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Adjuster Pro - Florida Certified Adjuster Glossary**
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Adjuster Pro - Florida Certified Adjuster Glossary**
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Adjuster Pro - Florida CertifiedAdjuster Glossary
Accumulated Depreciation ✔️Ans - The total decrease in an item's value
over a period of time. Formula: (Annual Depreciation x Number of years used)
Actual Cash Value (ACV) ✔️Ans - A valuation method used by insurers to
reflect an item's current market value right before being damaged or
destroyed. Formula: (Replacement cost - Accumulated Depreciation)
Adhesion ✔️Ans - One of the characteristics of an insurance contract.
Means that one party (the insurer) sets the terms, and the other (the insured)
can 'take it or leave it.'
Adjusted Gross Revenue (CropInsurance) ✔️Ans - Narrowest (and least
expensive) form of Crop Revenue Insurance. Insures farm revenue as a whole
instead of individual crops. Guarantees a percentage of the insured farm's
average revenue.
Adjuster ✔️Ans - An agent who, for compensation, processes insurance
claims. Can represent either the insured or the insurer.
Adjuster - Emergency ✔️Ans - Adjusters who are temporarily licensed by
the insurance commissioner to handle claims during catastrophes or
emergencies that produce an overwhelming number of claims in a short
period of time.
Adjuster - Independent ✔️Ans - Self-employed adjusters who contract
with multiple insurers at the same time. Paid on a commission or fee-plus-
expenses basis for each claim. Also called: Fee Adjuster, Bureau Adjuster
Adjuster - Public ✔️Ans - An adjuster who is hired to represent the
claimant and help determine a fair indemnification.Usually specializes in
appraisals and negotiation. Paid commission, usually a percentage of final
settlement.
,Adjuster - Staff ✔️Ans - Salaried employee of one insurance company who
can work locally, regionally, or nationally. Also called: Company Adjuster
Advance Payment Settlement ✔️Ans - A settlement option that lets the
insurer offer some financial relief to the claimant before the claim has been
fully settled. The insurer makes advance payments to the claimant, which are
then subtracted from the final settlement amount. Often used when a claimant
suffers bodily injury and is unable to work.
Agency Authority ✔️Ans - The Agent's authority to act on behalf of
someone else, usually an insurer. This authority is derived from the agent's
contract with the insurer.
Agency Authority - express ✔️Ans - Authority that is expressly given to
the agent in writing. Allows agent to act on behalf of the principal.
Aency Authority - implied ✔️Ans - Authority that an agent possesses by
implication of his behavior, regardless of whether this authority is expressly
granted in writing.
Agency Authority - apparent ✔️Ans - Authority that an agent possesses
based on the appearance of representing an insurer.
Agent ✔️Ans - Someone who has received authority from an insurer to sell
or service insurance policies.
Aggregate Limit ✔️Ans - A type of policy limit found in some health,
liability, and property damage policies. It represents the total amount the
insurer will pay for all losses.
Agreement ✔️Ans - One of the four requirements of a legally binding
contract. All parties involved must agree to the terms of the contract. Can also
refer to a binder, which is the preliminary substance of a contract.
Agricultural Producer ✔️Ans - A business that grows, harvests, and sells
crops for profit.
Aleatory ✔️Ans - A characteristic of insurance contracts; means
depending on an unknown future event."
, Answer ✔️Ans - In liability cases, the defendant's response to a complaint.
There are three possible answers: 1)accept complaint and pay for damages, 2)
deny the complaint, or 3) accept the complaint with a right to insert evidence
into the case.
Annual Depreciation ✔️Ans - An item's Replacement cost divided by the
number of years in its expected lifespan.
Appraisal ✔️Ans - A negotiation method which allows the claimant and
the insurer each to select an appraiser.The two appraisers in turn select an
Umpire. The appraisers then work together to determine asettlement amount.
If they cannot agree, the Umpire steps in. Agreement by any two of thethree is
binding.
Arbitration ✔️Ans - A negotiation method in which the opposing parties
each submit their evidence to a mutually-agreed-upon and neutral third party,
called an arbitrator. The arbitrator reviews the positions ofeach opposing
side, and makes a final and legally binding decision.
Arbitrator ✔️Ans - The mutually-agreed-upon and neutral third party in
an arbitration who reviews the positions ofeach opposing side, and makes a
final and legally binding decision.
Auto Policy ✔️Ans - Insurance policy designed to protect the policyholder
while owning, occupying, or operating avehicle. Usually combines liability
coverage and property coverage into one policy.
Automobile ✔️Ans - In Insurance policies, Automobile generally means
any vehicle designed for use on publicroads.
Automobile No-fault Laws ✔️Ans - Insurance that indemnifies the insured
regardless of who was at fault in an accident; also restrict the insured's right
to sue the at-fault party.
Aviation ✔️Ans - Aviation insurance combines hull insurance for the
aircraft and liability insurance for any damage to others' property or to people
who are not passengers.
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