5 Questions
What is an Aleatory Contract?
A contract in which both parties will benefit equally
What is an Aggregate Limit?
The limit expressed in a Commercial Liability policy
What is an Adventure?
A term used in Ocean Marine insurance clauses that describes what the vessel may and may not do on its voyage
What is an Alien Company?
A company started or chartered in a country other than the U.S.
What is an Adjuster's records?
All of the above
Study Notes
- An insurance adjuster is a licensed professional who investigates or adjusts losses and also supervises the handling of claims.
- An adjuster's records include initial or field records, interim or status reports, and formal records.
- Adventure is a term used in Ocean Marine insurance clauses that describes what the vessel may and may not do on its voyage to remain covered.
- Aggregate Limit is the limit expressed in a Commercial Liability policy indicating how much an insurance company will pay in total during any policy period.
- Agreed Value is a method of valuation in which the insured and the insurance company agree on the value of an insured item before a loss occurs. If and when a covered loss does occur, the company pays the Agreed Value of the item without considering depreciation.
- Aleatory Contract is a contract in which both parties will not benefit equally. For example, you could buy a car, pay car insurance premiums for ten years, never have an accident, and never file a claim, then sell the car without every collecting a cent from the insurance company. On the other hand, you could buy a car, insure it and then wreck it three weeks late and collect thousands of dollars.
- Alien Company is a company started or chartered in a country other than the U.S.
- Arbitration is a process under which two parties (the insured and the insurance company) can settle a claim dispute without the need to go to court.
- Assailing Thieves (Piracy) is a covered peril under an Ocean Marine policy it covers loss due to pirates.
- An insurance company undertakes a risk when they underwrite a policy.
- At the end of a policy period, an insurance company will audit the risk to see if they are owed premium.
- An authorized company is a company that has been granted a certificate of authority by the state in which they are doing business.
Test your knowledge of insurance adjusters and policy terms with this quiz. Learn about the responsibilities of insurance adjusters, different types of insurance policies, and key terms related to insurance contracts and coverage.
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