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Maryland Public Adjuster Exam Study Guide correctly answered to pass
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Maryland Public Adjuster Exam Study Guide correctly answered to pass
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Maryland Public Adjuster Exam StudyGuide correctly answered to pass
PERIL
A Peril is a potential cause of the loss. Thus an insured may have coverage against the 'peril' of fire,
explosion, windstorm, etc.
WAIVER
Waiver is the voluntary and intentional relinquishment of a known right. An insurer may waive its rights
by not enforcing a policy provision.
ESTOPPEL
Estoppel prohibits or stops an insurer from citing its standard policy defenses because of the actions or
inactions of the insurer's agent or adjuster.
AGREEMENT
Agreement refers to the offer by one party and the acceptance by a second party. The acceptance takes
place when the insurance agent places coverage into effect.
CONSIDERATION
Consideration refers to the bargaining elements of the agreement. In an insurance contract, the insured's
consideration is the representations made at application and the premium paid.
COMPETENT PARTIES
,Competent parties refers to legal capacity. That is, neither party being restricted by minority (age 18),
insanity or intoxication.
LEGAL PURPOSE
Legal purpose refers to the lawful purpose of the contract. The contract is free from illegality and
consistent with public policy.
CONTRACTS OF ADHESION
Contracts of adhesion are insurance contracts that are drawn up by one party (the insurance company)
and presented to a second party (the insured) to be 'adhered to' or rejected.
ALEATORY CONTRACTS
Aleatory contracts are contracts in which the insured may recover at some future time a substantially
larger value than the premium payments made.
PERSONAL CONTRACTS
Personal contracts refer to the personal nature between parties requiring the highest degree of good
faith. Insurance contracts are personal contracts and cannot be transferred.
UNILATERAL CONTRACTS
Unilateral contracts refer to contracts in which an act (payment of premium) is exchanged for a promise
(payment of claims in the event of a loss).
CONDITIONAL CONTRACTS
,Conditional contracts refer to contracts that are contingent upon certain acts by the insured and/or
claimant.
Public Adjuster License
In general a License is required.
Qualifications of Applicants
Qualifications of Applicants refer to the criteria that must be met to obtain a public adjuster license.
Individual Applicants
Individual Applicants refer to persons applying for a public adjuster license.
Business entity applicants
Business entity applicants refer to organizations applying for a public adjuster license.
Applications for initial licenses
Applications for initial licenses refer to the process of applying for a public adjuster license for the first
time.
Issuance of license
Issuance of license refers to the granting of a public adjuster license upon meeting all requirements.
, Regulations
Regulations refer to the rules governing the licensing and operation of public adjusters.
Terms and Renewal of License
Terms and Renewal of License refer to the conditions under which a public adjuster license must be
renewed.
Reinstatement of license
Reinstatement of license refers to the process of restoring a public adjuster license that has lapsed or
been revoked.
Waiver of license requirement for nonresident
Waiver of license requirement for nonresident refers to the conditions under which nonresidents may
not need a public adjuster license.
Denials, suspensions, revocations, and refusals to renew
Denials, suspensions, revocations, and refusals to renew refer to the actions that can be taken against a
public adjuster license.
Unfair Trade Practices and Other Prohibited Practices
Unfair Trade Practices and Other Prohibited Practices refer to actions that are not allowed in the conduct
of public adjusting.
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