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Adjuster Pro - Insurance adjuster test questions for reflection with correct answers
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Adjuster Pro - Insurance adjuster test questions for reflection with correct answers
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Adjuster Pro - Insurance adjuster testquestions for reflection with correct
answers
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 loss
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 ANSWERS Personal 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 contract where the values exchanged may
not be equal but depend on an uncertain event
Unilateral Contract CORRECT ANSWERS 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 CORRECT ANSWERS 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 CORRECT ANSWERS DICE
D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions
Decelerations section CORRECT ANSWERS 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
Definitions section CORRECT ANSWERS Defines terms used to write policy including
"collusion" "decay" "like kind and quality"
Includes important language for adjusters to know
Insuring agreement section CORRECT ANSWERS What 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 CORRECT ANSWERS Insurer specifies any limits or qualifications
the policy holder must meet
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