Ga claims adjuster terms - Study guides, Class notes & Summaries

GA Claims Adjuster Terms with correct definitions

Automatic Increase Endorsement Used to keep the coverage current as a result of inflation on construction cost Punitive Damages (Exemplary Damages) It is an award above the pain and suffering amount as well as the special damages amount. An award intended to punish. 00:35 01:34 Comparative Negligence Establishes the percentage of fault shared by each driver in an accident in which both contribute to casusing the accident Experience Modification Rating The premi...

Risk In the insurance industry, risk can have two meanings: 1) the potential for financial loss; being exposed or open to damage, 2) an insured item. Risk Avoidance Insurers' practice of denying insurance applications that they believe would involve an inordinate amount of risk. 00:24 01:34 Risk Management Measures taken by an insurance company to ensure that their exposure is not too high and to control the effect of a loss; for example, an insurer might charge highe...

Risk - Answer- Possibility (uncertainty) that a loss may occur. -The reason people buy insurance -Insurance is designed to provide for such losses, while not providing the insured with the possibility of gain from an accident, sickness, death, etc. Claim - Answer- Notifying the insurer (insurance company) of a loss in order to be paid for it. -Car accident, windshield replacement, etc. Loss - Answer- An unpredictable reduction in the quality, quantity, or value of something. -B...