Alabama Adjusters License Questions And
Answers
Actual Production History 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 Characteristic of an insurance contract. Means that one party (the insurer) sets ...
Actual Production History 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 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) 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 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
, Alabama Adjusters License Questions And
Answers
represent either the insured or the insurer.
Adjuster - Emergency 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 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 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 Salaried employee of one insurance company who can work locally,
regionally, or nationally. Also called:
Company Adjuster
, Alabama Adjusters License Questions And
Answers
Advance Payment
Settlement 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 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 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.
, Alabama Adjusters License Questions And
Answers
Agency Authority -
Express Authority that is expressly given to the agent in writing. Allows the agent to act
on behalf of the principal.
Agency Authority - Implied Authority that an agent possesses by implication of her
behavior, regardless of whether this authority is
granted in writing. For example, a person portraying herself as a representative for an insurance
company, even though she is not employed by that company.
Agent (Insurance) Someone who has received authority from an insurer to sell or service
insurance policies.
Agreed Value A valued policy in which the insurer and the insured agree to a specific
value for an item, appraised at the
inception of the policy. Often used to insure items whose value is difficult to quantify, such as
antiques or
fine art. Also called a Guaranteed Value policy.
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