Adjuster Pro - Insurance adjuster test Questions & Answers
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Course
Adjuster Pro - Insurance adjuster
Institution
Adjuster Pro - Insurance Adjuster
What is insurance? - ANSWERSprotection against financial loss
what is a premium - ANSWERSa scheduled amount to be paid for an insurance policy.
What are premiums used for - ANSWERSpremiums are collected into a "pool" or "reserve to pay out claimants when needed.
how can insurance companies...
Adjuster Pro - Insurance adjuster test
Questions & Answers
What is insurance? - ANSWERSprotection against financial loss
what is a premium - ANSWERSa scheduled amount to be paid for an insurance policy.
What are premiums used for - ANSWERSpremiums 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? -
ANSWERSthe insurer collects premiums from all policy holders and uses them to pay
out the claims of a few.
what is Indemnity - ANSWERSpayment for damages, that is not more or less than the
amount caused by the damage.
principle of idemnity - ANSWERSinsurance will pay no more or less than the actual
financial loss suffered
indemnification may also include - ANSWERSrepairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
4 Parts of Legal Contract - ANSWERS1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement - ANSWERSmutual intent by offeror and offeree
six special characteristics of insurance contracts - ANSWERS1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
what kind of contract is an insurance policy? - ANSWERSPersonal contract
what is a contract of adhesion - ANSWERSthe insured must accept the entire contract
with all of its terms and conditions
, Utmost Good Faith - ANSWERSAn obligation to act in complete honesty and to disclose
all relevant facts.
Aleatory Contract - ANSWERSa contract where the values exchanged may not be
equal but depend on an uncertain event
Unilateral Contract - ANSWERSinsurance 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 - ANSWERSA 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 - ANSWERSDICE
D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions
Decelerations section - ANSWERSAlways 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 - ANSWERSDefines terms used to write policy including "collusion"
"decay" "like kind and quality"
Includes important language for adjusters to know
Insuring agreement section - ANSWERSWhat 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 - ANSWERSInsurer specifies any limits or qualifications the policy
holder must meet
Exclusions section - ANSWERSlosses for which the insured is not covered for
Endorsements - ANSWERSProvision that modifies the coverage of the original contract
Add or subtract coverage
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