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State Insurance Claims Adjuster- Pro Certification
2024- 2025
Adjuster Pro: Insurance Adjuster Exam Prep
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Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
One of the 4 requirements of a legally binding contract.
All parties involved must agree to the terms of the
contract. Can also refer to a binder, which is the
preliminary substance of a contract. - =Answer>>
agreement
A characteristic of an insurance contract. Means "
depending on unknown future event." An insurance
contract will only pay IF and When covered damages
occur. Neither party knows how much the contract will
end up paying when they enter into the contract. -
=Answer>> aleatory
One of the 4 qualifications of a legally binding contract.
All parties must be competent, with the necessary legal
and mental capacity. - =Answer>> competence
The section of a policy that qualifies or limits an
insurer's promise to pay or perform. - =Answer>>
Conditions
One of the 4 qualifications of a legally binding contract.
All parties must bring something of value to the
contract. - =Answer>> Consideration
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An agreement entered into voluntary by two parties or
more with the intention of creating a legal obligation. -
=Answer>> Contract
The amount and extent of protection provided by an
insurance policy. - =Answer>> Coverages
Also called the declarations page. First page of a policy,
which provides a summary of the contract; includes
names of insured, addresses, coverage limits, policy
period, etc. - =Answer>> Dec Page
Page in policy that gives specific limited meaning to
terms used in policy. - =Answer>> Definitions
A section of an insurance policy that reduces coverage
by listing specific individuals, property, or perils that
are NOT covered by the policy. - =Answer>>
Exclusions
Non-profit mutual aid organizations that engage
primarily in charitable or benevolent activities. They
offer their members insurance against death, disease,
and disability. - =Answer>> Fraternal Benefit
Societies
One of the 4 qualifications of a legally binding contract.
The purpose of the contract must be legal ( no contract
for illicit drug deals). - =Answer>> Full and legal
purpose
Acting honestly and fairly, with good intentions and full
disclosure. - =Answer>> Good faith
Reimbursement for a loss, which leaves the claimant in
the same financial position that she was in before the
loss. - =Answer>> Indemnification
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To restore by payment, repair, or replacement. -
=Answer>> Indemnify
Insurance that indemnify's loss as opposed to liability. -
=Answer>> Indemnity Insurance
A financial device that transfers the risk of unexpected,
catastrophic losses from one party to another. -
=Answer>> Insurance
Company which sells insurance policies to individuals or
to other companies. - =Answer>> Insurance Company
A contract wherein an insured pays a premium to an
insurer in exchange for financial protection in the event
of a covered loss. - =Answer>> Insurance Policy
A person or entity covered by an insurance policy -
=Answer>> Insured
The person or entity providing coverage to one or more
insureds. - =Answer>> Insurer
A section of an insurance policy that summarizes the
insurer's promise to pay. Includes list of covered
property and perils. - =Answer>> Insurance
Agreement
Bodily injury, property damage, or damage caused by
the insured,s negligent acts; loss is the basis for an
insurance claim. Loss can also mean the sum the
insurer will have to pay. - =Answer>> Loss
A mutual insurance company is owned by its
policyholders. They have no shareholders and are not
traded publicly. - =Answer>> Mutual
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