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TEXAS ALL LINES ADJUSTER TEST QUESTIONS AND ANSWERS
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TEXAS ALL LINES ADJUSTER TEST QUESTIONS AND ANSWERS
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TEXAS ALL LINES ADJUSTER TESTQUESTIONS AND ANSWERS
Accumulated6Depreciation6-6ans--
The6total6decrease6in6an6item's6value6over6a6period6of6time.6Formula:6(Annual6Depreciati
on6x6Number6of6years6used)
Acreage6Reporting6Date6-6ans--
The6deadline6for6providing6the6insurer6with6an6acreage6report,6which6is6used6to6determin
e6the6amount6of6coverage6needed6and6the6premium6charged6for6a6particular6crop.
Actual6Cash6Value6(ACV)6-6ans--
A6valuation6method6used6by6insurers6to6reflect6an6item's6current6market6value6right6befor
e6being6damaged6or6destroyed.6Formula:6(Replacement6cost6-
6Accumulated6Depreciation)
Actual6Production6History6-6ans--A6history6of6a6farmer's6crop6yields6over6a6multi-
year6period,6which6is6used6to6determine6the6normal6production6level6of6a6farm.
Adhesion6-6ans--
Characteristic6of6an6insurance6contract.6Means6that6one6party6(the6insurer)6sets6the6term
s,6and6the6other6(the6policyholder)6can6"take6it6or6leave6it."
Adjusted6Gross6Revenue6(Crop6Insurance)6-6ans--
Narrowest6(and6least6expensive)6form6of6Crop6Revenue6Insurance.6Insures6farm6revenu
e6as6a6whole6instead6of6individual6crops.6Guarantees6a6percentage6of6the6insured6farm's6
average6revenue.
Adjuster6-6ans--
An6agent6who,6for6compensation,6processes6insurance6claims.6Can6represent6either6the6
insured6or6the6insurer.
Adjuster6-6Emergency6-6ans--
Adjusters6who6are6temporarily6licensed6by6the6insurance6commissioner6to6handle6claims
6during6catastrophes6or6emergencies6that6produce6an6overwhelming6number6of6claims6in
6a6short6period6of6time.
,Adjuster6-6Independent6-6ans--Self-
employed6adjusters6who6contract6with6multiple6insurers6at6the6same6time.6Paid6on6a6com
mission6or6fee-plus-
expenses6basis6for6each6claim.6Also6called:6Fee6Adjuster,6Bureau6Adjuster
Adjuster6-6Public6-6ans--
An6adjuster6who6is6hired6to6represent6the6claimant6and6help6determine6a6fair6indemnificat
ion.6Usually6specializes6in6appraisals6and6negotiation.6Paid6commission,6usually6a6perce
ntage6of6final6settlement.
Adjuster6-6Staff6-6ans--
Salaried6employee6of6one6insurance6company6who6can6work6locally,6regionally,6or6natio
nally.6Also6called:6Company6Adjuster
Advance6Payment6Settlement6-6ans--
A6settlement6option6that6lets6the6insurer6offer6some6financial6relief6to6the6claimant6before6
the6claim6has6been6fully6settled.6The6insurer6makes6advance6payments6to6the6claimant,6
which6are6then6subtracted6from6the6final6settlement6amount.6Often6used6when6a6claimant
6suffers6bodily6injury6and6is6unable6to6work.
Agency6Authority6-6ans--
The6Agent's6authority6to6act6on6behalf6of6someone6else,6usually6an6insurer.6This6authorit
y6is6derived6from6the6agent's6contract6with6the6insurer.
Agency6Authority6-6express6-6ans--
Authority6that6is6expressly6given6to6the6agent6in6writing.6Allows6agent6to6act6on6behalf6of6t
he6principal.
Agency6Authority6-6implied6-6ans--
Authority6that6an6agent6possesses6by6implication6of6her6behavior,6regardless6of6whether6
this6authority6is6granted6in6writing.
Agency6Authority6-6apparent6-6ans--
Authority6that6an6agent6possesses6based6on6the6appearance6of6representing6the6insurer.
Agent6-6ans--
Someone6who6has6received6authority6from6an6insurer6to6sell6or6service6insurance6policie
s.
Aggregate6Limit6-6ans--
A6type6of6policy6limit6found6in6some6health,6liability,6and6property6damage6policies.6It6repr
esents6the6total6amount6the6insurer6will6pay6for6all6losses6(as6opposed6to6an6occurrence6l
imit,6which6denotes6the6total6amount6the6insurer6will6pay6per6occurrence).
Agreement6-6ans--
One6of6the6four6requirements6of6a6legally6binding6contract.6All6parties6involved6must6agre
, e6to6the6terms6of6the6contract.6Can6also6refer6to6a6binder,6which6is6the6preliminary6substa
nce6of6a6contract.
Agricultural6Producer6-6ans--A6business6that6grows,6harvests,6and6sells6crops6for6profit.
Aleatory6-6ans--
A6characteristic6of6an6insurance6contract.6Means6"depending6on6an6unknown6future6eve
nt."6An6insurance6contract6will6only6pay6IF6and6WHEN6covered6damages6occur.6Neither6
party6knows6how6much6the6contract6will6end6up6paying6when6they6enter6into6the6contract.
Answer6-6ans--
In6liability6cases,6the6defendant's6response6to6a6complaint.6There6are6three6possible6ans
wers:61)6accept6complaint6and6pay6for6damages,62)6deny6the6complaint,6or63)6accept6the6
complaint6with6a6right6to6insert6evidence6into6the6case.
Annual6Depreciation6-6ans--
An6item's6Replacement6cost6divided6by6the6number6of6years6in6its6expected6lifespan.
Appraisal6-6ans--
A6negotiation6method6which6allows6the6claimant6and6the6insurer6each6to6select6an6apprai
ser.6The6two6appraisers6in6turn6select6an6Umpire.6The6appraisers6then6work6together6to6
determine6a6settlement6amount.6If6they6cannot6agree,6the6Umpire6steps6in.6Agreement6b
y6any6two6of6the6three6is6binding.
Arbitration6-6ans--
A6negotiation6method6in6which6the6opposing6parties6each6submit6their6evidence6to6a6mut
ually-agreed-
upon6and6neutral6third6party,6called6an6arbitrator.6The6arbitrator6reviews6the6positions6of6
each6opposing6side,6and6makes6a6final6and6legally6binding6decision.
Arbitrator6-6ans--The6mutually-agreed-
upon6and6neutral6third6party6in6an6arbitration6who6reviews6the6positions6of6each6opposin
g6side,6and6makes6a6final6and6legally6binding6decision.
Artificially6Generated6Current6-6ans--
Also6called6"artificial6current."6A6peril6covered6in6some6property6insurance6policies.6It6incl
udes6sudden6and6accidental6damage6from6any6electrical6current,6except6currents6that6ar
e6naturally6generated,6such6as6lightning6or6static6electricity.
Auto6Policy6-6ans--
Insurance6policy6designed6to6protect6the6policyholder6while6owning,6occupying,6or6operat
ing6a6vehicle.6Usually6combines6liability6coverage6and6property6coverage6into6one6policy.
Automobile6-6ans--
In6Insurance6policies,6Automobile6generally6means6any6vehicle6designed6for6use6on6publ
ic6roads.
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