Adjuster Pro - Insurance adjuster test Questions & Answers
Test QUESTIONS AND VERIFIED SOLUTIONS |2026|
ELABORATED &DETAILED ANSWERS!!
What is insurance? - (ANSWERS)protection against financial loss
What is a premium - (ANSWERS)a scheduled amount to be paid for an
insurance policy.
What are premiums used for - (ANSWERS)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? - (ANSWERS)the insurer collects premiums from all policy holders
and uses them to pay out the claims of a few.
What is Indemnity - (ANSWERS)payment for damages, that is not more or
less than the amount caused by the damage.
Principle of idemnity - (ANSWERS)insurance will pay no more or less than
the actual financial loss suffered
Indemnification may also include - (ANSWERS)repairs to property
Reimbursement for additional living expenses
,Adjuster Pro - Insurance adjuster test Questions & Answers
Test QUESTIONS AND VERIFIED SOLUTIONS |2026|
ELABORATED &DETAILED ANSWERS!!
Rental cars and hotels
Costs directly associated with a loss
4 Parts of Legal Contract - (ANSWERS)1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
Legal contract - agreement - (ANSWERS)mutual intent by offeror and
offeree
Six special characteristics of insurance contracts - (ANSWERS)1. Personal
2. Adhesion
3. Utmost good faith
4. Aleatory
5. Unilateral
6. Conditional
What kind of contract is an insurance policy? - (ANSWERS)Personal
contract
, Adjuster Pro - Insurance adjuster test Questions & Answers
Test QUESTIONS AND VERIFIED SOLUTIONS |2026|
ELABORATED &DETAILED ANSWERS!!
What is a contract of adhesion - (ANSWERS)the insured must accept the
entire contract with all of its terms and conditions
Utmost Good Faith - (ANSWERS)An obligation to act in complete honesty
and to disclose all relevant facts.
Aleatory Contract - (ANSWERS)a contract where the values exchanged
may not be equal but depend on an uncertain event
Unilateral Contract - (ANSWERS)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 - (ANSWERS)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 - (ANSWERS)DICE
D - declarations page
I - Insuring Agreement
C- Conditions
Test QUESTIONS AND VERIFIED SOLUTIONS |2026|
ELABORATED &DETAILED ANSWERS!!
What is insurance? - (ANSWERS)protection against financial loss
What is a premium - (ANSWERS)a scheduled amount to be paid for an
insurance policy.
What are premiums used for - (ANSWERS)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? - (ANSWERS)the insurer collects premiums from all policy holders
and uses them to pay out the claims of a few.
What is Indemnity - (ANSWERS)payment for damages, that is not more or
less than the amount caused by the damage.
Principle of idemnity - (ANSWERS)insurance will pay no more or less than
the actual financial loss suffered
Indemnification may also include - (ANSWERS)repairs to property
Reimbursement for additional living expenses
,Adjuster Pro - Insurance adjuster test Questions & Answers
Test QUESTIONS AND VERIFIED SOLUTIONS |2026|
ELABORATED &DETAILED ANSWERS!!
Rental cars and hotels
Costs directly associated with a loss
4 Parts of Legal Contract - (ANSWERS)1. Agreement
2. Consideration
3. Competent Parties
4. Legal Purpose
Legal contract - agreement - (ANSWERS)mutual intent by offeror and
offeree
Six special characteristics of insurance contracts - (ANSWERS)1. Personal
2. Adhesion
3. Utmost good faith
4. Aleatory
5. Unilateral
6. Conditional
What kind of contract is an insurance policy? - (ANSWERS)Personal
contract
, Adjuster Pro - Insurance adjuster test Questions & Answers
Test QUESTIONS AND VERIFIED SOLUTIONS |2026|
ELABORATED &DETAILED ANSWERS!!
What is a contract of adhesion - (ANSWERS)the insured must accept the
entire contract with all of its terms and conditions
Utmost Good Faith - (ANSWERS)An obligation to act in complete honesty
and to disclose all relevant facts.
Aleatory Contract - (ANSWERS)a contract where the values exchanged
may not be equal but depend on an uncertain event
Unilateral Contract - (ANSWERS)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 - (ANSWERS)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 - (ANSWERS)DICE
D - declarations page
I - Insuring Agreement
C- Conditions
