Kentucky Adjuster Exam Prep || Save
Exam study guide COMPLETE
EXAM Questions and Answers
(Verified Answers) (Latest Update
2026) UPDATE!!
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
Exam study guide COMPLETE
EXAM Questions and Answers
(Verified Answers) (Latest Update
2026) UPDATE!!
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