Staff adjusters - Study guides, Class notes & Summaries

FL Adjusters License Practice Exams 2023 Which of the following is NOT one of the four critical elements of a contract? (A) A mutual understanding and agreement with the terms of the contract. (B) Written evidence of the agreement and its terms. (C)A legal purpose. (D)Consideration, consisting of money or a promise of performance. Correct Answer: (B) Written evidence of the agreement and its terms. Assume that five years ago a couple insured their home for [its then appraise...

claim a demand by a person or business seeking to recover from an insurer for a loss that may be covered by an insurance policy claimant anyone who submits a claim to an insurer first party the insured in an insurance contract third party a person or business who is not a party to the insurance contract bu who asserts a claim against the insured claim representative (or adjuster) a person responsible for verifying coverage, determining the cause of loss, determining the amount of damages ...

Adjuster Pro - Florida Certified Adjuster Glossary Questions with 100% Verified Correct Answers 2024/2025 Accumulated Depreciation - Correct 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) - Correct 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) Adhesion - Co...

Texas All Lines Adjuster Test with Verified Answers Updated 2024 Accumulated Depreciation The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date 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) A valuation method used by insurers to reflect an item's current ...

Texas All-Lines AdjustingAccumulated Depreciation - correct 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) - correct answer An item's current market value right before being damaged or destroyed. Formula: (Replacement Cost-Accumulated Depreciation) Adhesion - correct answer One of the characteristics of an insurance contract. One party sets the terms and the other party can "take it or...

Texas All Lines Adjuster Test 2024 Verified Questions Graded A+ Accumulated Depreciation The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date 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) A valuation method used by insurers to reflect an item's current m...

Antonia has a general liability policy with a self-insured retention of $50,000. The policy has an occurrence limit of $250,000 and an aggregate limit of $500,000. She had submitted one prior claim this policy term for which $100,000 was paid by the insurer. How much will Antonia's insurer pay on a subsequent claim under the same policy period that is valued at $400,000? Select one: A. $200,000 B. $250,000 C. $400,000 D. $500,000 - B. $250,000 After the SIR limit had been reached, the ...

Agent one who receives the authority to act on behalf of someone else Sales agent Contracted to sell and service insurance policies on behalf of the insurer Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:54 Full screen 6 Ways to Show Appreciation for Your Child's Teacher Adjusters Contracted to settle claims that arise against the insurer Power to bind What the agent says or does can bind the insurer Agents should take the utm...

Texas All Lines Adjuster License Study Guide Exam Questions & Answers 2024 Staff Adjuster - ANSWERSAdjusters who work exclusively for an insurance company Independent adjuster - ANSWERSAn individual who is employed as an independent contractor to an adjusting / staffing company and handles claims for an insurance company Public adjuster - ANSWERSAdjusters that represent the insured by negotiating claims with the insurance company. Insurer - ANSWERSAny insurance company or self-insu...

Alabama Adjusters License Latest Update Graded A+ Accident Insurance Covers expenses associated with a covered accident and can extend to ambulance and emergency room expenses, intensive care, and hospital costs. Accident insurance also provides for loss of income, and a death benefit if injuries prove fatal Accumulated Depreciation The total decrease in an item's value over a period of time. Formula: (annual depreciation x number of years used). Subtract this number from the ite...