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South Carolina Casualty, Surety, Marine Exam 2024 with 100% correct answers
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South Carolina Casualty, Surety, Marine Exam 2024 with 100% correct answers
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SC Property, Casualty, Surety, Marine Exam.pdf file:///C:/Users/HP/Desktop/TYPA%20NEW/SC%20Property,%20CasuSC Property, Casualty, Surety, Marine Exam
1. Accumulated Depreciation: The total decrease in an item's value over a period of time.
Formula:(Annual Depreciation x Number ofyears used) 1-J
2. 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. 3-E
3. Actual Cash Value (ACV): 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) 1-J
4. Actual Production History: A history of a farmer's crop yields over a multi-year period,
which is used to determine the normal production level of a farm. 3-E
5. Adhesion: 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."1-B
6. Adjusted Gross Revenue (Crop Insurance): 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 average revenue. 3-E
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7. Adjuster: An agent who, for compensation, processes insurance claims. Can represent
either the insured or the insurer. 2-B
8. Adjuster - Emergency: Adjusters who are temporarily licensed by the insurance
commissioner to handle claims during catastrophes or emergencies that produce an
overwhelming number of claims in a short period of time. 2-B
9. Adjuster - Independent: Self-employed adjusters who contract with multiple insurers at
the same time. Paid on a commission or fee-plus-expenses basis for each claim. Also called:
Fee Adjuster, Bureau Adjuster 2-B
10. Adjuster - Public: An adjuster who is hired to represent the claimant and help determine a
fair indemnification. Usually specializes in appraisals and negotiation. Paid commission, usually
a percentage of final settlement. 2-B
11. Adjuster - Staff: Salaried employee of one insurance company who can work locally,
regionally, or nationally. Also called: Company Adjuster 2-B
12. Advance Payment Settlement: A settlement option that lets the insurer offer some
financial relief to the claimant before the claim has been fully settled. The insurer makes
advance payments to the claimant, which are then subtracted from the final settlement amount.
Often used when a claimant suffers bodily injury and is unable to work.2-D
13. Agency Authority: The Agent's authority to act on behalf of someone else, usually an
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insurer.This authority is derived from the agent's contract with the insurer. 2-A
14. Agency Authority - express: Authority that is expressly given to the agent in writing.
Allows agent to act on behalf of the principal. 2-A
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15. Agency Authority - implied: Authority that an agent possesses by implication of her
behavior, regardless of whether this authority is granted in writing. 2-A
16. Agency Authority - apparent: Authority that an agent possesses based on the appearance of
representing the insurer. 2-A
17. Agent: Someone who has received authority from an insurer to sell or service insurance
policies. 2-A
18. Aggregate Limit: A type of policy limit found in some health, liability, and property
damage policies. It represents the total amount the insurer will pay for all losses (as opposed
to an occurrence limit, which denotes the total amount the insurer will pay per occurrence). 1-
K
19. Agreement: One of the four requirements of a legally binding contract. All parties involved
must agree to the terms of the contract. Can also refer to a binder, which is the preliminary
substance of a contract. 1-A
20. Agricultural Producer: A business that grows, harvests, and sells crops for profit. 3-E
21. Aleatory: A characteristic of an insurance contract. Means "depending on an unknown
future event." An insurance contract will only pay IF and WHEN covered damages occur. Neither
party knows how much the contract will end up paying when they enter into the contract. 1-B
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