Adjuster Pro - Florida Certified Adjuster Glossary Exam Questions with 100% Correct Answers
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Adjuster Pro - Florida Certified Adjuster Glossar
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Adjuster Pro - Florida Certified Adjuster Glossar
Adjuster Pro - Florida Certified Adjuster Glossary Exam Questions with 100% Correct Answers
.Accumulated Depreciation - Answer-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) - Answer-A valuation met...
Adjuster Pro - Florida Certified
Adjuster Glossary Exam
Questions with 100% Correct
Answers
.Accumulated Depreciation - Answer-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) - 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)
.Adequate Premiums - Answer-Insurer must be able to cover claims with premiums income. Ex: S.Texas
homeowner polices exclude hurricane coverage because the disasters have been too large in scale
.Adhesion - Answer-One of the characteristics of an insurance contract. Means that one party (the insurer) sets
the terms, and the other (the insured) can 'take it or leave it.'
.Adjusted Gross Revenue (CropInsurance) - 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.
.Aency Authority - implied - Answer-Authority that an agent possesses by implication of his behavior, clothing
etc, regardless of whether this authority is expressly granted in writing.
.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 - apparent - Answer-Authority that an agent possesses based on the appearance of
representing an insurer.
Indirect authority granted when the insurer does not act even when the agent is incorrect
.Agency Authority - express - Answer-Authority that is expressly given to the agent in writing. Allows agent to
, act on behalf of the principal.
.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.
.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 insurance contracts; means depending on an unknown future event."
.An insurance contract has 4 parts: - Answer-D- Declarations Pages/Definitions
I- Insuring Agreement
C- Conditions
E-Exclusions/Endorsements
.Annual Depreciation - Answer-An item's Replacement cost divided by the number of years in its expected
lifespan.
.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.
.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
asettlement amount. If they cannot agree, the Umpire steps in. Agreement by any two of thethree is binding.
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