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Alabama Adjusters License Exam ( )Questions and Answers (verified answers) 361 Questions
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Alabama Adjusters License Exam ( )Questions and Answers (verified answers) 361 Questions
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Alabama Adjusters License Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/Alabama%20AdjustersAlabama Adjusters License Exam
1. Accident Insurance
ANS Covers expenses associated with a covered accident andcan extend to ambulance and
emergency room
expenses, intensive care, and hospital costs. Accident insurance also provides forloss of income,
and a
death benefit if injuries prove fatal
2. Accumulated Depreciation
ANS The total decrease in an item's value over a periodof time. Formula
(annual depreciation x number of
years used). Subtract this number from the item's replacement cost to get its actualcash value
(ACV).
3. Acreage Reporting Date
ANS In crop insurance, the deadline for providing the insur-er with an acreage report, which is
used to
determine the amount of coverage needed and the premium charged for a particularcrop.
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4. Actual Cash Value (ACV)
ANS A valuation method used by insurers to reflect anitem's current market value right
before being damaged
or destroyed. Formula
(replacement cost - accumulated depreciation)
5. Actual Production History
ANS A history of a farmer's crop yields over a multi-yearperiod, which is used to determine the
normal
production level of a farm.
6. Adhesion
ANS Characteristic of an insurance contract. Means that one party (theinsurer) sets the
terms, and the other
(the policyholder) can "take it or leave it.
7. Adjusted Gross Revenue
(Crop Insurance)
ANS 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 averagerevenue.
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8. Adjuster
ANS An agent who, for compensation, processes insurance claims. Theadjuster investigates
the damages,
evaluates the claim, and makes a fair and equitable settlement based on theinsurance
contract. Can
represent either the insured or the insurer.
9. Adjuster - Emergency
ANS Adjusters who are temporarily licensed by the insurancecommissioner to handle claims
during
catastrophes or emergencies that produce an overwhelming number of claims in ashort period
of time.
10. Adjuster - Independent
ANS Self-employed adjusters who contract with multipleinsurers at the same time. Paid on a
commission or
fee-plus-expenses basis for each claim. Also called
Fee Adjuster, Bureau Adjuster.
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11. Adjuster - Public
ANS An adjuster who is hired to represent the claimant and helpdetermine a fair
indemnification. Usually
specializes in appraisals and negotiation. Paid commission, usually a percentage offinal settlement.
12. Adjuster - Staff
ANS Salaried employee of one insurance company who can worklocally, regionally, or
nationally. Also called
Company Adjuster
13. Advance Payment
Settlement
ANS A settlement option that lets the insurer offer some financial relief to theclaimant before the
claim has
been fully settled.The insurer makes advance payments to the claimant, which arethen
subtracted from
the final settlement amount. Often used when a claimant suffers bodily injury and isunable to
work.
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