Adjusterpro: Chapter 1 All Sections Questions And Answers
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Adjusterpro:
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Adjusterpro:
Adjusterpro: Chapter 1 All Sections
Questions And Answers
indemnification Putting the policyholder back in the same financial condition he or she
was in before a loss occurred
reserve pool of collected premiums that the insurer sets aside to pay claims
Six special characteristics of insurance...
Adjusterpro: Chapter 1 All Sections
Questions And Answers
indemnification Putting the policyholder back in the same financial condition he or she
was in before a loss occurred
reserve pool of collected premiums that the insurer sets aside to pay claims
Six special characteristics of insurance contracts 1. Personal-it protects the insured's
financial interests, not the insured item itself.
2. Adhesion-since the insurer gets to set the terms of the contract, while the insured must simply
agree
3. Utmost good faith-requires complete honesty. Policy can be voided if this principle is violated
4. aleatory-contract depends on an unknown event
5. unitlateral-only one party, the insurer, makes a promise to perform
6. conditional-it only kicks in when there is a covered loss and certain conditions are met
Declarations Page Provides a general overview of who the policy covers. Aka the "dec
page"
, Adjusterpro: Chapter 1 All Sections
Questions And Answers
definitions page not essential, but is common to most policies. Defines the important
terms in the policy
Insuring Agreeement summarizes what the insurer will cover and how
conditions section qualifies or limits an insurer's promise to pay or perform
exclusions section specifically lists people, items, events, and causes of loss that are not
covered under the policy
endorsements optional provisions that an add, reduce, or modify the policy's coverage
characteristics of government insurers 1. non profit
2. mandatory participation
3. benefits prescribed by law
4. designed to meet needs of general public
5. government has monopoly
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