Exam (elaborations)
ADJUSTER PRO- INSURANCE ADJUSTER TEST REAL EXAM 250+ QUESTIONS AND CORRECT ANSWERS|AGRADE
- Course
- Institution
ADJUSTER PRO- INSURANCE ADJUSTER TEST REAL EXAM 250+ QUESTIONS AND CORRECT ANSWERS|AGRADE
[Show more]
1 review
By: Cucurella • 1 week ago
Content preview
10/22/24, 10:23 AM ADJUSTER PRO- INSURANCE ADJUSTER TEST 2024-2025 REAL EXAM 250+ QUESTIONS AND CORRECT ANSWERS|AG…ADJUSTER PRO- INSURANCE ADJUSTER TEST
2024-2025 REAL EXAM 250+ QUESTIONS AND
CORRECT ANSWERS|AGRADE
Terms in this set (154)
What is insurance? protection against financial loss
a scheduled amount to be paid for an insurance
what is a premium
policy.
What are premiums used premiums are collected into a "pool" or "reserve to
for pay out claimants when needed.
how can insurance the insurer collects premiums from all policy holders
companies afford to pay and uses them to pay out the claims of a few.
for an individuals
catastrophic loss?
payment for damages, that is not more or less than
what is Indemnity
the amount caused by the damage.
insurance will pay no more or less than the actual
principle of idemnity
financial loss suffered
repairs to property
indemnification may also reimbursement for additional living expenses
include rental cars and hotels
costs directly associated with a loss
1. Agreement
2. Consideration
4 Parts of Legal Contract
3. Competent Parties
4. Legal Purpose
https://quizlet.com/960733908/adjuster-pro-insurance-adjuster-test-2024-2025-real-exam-250-questions-and-correct-answersagrade-flash-cards/?new 1/11
, 10/22/24, 10:23 AM ADJUSTER PRO- INSURANCE ADJUSTER TEST 2024-2025 REAL EXAM 250+ QUESTIONS AND CORRECT ANSWERS|AG…
legal contract - mutual intent by offeror and offeree
agreement
1. Personal
2. adhesion
six special characteristics 3. utmost good faith
of insurance contracts 4. aleatory
5. unilateral
6. conditional
what kind of contract is an Personal contract
insurance policy?
what is a contract of the insured must accept the entire contract with all of
adhesion its terms and conditions
An obligation to act in complete honesty and to
Utmost Good Faith
disclose all relevant facts.
a contract where the values exchanged may not be
Aleatory Contract
equal but depend on an uncertain event
insurance agrees that they must pay in event of a
claim. the insured can stop paying premiums at any
Unilateral Contract
point.
only the insurer has promised to perform an action.
A type of an agreement in which both parties must
Conditional Contract perform certain duties and follow rules of conduct to
make the contract enforceable.
DICE
Acronym for the four D - declarations page
sections of an Insurance I - Insuring Agreement
policy C- Conditions
E - Exclusions
https://quizlet.com/960733908/adjuster-pro-insurance-adjuster-test-2024-2025-real-exam-250-questions-and-correct-answersagrade-flash-cards/?new 2/11
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 ProLabs. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $25.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80461 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now