Company or staff adjuster - Study guides, Class notes & Summaries

Insurance Level 1 test Alberta Questions and Answers Already Passed Insurance A contract in which one party, the insurer, for monetary consideration agrees to reimburse another, the insured for loss or liability for a loss on a defined subject caused by specific hazards or perils Indemnify To provide compensation for loss or expenses incurred Insurance Model Fund Income (Premiums)-Insurance Fund (Insurance)-Fund Outgo (claim payments) Premium The price of insurance protection f...

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) Adhesion - ANSWER-One of the characteristics of an insurance contract. Means that one party (the insurer) sets the terms, and the other ...

Alabama adjuster exam pt 2 Exam Questions and Answers (verified answers) 739 Questions 2024/2025 RATED A+Define: Claimant - CORRECT ANSWERS A person or entity that requests indemnification for losses under the terms of an insurance policy Define: Adjuster - CORRECT ANSWERS Person who investigates, evaluates, and negotiates claims arising under insurance contracts Define: Adjusting - CORRECT ANSWERS The process of comparing a claimant's losses to the promises made in an insurance policy ...

Florida Claims Adjuster Exam 2023 1. Peril: Something that causes a loss. 2. Hazard: Something that increases the probability that a loss will occur. 3. Warranty: A policy condition, either based on information in the i nsureds appli- cation or inserted by the insurer. It is a guarantee of a fact. 4. Misrepresentation: An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. 5. Concealment: Th...

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) 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." Adjuster - Answer An agent who, for compensation, processes insurance claims. Can represent either the in...

Texas All Lines Adjuster 2024 License Test – With Questions & Answers (Rated A+) Texas All Lines Adjuster 2024 License Test – With Questions & Answers (Rated A+) 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 charg...

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) Adhesion - Answer- One of the characteristics of an insurance contract. Means that one party (the insurer) sets the terms, and the oth...

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) Adhesion - ANSWER-One of the characteristics of an insurance contract. Means that one party (the insurer) sets the terms, and the other ...

Abandonment correct answers When an insured relinquishes its claim to property to the insurer. Adjuster correct answers Licensed insurance professional who investigates or adjusts losses and also supervises the handling of claims. Adjuster, Staff and Independent correct answers Works for and represents the interests of an insurance company, either as a staff member or as an independent contractor to an insurer, including self-insurer. Adjuster, Publiic correct answers Works for and repr...

Insurance Correct Answer transfer of risk Insurance Correct Answer transfer of risk Accident Insurance Correct Answer 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 Correct Answer The total decrease in an item's value over a period of time. Formula: (annual depreciation...