Insurance Basics for Adjusters Take this Course Course Content Expand All | Collapse All Lessons Status 1 Elements of a Contract Consideration Competent Parties Legal Purpose Agreement 2 Insurance Contract Characteristics Aleatory Contract of Adhesion Personal Contract Unilateral Contract Conditional Contract 3 Legal Interpretations Affecting Contracts Ambiguities in a Contract of Adhesion Reasonable Expectations Indemnity Utmost Good Faith Warranties and Representations Fraud Waiver and Estoppel 4 Insurable Interest and Underwriting Insurable Interest Underwriting Hazards 5 Negligence Torts Elements of a Negligent Act Defenses against Negligence Comparative Negligence Contributory Negligence Assumption of Risk Intervening Cause Statute of Limitations 6 Liability and Damages Property & Casualty Insurance Types of Liability Damages 7 Losses and Perils Direct and Indirect Losses Named Peril and Open Peril 8 Loss Valuation and Construction Loss Valuation Loss Valuation Methods Types of Construction 9 Policy Structure Policy Structure Declarations Exclusions Endorsements Definitions Insuring Agreement Supplementary Coverage Conditions 10 Common Policy Provisions Policy Period Policy Territory Cancellation and Non-Renewal Deductibles Other Insurance Primary and Excess Pro Rata Contribution by Equal Shares 11 Limits of Liability Accident vs. Occurrence Split Limits Combined Single Limit Aggregate Limit Restoration of Limits 12 Coinsurance Exposure and Limit of Insurance Purpose of Coinsurance Coinsurance Penalty Coinsurance Formula Policies with Coinsurance 13 Blanket and Vacancy Blanket, Specific, and Scheduled Insurance Vacant vs. Unoccupied 14 Named Insured Provisions Insureds Duties After Loss Ownership 15 Insurer Provisions Subrogation Claims Settlement Options Duty to Defend Liberalization 16 Third-Party Provisions Standard Mortgage Clause Rights of the Mortgagee Loss Payable Clause No Benefit to the Bailee