Adjuster Pro Exam Prep 2026 COMPLETE
EXAM QUESTIONS AND ACCURATE
ANSWERS |ALREADY PASSED!!
What is insurance? -CORRECTANSWER protection against financial loss
what is a premium -CORRECTANSWER a scheduled amount to be paid for an
insurance policy.
What are premiums used for -CORRECTANSWER premiums are collected into a "pool"
or "reserve to pay out claimants when needed.
how can insurance companies afford to pay for an individuals catastrophic loss? -
CORRECTANSWER the insurer collects premiums from all policy holders and uses
them to pay out the claims of a few.
what is Indemnity -CORRECTANSWER payment for damages, that is not more or less
than the amount caused by the damage.
principle of idemnity -CORRECTANSWER insurance will pay no more or less than the
actual financial loss suffered
,indemnification may also include -CORRECTANSWER repairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
4 Parts of Legal Contract -CORRECTANSWER 1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement -CORRECTANSWER mutual intent by offeror and offeree
six special characteristics of insurance contracts -CORRECTANSWER 1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
what kind of contract is an insurance policy? -CORRECTANSWER Personal contract
what is a contract of adhesion -CORRECTANSWER the insured must accept the entire
contract with all of its terms and conditions
, Utmost Good Faith -CORRECTANSWER An obligation to act in complete honesty and
to disclose all relevant facts.
Aleatory Contract -CORRECTANSWER a contract where the values exchanged may
not be equal but depend on an uncertain event
Unilateral Contract -CORRECTANSWER 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 -CORRECTANSWER 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 -CORRECTANSWER DICE
D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions
Decelerations section -CORRECTANSWER Always the first section - establishes the
following
EXAM QUESTIONS AND ACCURATE
ANSWERS |ALREADY PASSED!!
What is insurance? -CORRECTANSWER protection against financial loss
what is a premium -CORRECTANSWER a scheduled amount to be paid for an
insurance policy.
What are premiums used for -CORRECTANSWER premiums are collected into a "pool"
or "reserve to pay out claimants when needed.
how can insurance companies afford to pay for an individuals catastrophic loss? -
CORRECTANSWER the insurer collects premiums from all policy holders and uses
them to pay out the claims of a few.
what is Indemnity -CORRECTANSWER payment for damages, that is not more or less
than the amount caused by the damage.
principle of idemnity -CORRECTANSWER insurance will pay no more or less than the
actual financial loss suffered
,indemnification may also include -CORRECTANSWER repairs to property
reimbursement for additional living expenses
rental cars and hotels
costs directly associated with a loss
4 Parts of Legal Contract -CORRECTANSWER 1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
legal contract - agreement -CORRECTANSWER mutual intent by offeror and offeree
six special characteristics of insurance contracts -CORRECTANSWER 1. Personal
2. adhesion
3. utmost good faith
4. aleatory
5. unilateral
6. conditional
what kind of contract is an insurance policy? -CORRECTANSWER Personal contract
what is a contract of adhesion -CORRECTANSWER the insured must accept the entire
contract with all of its terms and conditions
, Utmost Good Faith -CORRECTANSWER An obligation to act in complete honesty and
to disclose all relevant facts.
Aleatory Contract -CORRECTANSWER a contract where the values exchanged may
not be equal but depend on an uncertain event
Unilateral Contract -CORRECTANSWER 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 -CORRECTANSWER 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 -CORRECTANSWER DICE
D - declarations page
I - Insuring Agreement
C- Conditions
E - Exclusions
Decelerations section -CORRECTANSWER Always the first section - establishes the
following
