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Texas All Lines Adjuster Test-Questions and Answers 2023 Accumulated Depreciation - ANSWER-The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date - ANSWER-The deadline$11.49
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Texas All Lines Adjuster Test-Questions and Answers 2023 Accumulated Depreciation - ANSWER-The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date - ANSWER-The deadline
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Texas All Lines Adjuster
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Texas All Lines Adjuster
Texas All Lines Adjuster Test-Questions and Answers
2023
Accumulated Depreciation - ANSWER-The total decrease in an item's value over a
period of time. Formula: (Annual Depreciation x Number of years used)
Acreage Reporting Date - ANSWER-The deadline for providing the insurer with an
acreag...
Texas All Lines Adjuster Test-Questions and Answers
2023
Accumulated Depreciation - ANSWER-The total decrease in an item's value over a
period of time. Formula: (Annual Depreciation x Number of years used)
Acreage Reporting Date - ANSWER-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) - 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)
Actual Production History - ANSWER-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 - ANSWER-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) - 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.
Agency Authority - implied - ANSWER-Authority that an agent possesses by
implication of her behavior, regardless of whether this authority is granted in writing.
Agency Authority - apparent - ANSWER-Authority that an agent possesses based on
the appearance of representing the 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 (as opposed to an occurrence limit, which denotes the total amount the
insurer will pay per occurrence).
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 an insurance contract. Means "depending on
an unknown future event." An insurance contract will only pay IF and WHEN covered
damages occur. Neither party knows how much the contract will end up paying when
they enter into the contract.
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.
Annual Depreciation - ANSWER-An item's Replacement cost divided by the number
of years in its expected lifespan.
Appraisal - ANSWER-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 a settlement amount. If they cannot
agree, the Umpire steps in. Agreement by any two of the three is binding.
Arbitration - ANSWER-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 of each opposing side, and makes a
final and legally binding decision.
, Arbitrator - ANSWER-The mutually-agreed-upon and neutral third party in an
arbitration who reviews the positions of each opposing side, and makes a final and
legally binding decision.
Artificially Generated Current - ANSWER-Also called "artificial current." A peril
covered in some property insurance policies. It includes sudden and accidental
damage from any electrical current, except currents that are naturally generated,
such as lightning or static electricity.
Auto Policy - ANSWER-Insurance policy designed to protect the policyholder while
owning, occupying, or operating a vehicle. Usually combines liability coverage and
property coverage into one policy.
Automobile - ANSWER-In Insurance policies, Automobile generally means any
vehicle designed for use on public roads.
Automobile No-Fault Laws - ANSWER-Laws in effect in some states that require any
owner of a vehicle to purchase no-fault insurance; that is, insurance that indemnifies
the insured regardless of who was at fault in an accident. No-fault laws also restrict
the insured's right to sue the at-fault party.
Aviation - ANSWER-Aviation insurance combines hull insurance for the aircraft and
liability insurance for any damage to others' property or to people who are not
passengers.
Bailee - ANSWER-An individual or company that receives the property of someone
else for a special purpose, and returns the product after use.
BAP - ANSWER-The Business Auto Policy provides property damage and liability
insurance for automobiles used by a business.
Binder - ANSWER-A temporary contract provided by an insurer that ensures
coverage until the complete, permanent policy is issued.
Bl - ANSWER-(Bodily Injury): Physical damage to someone's person. Liability
insurance covers bodily injury that the insured might cause to another person
through negligence.
Body Language - ANSWER-The signals we give through posture, behaviour,
apparel, etc., which are involved in communication.
Boiler & Machinery - ANSWER-Boiler and machinery insurance is 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 - ANSWER-A 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.
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