Texas All Lines Adjuster Test COMPLETE TEST 2023/2024 1. Accumulated Depreciation: The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) 2. Acreage Reporting Date: The deadline for providing the insurer with an acreage report, which is us...
Texas All Lines Adjuster Test COMPLETE TEST
2023/2024
,Texas All Lines Adjuster Test COMPLETE TEST 2023/2024.
Accumulated Depreciation
(Ans- The total decrease in an item's value over a period of time. Formula:
(Annual Depreciation x Number of years used)
Acreage Reporting Date
(Ans- 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)
(Ans- 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)
Actual Production History
(Ans- 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.
Adhesion
(Ans- 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."
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 average revenue.
Adjuster
(Ans- An agent who, for compensation, processes insurance claims. Can
represent either the insured or the insurer.
,Texas All Lines Adjuster Test COMPLETE TEST 2023/2024.
Adjuster - Emergency
(Ans- 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.
Adjuster - Independent
(Ans- 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
Adjuster - Public
(Ans- 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.
Adjuster - Staff
(Ans- Salaried employee of one insurance company who can work locally,
regionally, or nationally. Also called: Company Adjuster
Advance Payment Settlement
(Ans- 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.
Agency Authority
(Ans- The Agent's authority to act on behalf of someone else, usually an
insurer. This authority is derived from the agent's contract with the insurer.
Agency Authority - express
(Ans- Authority that is expressly given to the agent in writing. Allows agent
to act on behalf of the principal.
, Texas All Lines Adjuster Test COMPLETE TEST 2023/2024.
Agency Authority – implied
(Ans- Authority that an agent possesses by implication of her behavior,
regardless of whether this authority is granted in writing.
Agency Authority – apparent
(Ans- Authority that an agent possesses based on the appearance of
representing the insurer.
Agent
(Ans- Someone who has received authority from an insurer to sell or
service insurance policies.
Aggregate Limit
(Ans- 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).
Agreement
(Ans- 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.
Agricultural Producer
(Ans- A business that grows, harvests, and sells crops for profit.
Aleatory
(Ans- 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.
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