Social Science Business Insurance
Adjuster Pro - Insurance adjuster test EXAM
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Florida 240 License Xcel Final Exam 2025 AHIP - Nondisc
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Claim filed by a policy holder against his or her own insurance policy
Choose matching term
1 First party claims 2 Second party claims
3 Third party claims 4 Fourth party claims
Don't know?
What is insurance? protection against financial loss
what is a premium a scheduled amount to be paid for an insurance policy.
premiums are collected into a "pool" or "reserve to pay out
What are premiums used for
claimants when needed.
, how can insurance companies the insurer collects premiums from all policy holders and uses
afford to pay for an individuals them to pay out the claims of a few.
catastrophic loss?
payment for damages, that is not more or less than the amount
what is Indemnity
caused by the damage.
insurance will pay no more or less than the actual financial loss
principle of idemnity
suffered
repairs to property
reimbursement for additional living expenses
indemnification may also include
rental cars and hotels
costs directly associated with a loss
1. Agreement
2. Consideration
4 Parts of Legal Contract
3. Competent Parties
4. Legal Purpose
legal contract - agreement mutual intent by offeror and offeree
1. Personal
2. adhesion
six special characteristics of 3. utmost good faith
insurance contracts 4. aleatory
5. unilateral
6. conditional
what kind of contract is an Personal contract
insurance policy?
the insured must accept the entire contract with all of its terms
what is a contract of adhesion
and conditions
An obligation to act in complete honesty and to disclose all
Utmost Good Faith
relevant facts.
a contract where the values exchanged may not be equal but
Aleatory Contract
depend on an uncertain event
insurance agrees that they must pay in event of a claim. the
Unilateral Contract insured can stop paying premiums at any point.
only the insurer has promised to perform an action.
A type of an agreement in which both parties must perform
Conditional Contract certain duties and follow rules of conduct to make the contract
enforceable.
DICE
D - declarations page
Acronym for the four sections of
I - Insuring Agreement
an Insurance policy
C- Conditions
E - Exclusions
Always the first section - establishes the following
Names of both parties
Policy number
Location and description of insured item
Decelerations section
Dates of the policy
Amount and limit of coverage
Deductible
Premium
Adjuster Pro - Insurance adjuster test EXAM
QUESTIONS WITH ACCURATE VERIFIED
ANSWERS (ACCURATE SOLUTIONS) A+
PASSED!!
Save
Students also studied
Flashcard sets Study guides
Florida 240 License Xcel Final Exam 2025 AHIP - Nondisc
Teacher 347 terms 243 terms Teacher 14 terms
Wanyeki_Dan Preview Preview Ash_Wairimu3
Stretch your brain before your first study session
Learn 1 /7 Study with Learn
Claim filed by a policy holder against his or her own insurance policy
Choose matching term
1 First party claims 2 Second party claims
3 Third party claims 4 Fourth party claims
Don't know?
What is insurance? protection against financial loss
what is a premium a scheduled amount to be paid for an insurance policy.
premiums are collected into a "pool" or "reserve to pay out
What are premiums used for
claimants when needed.
, how can insurance companies the insurer collects premiums from all policy holders and uses
afford to pay for an individuals them to pay out the claims of a few.
catastrophic loss?
payment for damages, that is not more or less than the amount
what is Indemnity
caused by the damage.
insurance will pay no more or less than the actual financial loss
principle of idemnity
suffered
repairs to property
reimbursement for additional living expenses
indemnification may also include
rental cars and hotels
costs directly associated with a loss
1. Agreement
2. Consideration
4 Parts of Legal Contract
3. Competent Parties
4. Legal Purpose
legal contract - agreement mutual intent by offeror and offeree
1. Personal
2. adhesion
six special characteristics of 3. utmost good faith
insurance contracts 4. aleatory
5. unilateral
6. conditional
what kind of contract is an Personal contract
insurance policy?
the insured must accept the entire contract with all of its terms
what is a contract of adhesion
and conditions
An obligation to act in complete honesty and to disclose all
Utmost Good Faith
relevant facts.
a contract where the values exchanged may not be equal but
Aleatory Contract
depend on an uncertain event
insurance agrees that they must pay in event of a claim. the
Unilateral Contract insured can stop paying premiums at any point.
only the insurer has promised to perform an action.
A type of an agreement in which both parties must perform
Conditional Contract certain duties and follow rules of conduct to make the contract
enforceable.
DICE
D - declarations page
Acronym for the four sections of
I - Insuring Agreement
an Insurance policy
C- Conditions
E - Exclusions
Always the first section - establishes the following
Names of both parties
Policy number
Location and description of insured item
Decelerations section
Dates of the policy
Amount and limit of coverage
Deductible
Premium
