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©THEBRIGHT EXAM SOLUTIONS 10/30/2024 10:31 PM six special characteristics of insurance contracts - answer1. Personal 2. adhesion 3. utmost good faith 4. aleatory 5. unilateral 6. conditional what kind of contract is an insurance policy? - answerPersonal contract what is a contract of adhe...

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  • November 3, 2024
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  • 2024/2025
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©THEBRIGHT EXAM SOLUTIONS
10/30/2024 10:31 PM


Adjuster Pro - Insurance adjuster test
Questions With Correct Answers.



What is insurance? - answer✔protection against financial loss

what is a premium - answer✔a scheduled amount to be paid for an insurance policy.

What are premiums used for - answer✔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? - answer✔the
insurer collects premiums from all policy holders and uses them to pay out the claims of a few.

what is Indemnity - answer✔payment for damages, that is not more or less than the amount
caused by the damage.

principle of idemnity - answer✔insurance will pay no more or less than the actual financial loss
suffered

indemnification may also include - answer✔repairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss

4 Parts of Legal Contract - answer✔1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose

legal contract - agreement - answer✔mutual intent by offeror and offeree

, ©THEBRIGHT EXAM SOLUTIONS
10/30/2024 10:31 PM

six special characteristics of insurance contracts - answer✔1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional

what kind of contract is an insurance policy? - answer✔Personal contract

what is a contract of adhesion - answer✔the insured must accept the entire contract with all of its
terms and conditions

Utmost Good Faith - answer✔An obligation to act in complete honesty and to disclose all
relevant facts.

Aleatory Contract - answer✔a contract where the values exchanged may not be equal but depend
on an uncertain event

Unilateral Contract - answer✔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 - answer✔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 - answer✔DICE
D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions

Decelerations section - answer✔Always the first section - establishes the following
Names of both parties
Policy number
Location and description of insured item

, ©THEBRIGHT EXAM SOLUTIONS
10/30/2024 10:31 PM

Dates of the policy
Amount and limit of coverage
Deductible
Premium

Definitions section - answer✔Defines terms used to write policy including "collusion" "decay"
"like kind and quality"
Includes important language for adjusters to know

Insuring agreement section - answer✔What 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 - answer✔Insurer specifies any limits or qualifications the policy holder must
meet

Exclusions section - answer✔losses for which the insured is not covered for

Endorsements - answer✔Provision that modifies the coverage of the original contract
Add or subtract coverage
Synonyms - rider, addendum, attachment

Certificate of Insurance - answer✔A legal document that indicates that an insurance policy has
been issued, and that states both the amounts and types of insurance provided.

Characteristics of social insurance - answer✔Non profit
Mandatory participation
Benefits prescribed by law
Designed to meet needs of public
Government has monopoly

Private Insurers - answer✔Sell insurance based on needs and preferences

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