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Adjuster Pro - Insurance adjuster Test Questions And Answers 100% Pass

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Adjuster Pro - Insurance adjuster Test Questions And Answers 100% Pass What is insurance? - answerprotection against financial loss what is a premium - answera scheduled amount to be paid for an insurance policy. What are premiums used for - answerpremiums are collected into a "pool" or "reserv...

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  • November 11, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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Thebright
©THEBRIGHT EXAM SOLUTIONS

11/8/2024 12:08 PM


Adjuster Pro - Insurance adjuster Test
Questions And Answers 100% Pass


What is insurance? - answer✔protection against financial loss

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

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

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

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

indemnification may also include - answer✔repairs to property

reimbursement for additional living expenses

rental cars and hotels

costs directly associated with a loss

4 Parts of Legal Contract - answer✔1. Agreement

2. Consideration

3. Competent Parties

4. Legal Purpose

legal contract - agreement - answer✔mutual intent by offeror and offeree

six special characteristics of insurance contracts - answer✔1. Personal

2. adhesion

3. utmost good faith

, ©THEBRIGHT EXAM SOLUTIONS

11/8/2024 12:08 PM

4. aleatory

5. unilateral

6. conditional

what kind of contract is an insurance policy? - answer✔Personal contract

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

Utmost Good Faith - answer✔An obligation to act in complete honesty and to disclose all relevant facts.

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

Unilateral Contract - answer✔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.

Conditional Contract - answer✔A 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 - answer✔DICE

D - declarations page

I - Insuring Agreement

C- Conditions

E - Exclusions

Decelerations section - answer✔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 coverage

Deductible

Premium

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