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Adjuster Pro - Florida Certified Adjuster Glossary WITH 100- CORRECT ANSWERS 2024
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Adjuster Pro - Florida Certified Adjuster Glossary WITH 100- CORRECT ANSWERS 2024
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Adjuster Pro - Florida CertifiedAdjuster Glossary WITH 100%
CORRECT ANSWERS 2024
Accumulated Depreciation - answer 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) - answer 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 - answer 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) - answer
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 - answer An agent who, for compensation,
processes insurance claims. Can represent either
the insured or the insurer.
Adjuster - Emergency - answer 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 - answer 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 - answer 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 - answer Salaried employee of one
insurance company who can work locally,
regionally, or nationally. Also called: Company
Adjuster
,Advance Payment Settlement - answer 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 - answer 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 - answer Authority that
is expressly given to the agent in writing. Allows
agent to act on behalf of the principal.
Aency Authority - implied - answer Authority that
an agent possesses by implication of his behavior,
regardless of whether this authority is expressly
granted in writing.
Agency Authority - apparent - answer Authority
that an agent possesses based on the appearance
of representing an insurer.
, Agent - answer Someone who has received
authority from an insurer to sell or service
insurance policies.
Aggregate Limit - answer 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 - answer 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 - answer A business that
grows, harvests, and sells crops for profit.
Aleatory - answer A characteristic of insurance
contracts; means depending on an unknown future
event."
Answer - answer 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.
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