100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Adjuster Pro - Insurance adjuster test 2024/2025 already graded A+ $9.99   Add to cart

Exam (elaborations)

Adjuster Pro - Insurance adjuster test 2024/2025 already graded A+

 2 views  0 purchase
  • Course
  • Claims Adjuster
  • Institution
  • Claims Adjuster

Adjuster Pro - Insurance adjuster test 2024/2025 already graded A+

Preview 2 out of 13  pages

  • February 23, 2024
  • 13
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • claims adjuster
  • Claims Adjuster
  • Claims Adjuster
avatar-seller
Ashley96
Adjuster Pro - Insurance adjuster test

What is insurance? - ANSprotection against financial loss

what is a premium - ANSa scheduled amount to be paid for an insurance policy.

What are premiums used for - ANSpremiums 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? - ANSthe
insurer collects premiums from all policy holders and uses them to pay out the claims of a few.

what is Indemnity - ANSpayment for damages, that is not more or less than the amount caused
by the damage.

principle of idemnity - ANSinsurance will pay no more or less than the actual financial loss
suffered

indemnification may also include - ANSrepairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss

4 Parts of Legal Contract - ANS1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose

legal contract - agreement - ANSmutual intent by offeror and offeree

six special characteristics of insurance contracts - ANS1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional

what kind of contract is an insurance policy? - ANSPersonal contract

what is a contract of adhesion - ANSthe insured must accept the entire contract with all of its
terms and conditions

, Utmost Good Faith - ANSAn obligation to act in complete honesty and to disclose all relevant
facts.

Aleatory Contract - ANSa contract where the values exchanged may not be equal but depend
on an uncertain event

Unilateral Contract - ANSinsurance 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.

Conditional Contract - ANSA type of an agreement in which both parties must perform certain
duties and follow rules of conduct to make the contract enforceable.

Acronym for the four sections of an Insurance policy - ANSDICE
D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions

Decelerations section - ANSAlways 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 coverage
Deductible
Premium

Definitions section - ANSDefines terms used to write policy including "collusion" "decay" "like
kind and quality"
Includes important language for adjusters to know

Insuring agreement section - ANSWhat 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

Conditions section - ANSInsurer specifies any limits or qualifications the policy holder must meet

Exclusions section - ANSlosses for which the insured is not covered for

Endorsements - ANSProvision that modifies the coverage of the original contract
Add or subtract coverage

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Ashley96. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

82105 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.99
  • (0)
  Add to cart