety of insurance products
voluntary insured
stock insurance company - ANSWER✔✔ always for profit
usually publicly-traded
stockholders provide money to receive profit dividends
non-participating insurers: no dividends go to policy holders
Mutual Insurance Company - ANSWER✔✔ owned by policyholders
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.
