agreement - ANSWERSOne of the 4 requirements of a legally binding contract. All parties involved must agree to the terms of the contract. Can also refer to a binder, which is the preliminary substance of a contract.
aleatory - ANSWERSA characteristic of an insurance contract. Means " depending o...
Adjuster Pro 1A – B Questions &
Answers
agreement - ANSWERSOne of the 4 requirements of a legally binding contract. All
parties involved must agree to the terms of the contract. Can also refer to a binder,
which is the preliminary substance of a contract.
aleatory - ANSWERSA characteristic of an insurance contract. Means " depending on
unknown future event." An insurance contract will only pay IF and When covered
damages occur. Neither party knows how much the contract will end up paying when
they enter into the contract.
competence - ANSWERSOne of the 4 qualifications of a legally binding contract. All
parties must be competent, with the necessary legal and mental capacity.
Conditions - ANSWERSThe section of a policy that qualifies or limits an insurer's
promise to pay or perform.
Consideration - ANSWERSOne of the 4 qualifications of a legally binding contract. All
parties must bring something of value to the contract.
Contract - ANSWERSAn agreement entered into voluntary by two parties or more with
the intention of creating a legal obligation.
Coverages - ANSWERSThe amount and extent of protection provided by an insurance
policy.
Dec Page - ANSWERSAlso called the declarations page. First page of a policy, which
provides a summary of the contract; includes names of insured, addresses, coverage
limits, policy period, etc.
Definitions - ANSWERSPage in policy that gives specific limited meaning to terms used
in policy.
Exclusions - ANSWERSA section of an insurance policy that reduces coverage by
listing specific individuals, property, or perils that are NOT covered by the policy.
Fraternal Benefit Societies - ANSWERSNon-profit mutual aid organizations that engage
primarily in charitable or benevolent activities. They offer their members insurance
against death, disease, and disability.
Full and legal purpose - ANSWERSOne of the 4 qualifications of a legally binding
contract. The purpose of the contract must be legal ( no contract for illicit drug deals).
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