Kentucky Adjuster Exam Prep EXAM (2026)
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Practice questions for this set
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Amount an insured can be paid after making repairs to damaged property
Choose an answer
Characteristics of Insurance
1 Insurance 2
contracts
3 Recoverable Depreciation 4 Principle of indemnity
Don't know?
, Terms in this set (99)
Insurance Transfers risk of financial losses from one party to
another
Insured Individual or organization that pays premiums in
exchange for protection
Insurer Company, group, or government agency offering
financial protection
Insurance policy A legally binding contract in which the insurer
agrees to take on specified risks in exchange for
the insured's premium.
Principle of indemnity Restoration to previous financial condition; no
more, no less
Four Qualifications of a contract: -Agreement
-Consideration
-Competent parties
-Legal Purpose
Declarations - Makes contract specific to the policy holder
-Always establishes first section
- Names, Policy #, Location and description of
item, value of item, dates of policy, amount and
limit of coverage, deductible, premium
Definitions - Not essential
- Defines terms used to write policy
UPDATE Verified Questions And Answers | With
100% Correct Answers graded A+ Guaranteed
Success!!
Save
Practice questions for this set
Learn 1 /7 Study with Learn
Amount an insured can be paid after making repairs to damaged property
Choose an answer
Characteristics of Insurance
1 Insurance 2
contracts
3 Recoverable Depreciation 4 Principle of indemnity
Don't know?
, Terms in this set (99)
Insurance Transfers risk of financial losses from one party to
another
Insured Individual or organization that pays premiums in
exchange for protection
Insurer Company, group, or government agency offering
financial protection
Insurance policy A legally binding contract in which the insurer
agrees to take on specified risks in exchange for
the insured's premium.
Principle of indemnity Restoration to previous financial condition; no
more, no less
Four Qualifications of a contract: -Agreement
-Consideration
-Competent parties
-Legal Purpose
Declarations - Makes contract specific to the policy holder
-Always establishes first section
- Names, Policy #, Location and description of
item, value of item, dates of policy, amount and
limit of coverage, deductible, premium
Definitions - Not essential
- Defines terms used to write policy
