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