Adjuster pro section - Study guides, Class notes & Summaries

Adjuster Pro Section-3 Complete Questions and Answers 2023

ADJUSTER PRO - INSURANCE ADJUSTER TEST(QUESTIONS AND REVIEWED ANSWERS) 2023-2024 What is insurance? - CORRECT ANSWER-protection against financial loss what is a premium - CORRECT ANSWER-a scheduled amount to be paid for an insurance policy. What are premiums used for - CORRECT 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? - CORRECT ANSWER-the insurer collect...

Adjuster Pro Section-3

Adjuster Pro Section-6/70 Complete Questions and Answers 2023

Adjuster Pro Section-1 Exam 2023...

Adjuster Pro Section-1 Practice Questions 2023. 6 Characteristics of Insurance Contracts - ANSWER 1. Personal 2. Adhesion 3. Utmost Good Faith 4. Aleatory 5. Unilateral 6. Conditional Specific Limits - ANSWER Limits that apply to one specific type of property Morale Hazard - ANSWER carelessness or indifference to a loss because of the existence of insurance Moral Hazard - ANSWER Arises when people behave recklessly because they know they will be saved if things go wrong by their i...

Adjuster Pro Section-6 Questions and Answers 2023 Adjuster's Ethical SItuation -Adjuster make frequent decisions involving larger amounts of money -Adjusters should always determine a fair and equitable settlement that abides by the insurance contract Inducement An action, item, or promise made to someone to motivate them toward certain desired actions Consequences for Accepting Inducements -Losing license -Reputation Loss -Lawsuits -Jail time Kickbacks Money or favors o...

Adjuster Pro Section-A1 Practise Test 2023 Adjuster's Ethical SItuation - CORRECT ANSWER--Adjuster make frequent decisions involving larger amounts of money -Adjusters should always determine a fair and equitable settlement that abides by the insurance contract Inducement - CORRECT ANSWER-An action, item, or promise made to someone to motivate them toward certain desired actions Consequences for Accepting Inducements - CORRECT ANSWER--Losing license -Reputation Loss -Lawsuits -Ja...

Adjuster Pro Section-3 2023/2024 The Personal Auto Policy (PAP) - CORRECT ANSWER-A policy that combines liability insurance with other optional coverages PAP Policies can cover - CORRECT ANSWER--Individuals and residing family members -People driving car with owner's permission -Four-wheeled vehicles under 10,000 lbs *Insurable interest is required PAP Policies will indemnify for: - CORRECT ANSWER--Property Damage -Personal Injury -Legal Defense What will PAPs not pay for - CORRECT...