Adjuster Pro - Florida Certified Adjuster Glossary Updated 2024
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Course
Adjuster
Institution
Adjuster
Adjuster Pro - Florida Certified Adjuster Glossary
Updated 2024
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 ite...
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.
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