Adjuster Pro - Insurance Adjuster Test 154 Correctly Answered Questions Latest Update

proximate cause {Ans: Unbroken chain of events between an occurrence and a loss - then that occurrence is the proximate cause of the loss}six special characteristics of insurance contracts {Ans: 1. Personal 2. adhesion 3. utmost good faith 4. aleatory 5. unilateral 6. conditional}principle of idemnity {Ans: insurance will pay no more or less than the actual financial loss suffered}Utmost Good Faith {Ans: An obligation to act in complete honesty and to disclose all relevant facts.}Express Authority {Ans: Authority directly granted to an agent via the contract -sell polices -collect premiums -issue binders - offer discounts - cancel insurance}Co-insurance penalty {Ans: If property is underinsured, the insurer will only cover a percentage of partial losses If multiple partial losses occur, the low premiums are not enough for the insurer to cover all the damages}