Adjuster Pro Insurance adjuster test Questions and Answers Latest (2023 \/ 2024) (Verified Answers)<\/p>\n\n\n\n
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Adjuster Pro – Insurance adjuster test
1.What is insurance?: protection against financial loss
2.what is a premium: a scheduled amount to be paid for an insurancepolicy.
3.What are premiums used for: premiums are collected into a “pool” or
“reserve to pay out claimants when needed.
4.how can insurance companies afford to pay for an individuals
catastrophic loss?: the insurer collects premiums from all policy
holders and uses them to pay out the claims of a few.
5.what is Indemnity: payment for damages, that is not more or less
than the amount caused by the damage.
6.principle of idemnity: insurance will pay no more or less than the
actual financial loss suffered
7.indemnification may also include: repairs to
property reimbursement for additional living
expenses
rental cars and hotels
costs directly associated with a loss<\/p>\n\n\n\n
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8.4 Parts of Legal Contract: 1. Agreement
2.Consideration
3.Competent Parties
4.Legal Purpose
9.legal contract – agreement: mutual intent by offeror and offeree
10.six special characteristics of insurance contracts: 1. Personal
2.adhesion
3.utmost good faith
4.aleatory
5.unilateral
6.conditional
11.what kind of contract is an insurance policy?: Personal contract
12.what is a contract of adhesion: the insured must accept the entire
contract with all of its terms and conditions
13.Utmost Good Faith: An obligation to act in complete honesty and to
disclose all relevant facts.
14.Aleatory Contract: a contract where the values exchanged may not
be equal but depend on an uncertain event<\/p>\n\n\n\n
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15.Unilateral Contract: 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.
16.Conditional Contract: A type of an agreement in which both parties
must perform certain duties and follow rules of conduct to make the
contract enforceable.
17.Acronym for the four sections of an Insurance policy:
DICE D – declarations page
I – Insuring
Agreement CConditions
E – Exclusions
18.Decelerations section: Always the first section – establishes the
following Names of both parties
Policy number
Location and description of insured
item Dates of the policy
Amount and limit of<\/p>\n\n\n\n
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coverage Deductible
Premium
19.Definitions section: Defines terms used to write policy including
“collusion” “decay” “like kind and quality”
Includes important language for adjusters to know
20.Insuring agreement section: 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
21.Conditions section: Insurer specifies any limits or qualifications
the policy holder must meet
22.Exclusions section: losses for which the insured is not covered for
23.Endorsements: Provision that modifies the coverage of the original
contract Add or subtract coverage
Synonyms – rider, addendum, attachment
24.Certificate of Insurance: A legal document that indicates that an
insurance policy has been issued, and that states both the amounts
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