Adjuster Pro - Insurance adjuster test Questions And Answers
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Adjusterpro:
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Adjusterpro:
Adjuster Pro - Insurance adjuster test
Questions And Answers
4 Parts of Legal Contract 1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement mutual intent by offeror and offeree
six special characteristics of insurance contracts 1. Personal
2. adhes...
Adjuster Pro - Insurance adjuster test
Questions And Answers
4 Parts of Legal Contract 1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement mutual intent by offeror and offeree
six special characteristics of insurance contracts 1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
what kind of contract is an insurance policy? Personal contract
, Adjuster Pro - Insurance adjuster test
Questions And Answers
what is a contract of adhesion the insured must accept the entire contract with all of its
terms and conditions
Utmost Good Faith An obligation to act in complete honesty and to disclose all relevant
facts.
Aleatory Contract a contract where the values exchanged may not be equal but depend on
an uncertain event
Unilateral Contract 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 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 DICE
D - declarations page
, Adjuster Pro - Insurance adjuster test
Questions And Answers
I - Insuring Agreement
C- Conditions
E - Exclusions
Decelerations section 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 Defines terms used to write policy including "collusion" "decay" "like
kind and quality"
Includes important language for adjusters to know
Insuring agreement section What is covered and how
, Adjuster Pro - Insurance adjuster test
Questions And Answers
Which causes of loss are covered
Any services provided
Any exclusions to coverage
The maximum limit of policy coverage in dollars
Conditions section Insurer specifies any limits or qualifications the policy holder must
meet
Exclusions section losses for which the insured is not covered for
Endorsements Provision that modifies the coverage of the original contract
Add or subtract coverage
Synonyms - rider, addendum, attachment
Certificate of Insurance A legal document that indicates that an insurance policy has been
issued, and that states both the amounts and types of insurance provided.
Characteristics of social insurance Non profit
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