Exam (elaborations)
Adjuster Pro - Florida Certified Adjuster Glossary 2024/2025 already graded A+
- Course
- Institution
Adjuster Pro - Florida Certified Adjuster Glossary 2024/2025 already graded A+
[Show more]
Content preview
Adjuster Pro - Florida Certified AdjusterGlossary
Accumulated Depreciation - ANSThe total decrease in an item's value over a period of time.
Formula: (Annual Depreciation x Number of years used)
Actual Cash Value (ACV) - ANSA 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 - ANSOne 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) - ANSNarrowest (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 - ANSAn agent who, for compensation, processes insurance claims. Can represent
either the insured or the insurer.
Adjuster - Emergency - ANSAdjusters 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 - ANSSelf-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 - ANSAn 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 - ANSSalaried employee of one insurance company who can work locally,
regionally, or nationally. Also called: Company Adjuster
Advance Payment Settlement - ANSA 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 - ANSThe 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 - ANSAuthority that is expressly given to the agent in writing. Allows
agent to act on behalf of the principal.
Aency Authority - implied - ANSAuthority that an agent possesses by implication of his behavior,
regardless of whether this authority is expressly granted in writing.
Agency Authority - apparent - ANSAuthority that an agent possesses based on the appearance
of representing an insurer.
Agent - ANSSomeone who has received authority from an insurer to sell or service insurance
policies.
Aggregate Limit - ANSA 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 - ANSOne 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 - ANSA business that grows, harvests, and sells crops for profit.
Aleatory - ANSA characteristic of insurance contracts; means depending on an unknown future
event."
Answer - ANSIn 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 - ANSAn item's Replacement cost divided by the number of years in its
expected lifespan.
Appraisal - ANSA 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 - ANSA 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 - ANSThe 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 - ANSInsurance policy designed to protect the policyholder while owning,
occupying, or operating avehicle. Usually combines liability coverage and property coverage
into one policy.
Automobile - ANSIn Insurance policies, Automobile generally means any vehicle designed for
use on publicroads.
Automobile No-fault Laws - ANSInsurance 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 - ANSAviation insurance combines hull insurance for the aircraft and liability insurance
for any damage to others' property or to people who are not passengers.
Bailee - ANSAn individual or company that receives the property of someone else for a special
purpose, and returns the product after use.
BAP - ANSThe Business Auto Policy provides property damage and liability insurance for
automobiles used by a business.
Binder - ANSA temporary contract provided by an insurer that ensures coverage until the
complete, permanent policy is issued.
BI - ANS(Bodily Injury): Physical damage to someone's person.
Body Language - ANSThe signals we give through posture, behaviour, apparel, etc., which are
involved in communication.
Boiler & Machinery - ANSInsurance designed to indemnify a business for damages to, and
damages by, boilers, machinery, motors, generators and a variety of other electrical devices and
appliances.
Bond - ANSA contract wherein one party guarantees the performance of a third party. Bonds
involve three parties: (1) the surety agrees to pay the second party (2) the obligee if the third
party (3) the principal neglects to carry out an obligation it has to the obligee.
Breach of Product Warranty - ANSThe failure or falsehood of a stated promise of a product
stipulation.
Business Personal Property - ANSMoveable property used for business
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ashley96. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now