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

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...

The one who receives the authority to act on behalf of someone else? - Agent what does a sale's agent receive authority for? - to sell An insurance agent receives authority to what? - Settle claims brought against the insurer How do agents receive their authority? - written contract What is the power to bind? - an agent's authority can bind: -what an agent says or does can bind insurer -agents should take the utmost care in what they say or do -even if insure makes mistakes,...

Accumulated Depresciation correct answersThe 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 answersAn item's current market value right before being damaged or destroyed. Formula: (Replacement Cost-Accumulated Depreciation) Adhesion correct answersOne of the characteristics of an insurance contract. One party sets the terms and the other party can "take it or leave". Adjusted Gross Re...

Indiana Adjuster Pre-Licensing Exam Questions and Answers Graded A+ What is an Agent? -Answer-One who receives authority to act on behalf of someone else Who are the two agents? -Answer-Sales Agent & Insurance Adjuster What is Power to Bind -Answer-What the agent says or does can bind the insurer What are the three responsibilities? -Answer-Adhere/follow the contract, Use good judgment and care at all times, Provide necessary info to the insurer. What are the three types of Authority? -A...

- ANSWER transfer of risk insurance - ANSWER transfer of risk insurance Accident Insurance - 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 - ANSWER The total decrease in an item's value over a period of time. Formula: (annual depreciation x number of years used)...

Texas All Lines Adjuster Test 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...

Insurance adjuster CORRECT ANSWER Any person who, as an independent contractor, or as an employee of an independent contractor, adjustment bureau, association, insurance company or corporation, local recording agent, managing general agent, or self-insured, investigates or adjusts losses on behalf of either an insurer or a self insured, or any person who supervises the handling of claims. Staff Adjusters CORRECT ANSWER On the payroll of an insurance company and are paid a salary or by hour ...

Texas All Lines Adjuster Test Latest 2024 Graded 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 charged for a particular crop. Actual Cash Value (ACV) - Answer ️️ -A valuation method used by insurers t...

USAA Licensing Exam QUESTIONS AND ANSWERS | VERIFIED UPDATE Insurance - ANSWER Transfer of risk from one person or organization to an insurance company Indemnity - ANSWER The principle to restore the insured to the pre-loss economic or financial condition. Law of Large numbers - ANSWER Mathematical principle used by insurers to predict losses to charge the appropriate premiums Insurable Interest - ANSWER Proof that someone stands to lose financially if a loss occurs; must exist at ...

Although most policies are occurrence forms, covering claims that occur during the policy period, some are claims-made forms. Which one of the following types of loss is most likely to involve a claims-made form? Select one: A. An automotive collision claim. B. A homeowners liability claim due to a slip and fall. C. A homeowners claim due to storm damage. D. A medical malpractice claim. - D. A medical malpractice claim. Claims-made forms are most often used for environmental, medical mal...