SC Property, Casualty, Surety, Marine Exam Questions & Answers 100% Updated!

Accumulated Depreciation - ANSWERSThe total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J Acreage Reporting Date - ANSWERSThe 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 Actual Cash Value (ACV) - ANSWERSA 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 Actual Production History - ANSWERSA 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 Adhesion - ANSWERSCharacteristic 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 Adjusted Gross Revenue (Crop Insurance) - ANSWERSNarrowest (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 Adjuster - ANSWERSAn agent who, for compensation, processes insurance claims. Can represent either the insured or the insurer. 2-B Adjuster - Emergency - ANSWERSAdjusters 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 Adjuster - Independent - ANSWERSSelf-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 Adjuster - Public - ANSWERSAn 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