Alabama Adjusters License Test Exam with 362questions
and answers 100%Correctly verified answers latest update
2024/2025 RATED A+
Accident Insurance - CORRECT ANSWERS Covers expenses
associated with a covered accident and can extend to ambulance and
emergency room
expenses, intensive care, and hospital costs. Accident insurance also
provides for loss of income, and a
death benefit if injuries prove fatal
Accumulated Depreciation - CORRECT ANSWERS The total
decrease in an item's value over a period of time. Formula: (annual
depreciation x number of
years used). Subtract this number from the item's replacement cost
to get its actual cash value (ACV).
Acreage Reporting Date - CORRECT ANSWERS In crop
insurance, the deadline for providing the insurer with an acreage
report, which is used to
determine the amount of coverage needed and the premium charged
for a particular crop.
Actual Cash Value (ACV) - CORRECT ANSWERS 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)
,Alabama Adjusters License Test Exam with 362questions
and answers 100%Correctly verified answers latest update
2024/2025 RATED A+
Actual Production History - CORRECT ANSWERS A history of a
farmer's crop yields over a multi-year period, which is used to
determine the normal
production level of a farm.
Adhesion - CORRECT ANSWERS Characteristic of an insurance
contract. Means that one party (the insurer) sets the terms, and the
other
(the policyholder) can "take it or leave it.
Adjusted Gross Revenue
(Crop Insurance) - CORRECT ANSWERS 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 - CORRECT ANSWERS An agent who, for compensation,
processes insurance claims. The adjuster investigates the damages,
evaluates the claim, and makes a fair and equitable settlement based
on the insurance contract. Can
represent either the insured or the insurer.
,Alabama Adjusters License Test Exam with 362questions
and answers 100%Correctly verified answers latest update
2024/2025 RATED A+
Adjuster - Emergency - CORRECT ANSWERS 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 - CORRECT ANSWERS 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 - CORRECT ANSWERS 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 - CORRECT ANSWERS Salaried employee of one
insurance company who can work locally, regionally, or nationally.
Also called:
Company Adjuster
, Alabama Adjusters License Test Exam with 362questions
and answers 100%Correctly verified answers latest update
2024/2025 RATED A+
Advance Payment
Settlement - CORRECT ANSWERS 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 - CORRECT ANSWERS The agent's authority to
act on behalf of someone else (the principal), usually an insurer. This
authority is
derived from the agent's contract with the principal. It can be
apparent, express, or implied
Agency Authority -
Apparent - CORRECT ANSWERS Indirect authority that the
agent can reasonably be assumed to have, based on appearances. If
an
adjuster is equipped to represent an insurer (with the insurer's
permission), then an individual can assume
that the adjuster has the authority to act on the insurer's behalf.
Agency Authority -
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