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Adjuster Pro 1A – B/31 Questions and Answers/100% Verified!!
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Adjuster Pro 1A – B/31 Questions and Answers/100% Verified!!
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Adjuster Pro 1A – B/31 Questions andAnswers/100% Verified!!
agreement - -One 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 - -A 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 - -One of the 4 qualifications of a legally binding contract. All
parties must be competent, with the necessary legal and mental capacity.
-Conditions - -The section of a policy that qualifies or limits an insurer's
promise to pay or perform.
-Consideration - -One of the 4 qualifications of a legally binding contract. All
parties must bring something of value to the contract.
-Contract - -An agreement entered into voluntary by two parties or more
with the intention of creating a legal obligation.
-Coverages - -The amount and extent of protection provided by an
insurance policy.
-Dec Page - -Also 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 - -Page in policy that gives specific limited meaning to terms
used in policy.
-Exclusions - -A 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 - -Non-profit mutual aid organizations that
engage primarily in charitable or benevolent activities. They offer their
members insurance against death, disease, and disability.
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