- Study guides, Class notes & Summaries

©THEBRIGHT EXAM SOLUTIONS 10/30/2024 10:31 PM Adjusterpro: Chapter 1 All Sections Insurance - answerfinancial tool that protects individuals and organizations from unforeseen and extraordinary financial losses by transferring risk to another party insured - answerindividual or organization that pays premiums in exchange for protection insurer - answerCompany, group, or government agency offering financial protection insurance policy - answerA legally binding contract that defines the obl...

Adjuster Pro 1A – B Study Guide. Agreement - answerOne 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. aleatory - answerA 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 wh...

©THEBRIGHT EXAM SOLUTIONS 10/30/2024 10:31 PM Adjusterpro: Chapter 1 All Sections Insurance - answerfinancial tool that protects individuals and organizations from unforeseen and extraordinary financial losses by transferring risk to another party insured - answerindividual or organization that pays premiums in exchange for protection insurer - answerCompany, group, or government agency offering financial protection insurance policy - answerA legally binding contract that defines the obl...

Adjuster Pro Oklahoma Practice Exam Questions With Correct Answers The source of the adjusters authority - answerIn the context of insurance adjusting, who is the principal? Coverage is not negotiable - answerWhen Nancy is pulling into her driveway, she accidentally hit the gas and plowed through her front wall. She tries to negotiate the claim with the adjuster, why is this not possible? True - answerTrue or false: assuring a claimant a policy is covered without determining the cause of...

AZ adjusterpro exam Questions With Correct Answers Covered by other insurance (boiler and machinery) - answerwindstorm or hail explosion fire or combustion explosion internal furnace explosion social insurance - answernon profit, mandatory participation, benefits prescribed by the law, designed to meet general needs of the public, gov. has monopoly Private Insurers - answersells insurance based on consumer preferences, offers a wide variety of insurance products, typically exists to ben...

©THEBRIGHT EXAM SOLUTIONS 10/30/2024 10:31 PM AdjusterPro - Practice Exam Questions With Correct Answers Stephen's insurer denied his claim because the peril was not covered. But, according to Stephen's understanding of the policy, his loss should be covered, so he filed a dispute. During the trial, the jury agreed that the policy language was open to interpretation, so they decided in favor of Stephen. This is because: A. insurance policies are contracts of adhesion. B. insuranc...

Adjuster Pro Texas Exam Questions With Correct Answers All of the following pieces of information can be found in the conditions section of an insurance policy EXCEPT: - answerCauses of loss that are not covered Which of the following best defines the principle of indemnity? - answerAfter a loss, the insured should be restored to his approximate financial condition before the loss SureTrust Insurance was founded and operates in Texas. In Texas, Suretrust is considered - answera domestic i...

Adjuster Pro Exam Prep Questions With Correct Answers Common law is based upon - answercourt decisions and customs. cause of loss or damage - answerperil Jim owns a home valued at $187,500, but he only has a $100,000 homeowner's policy and is underinsured. During a storm, lightning strikes Jim's home causing $45,000 in damages. The insurer decides to invoke a coinsurance penalty. How much will Jim be required to pay for the penalty? - answerThe coinsurance requirement of 80% means t...

When the insurer invokes the coinsurance penalty, Jim is then responsible for a third of the damages, which in this case totaled $45,000. So, Jim must pay $15,000. In the context of insurance adjusting, who is the principal? - answerThe source of the adjuster's authority What document do insurance companies give to claimants when they think something in the claim is not covered by the policy, but they are not sure yet? - answerReservation of Rights letter Which of the following is NOT...

©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 adhesion - answerthe insured must accept the entire contract with all of its terms and conditions Utmost Good Faith - answerAn obligation to act in complete honesty and to disclose all relevant facts. ...