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2024 Update|Texas All Lines Adjuster Test| LATEST|COMPLETE FREQUENTLY MOST TESTED QUESTIONS WITH VERIFIED ANSWERS/ALREADY GREADED A+ |GET IT 100% ACCURATE!!$15.99
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2024 Update|Texas All Lines Adjuster Test| LATEST|COMPLETE FREQUENTLY MOST TESTED QUESTIONS WITH VERIFIED ANSWERS/ALREADY GREADED A+ |GET IT 100% ACCURATE!!
2024 Update|Texas All Lines Adjuster Test| LATEST|COMPLETE FREQUENTLY MOST TESTED QUESTIONS WITH VERIFIED ANSWERS/ALREADY GREADED A+ |GET IT 100% ACCURATE!!
10/30/24, 7:05 AM 2024 Update|Texas All Lines Adjuster Test|2024-2025 LATEST|COMPLETE FREQUENTLY MOST TESTED QUESTIONS WI…
2024 Update|Texas All Lines Adjuster Test|2024-
2025 LATEST|COMPLETE FREQUENTLY MOST
TESTED QUESTIONS WITH VERIFIED
ANSWERS/ALREADY GREADED A+ |GET IT 100%
ACCURATE!!
Terms in this set (283)
The total decrease in an item's value over a period
Accumulated
of time. Formula: (Annual Depreciation x Number of
Depreciation
years used)
The deadline for providing the insurer with an
acreage report, which is used to determine the
Acreage Reporting Date
amount of coverage needed and the premium
charged for a particular crop.
A valuation method used by insurers to reflect an
item's current market value right before being
Actual Cash Value (ACV)
damaged or destroyed. Formula: (Replacement cost
- Accumulated Depreciation)
A history of a farmer's crop yields over a multi-year
Actual Production
period, which is used to determine the normal
History
production level of a farm.
Characteristic of an insurance contract. Means that
Adhesion one party (the insurer) sets the terms, and the other
(the policyholder) can "take it or leave it."
Narrowest (and least expensive) form of Crop
Adjusted Gross Revenue Revenue Insurance. Insures farm revenue as a whole
(Crop Insurance) instead of individual crops. Guarantees a
percentage of the insured farm's average revenue.
, 10/30/24, 7:05 AM 2024 Update|Texas All Lines Adjuster Test|2024-2025 LATEST|COMPLETE FREQUENTLY MOST TESTED QUESTIONS WI…
An agent who, for compensation, processes
Adjuster insurance claims. Can represent either the insured or
the insurer.
Adjusters who are temporarily licensed by the
insurance commissioner to handle claims during
Adjuster - Emergency catastrophes or emergencies that produce an
overwhelming number of claims in a short period of
time.
Self-employed adjusters who contract with multiple
insurers at the same time. Paid on a commission or
Adjuster - Independent
fee-plus-expenses basis for each claim. Also called:
Fee Adjuster, Bureau Adjuster
An adjuster who is hired to represent the claimant
and help determine a fair indemnification. Usually
Adjuster - Public specializes in appraisals and negotiation. Paid
commission, usually a percentage of final
settlement.
Salaried employee of one insurance company who
Adjuster - Staff can work locally, regionally, or nationally. Also
called: Company Adjuster
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
Advance Payment
payments to the claimant, which are then subtracted
Settlement
from the final settlement amount. Often used when
a claimant suffers bodily injury and is unable to
work.
The Agent's authority to act on behalf of someone
Agency Authority else, usually an insurer. This authority is derived from
the agent's contract with the insurer.
Authority that is expressly given to the agent in
Agency Authority -
writing. Allows agent to act on behalf of the
express
principal.
Authority that an agent possesses by implication of
Agency Authority -
her behavior, regardless of whether this authority is
implied
granted in writing.
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