ADJUSTER PRO-INSURANCE ADJUSTER TEST WITH QUESTIONS AND ANSWERS ACTUAL EXAM 100%

ADJUSTER PRO-INSURANCE
ADJUSTER TEST WITH
QUESTIONS AND ANSWERS
ACTUAL EXAM 100%
What is insurance? - CORRECT ANSWERS-protection against financial
loss
what is a premium - CORRECT ANSWERS-a scheduled amount to be
paid for an insurance policy.
What are premiums used for - CORRECT ANSWERS-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 ANSWERS-the insurer collects
premiums from all policy holders and uses them to pay out the claims
of a few.
what is Indemnity - CORRECT ANSWERS-payment for damages, that is
not more or less than the amount caused by the damage.
principle of idemnity - CORRECT ANSWERS-insurance will pay no more
or less than the actual financial loss suffered
indemnification may also include - CORRECT ANSWERS-repairs to
property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a lossA
4 Parts of Legal Contract - CORRECT ANSWERS-1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement - CORRECT ANSWERS-mutual intent by
offeror and offeree
six special characteristics of insurance contracts - CORRECT
ANSWERS-1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
what kind of contract is an insurance policy? - CORRECT ANSWERSPersonal contract
what is a contract of adhesion - CORRECT ANSWERS-the insured must
accept the entire contract with all of its terms and conditions
Utmost Good Faith - CORRECT ANSWERS-An obligation to act in
complete honesty and to disclose all relevant facts.
Aleatory Contract - CORRECT ANSWERS-a