Claims Adjuster Exam with 100% Correct
Answers 2023
Insurance - Correct answer--an economic device used to protect against extreme
unforeseen loss
- the transfer of risk from one party to another
Premium - Correct a
...
Claims Adjuster Exam with 100% Correct
Answers 2023
Insurance - Correct answer--an economic device used to protect against extreme
unforeseen loss
- the transfer of risk from one party to another
Premium - Correct answer--the fee paid by the insured in exchange for insurance
Principle of Indemnity - Correct answer--the insurer should be restored to where they
were before the incident
-no profit can be made
Idemnification - Correct answer--to compensate for loss or damage; to provide security
for financial reimbursement to an individual in case of a specified loss incurred by the
person
4 Elements of a Legal Contract - Correct answer--Agreement- signature or handshake
-Consideration- money exchange
-Competent Parties-18 yrs. old, sober, sane
-Legal Purpose-no contracts for money laundering
Insured - Correct answer-individual who pays premiums in exchange for protection
-can be a person, person's or an organization
- "You," "Your," or "Your's"
(if the insured is a group it is important to list the "first named insured,"- because that is
the only one that can authorize changes to the policy)
Insurer - Correct answer--company or group offering insurance
-can be a government organization
-terms- "We," "Us," and "Our
6 Characteristics of a Contract:
Personal - Correct answer--protects the person (insured) from loss
-does not protect property from becoming damaged
-coverage follows the person not the property
6 Characteristics of a Contract:
Adhesion - Correct answer--one party dictates terms
-the insured has no power to write the contract
-courses will favor the insured in a case of ambiguity
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