Exam (elaborations)
ADJUSTER PRO INSURANCE ADJUSTER TEST QUESTIONS AND ANSWERS 2024
- Course
- Institution
ADJUSTER PRO INSURANCE ADJUSTER TEST QUESTIONS AND ANSWERS 2024
[Show more]
Content preview
ADJUSTER PRO INSURANCE ADJUSTER TESTCo-insurance penalty - ANSWERS-If property is underinsured, the insurer will only
cover a percentage of partial losses
If multiple partial losses occur, the low premiums are not enough for the insurer
to cover all the damages
Calculating co insurance penalty - ANSWERS-Had / should X the loss
Negligence - ANSWERS-Failure to use a reasonable degree of care in a particular
situation- includes both wrongful acts and acts of omission
4 elements of negligence - ANSWERS-1. Defendant had a legal duty to act or not
act in a prescribed manner
2. The defendant failed to act accordingly
3. The plaintiff suffered actual loss or injury due to the defendants action or
inaction
4. The loss or injury to the plaintiff was a direct result of the breach of duty of the
defendant
,Degrees of Liability - ANSWERS-Full liability- the insured party is 100% at fault for
damages to a third party
Partial liability - the insured party is only partially at fault, or shares fault, with a
third party. The third party had some parts in his own damages
No liability - the insured party has 0% or no liability
Assumption of risk - ANSWERS-Claimant knew he had the potential to experience
damage
Contributory Negligence - ANSWERS-A legal defense that may be raised when the
defendant feels that the conduct of the plaintiff somehow contributed to any
injuries or damages that were sustained by the plaintiff.
Comparative Negligence - ANSWERS-A theory in tort law under which the liability
for injuries resulting from negligent acts is shared by all parties who were
negligent (including the injured party), on the basis of each person's
proportionate negligence.
Dangerous Instrumentality Doctrine - ANSWERS-States that anyone involved in
the use of inherently dangerous products or machines is held 100% liable for their
own damages.
, strict (absolute) liability - ANSWERS-liability is imposed regardless of negligence or
fault
Policy limit - ANSWERS-The maximum amount the insurance company will pay for
covered losses
Single limits - ANSWERS-Establishes maximum payout for liability damages caused
by the policy holder
Split limits - ANSWERS-Establishes 3 different limits on how much the policy will
pay out
1. Maximum payout for bodily injury for each person injured
2. Maximum payout for multiple persons
3. Maximum payout for property damage
Aggregate limits - ANSWERS-2 limits
1. Max payout for damage or injury per occurrence
2. Maximum payout amount the policy will pay per term
Res Ipsa - ANSWERS-Means "the thing speaks for itself" and is only applied n rare
instances when no one knows how exactly the accident happened
Statutory law - ANSWERS-Based on written laws
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 Teacher101. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now