NJ Public Adjustment review.pdf file:///C:/Users/HP/Desktop/New%20folder%20(4)/NJ%20Public%20
NJ Public Adjustment Review
1. Public Adjuster License: A solicitors/adjusters license is valid for two years and
must be renewed every two years
2. Public Adjuster Bond: $10,000 bond is required for solicitors/adjusters
3. Proof of Loss: documentation of loss required of a policy owner by an insurance
company; must usually be filed within 60 days after the request of the insured or
according to policy provision, 60 days after the date of loss
4. Loss to a Pair or Set: (1) repair or replace any part to restore the pair or set toits
value before the loss or
(2) pay the difference between actual cash value before and after the loss
5. Insurer: company offering protection through the sale of an insurance policy to
an insured
6. Insured: party covered by an insurance policy
7. Policy Period: the inception date and expiration date of the policy
8. Limit of Liability: maximum amount of coverage available under a liability insur-
ance policy
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9. Insurable Interest: expectation of a monetary loss that can be covered by insur-
ance. Owner of the property.
10. Mortgage Clause: attachment to a property insurance policy to protect the
interest of the mortgage in the mortgaged property. If the property is damaged or
destroyed the mortgage is indemnified up to his or her stated interest in the property.
11. MarketValue: value of property as established by the price a willing buyer would
pay for property purchased from a willing seller
12. Agreed Value: a stipulated agreement between the insurance company and the
insured that the amount of insurance coverage under the policy is sufficient to be in
compliance with the coinsurance requirement.
13. Depreciation: actual or accounting recognition of the decrease in the value ofa
hard asset (property) over a period of time
14. Recoverable Depreciation(Holdback): although replacement cost policies
provide for replacement of damaged property at current prices, certain conditions
must be met before you can collect the full amount for the loss. The insurance
company will make an offer of settlement, then withhold a portion of the money until
the repairs are actually made. You must provide receipts showing that you incurreda
cost of equal or greater than the offer of settlement in order for you to receive allof
the holdback moneys.
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15. Non-Recoverable Depreciation: actual cash value policies state that an offerof
settlement is based on the actual cash value of the property at the time of the loss,
therefore, any depreciation applied because of age, deterioration, etc. is not
recoverable.
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