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Adjuster Pro - Florida Certified Adjuster Glossary
Adjuster Pro - Florida Certified Adjuster Glossary
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Adjuster Pro - Florida CertifiedAdjuster Glossary
Accumulated Depreciation - -The total decrease in an item's value over a
period of time. Formula: (Annual Depreciation x Number of years used)
-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)
-Adhesion - -One of the characteristics of an insurance contract. Means that
one party (the insurer) sets the terms, and the other (the insured) can 'take
it or leave it.'
-Adjusted Gross Revenue (CropInsurance) - -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 - -An agent who, for compensation, processes insurance claims.
Can represent either the insured or the insurer.
-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.
-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
-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.
-Adjuster - Staff - -Salaried employee of one insurance company who can
work locally, regionally, or nationally. Also called: Company Adjuster
-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.
, -Agency Authority - -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 - -Authority that is expressly given to the agent
in writing. Allows agent to act on behalf of the principal.
-Aency Authority - implied - -Authority that an agent possesses by
implication of his behavior, regardless of whether this authority is expressly
granted in writing.
-Agency Authority - apparent - -Authority that an agent possesses based on
the appearance of representing an insurer.
-Agent - -Someone who has received authority from an insurer to sell or
service insurance policies.
-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.
-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.
-Agricultural Producer - -A business that grows, harvests, and sells crops for
profit.
-Aleatory - -A characteristic of insurance contracts; means depending on an
unknown future event."
-Answer - -In liability cases, the defendant's response to a complaint. There
are three possible answers: 1)accept complaint and pay for damages, 2)
deny the complaint, or 3) accept the complaint with a right to insert
evidence into the case.
-Annual Depreciation - -An item's Replacement cost divided by the number
of years in its expected lifespan.
-Appraisal - -A negotiation method which allows the claimant and the
insurer each to select an appraiser.The two appraisers in turn select an
Umpire. The appraisers then work together to determine asettlement
amount. If they cannot agree, the Umpire steps in. Agreement by any two of
thethree is binding.
, -Arbitration - -A negotiation method in which the opposing parties each
submit their evidence to a mutually-agreed-upon and neutral third party,
called an arbitrator. The arbitrator reviews the positions ofeach opposing
side, and makes a final and legally binding decision.
-Arbitrator - -The mutually-agreed-upon and neutral third party in an
arbitration who reviews the positions ofeach opposing side, and makes a
final and legally binding decision.
-Auto Policy - -Insurance policy designed to protect the policyholder while
owning, occupying, or operating avehicle. Usually combines liability coverage
and property coverage into one policy.
-Automobile - -In Insurance policies, Automobile generally means any
vehicle designed for use on publicroads.
-Automobile No-fault Laws - -Insurance that indemnifies the insured
regardless of who was at fault in an accident; also restrict the insured's right
to sue the at-fault party.
-Aviation - -Aviation insurance combines hull insurance for the aircraft and
liability insurance for any damage to others' property or to people who are
not passengers.
-Bailee - -An individual or company that receives the property of someone
else for a special purpose, and returns the product after use.
-BAP - -The Business Auto Policy provides property damage and liability
insurance for automobiles used by a business.
-Binder - -A temporary contract provided by an insurer that ensures
coverage until the complete, permanent policy is issued.
-BI - -(Bodily Injury): Physical damage to someone's person.
-Body Language - -The signals we give through posture, behaviour, apparel,
etc., which are involved in communication.
-Boiler & Machinery - -Insurance designed to indemnify a business for
damages to, and damages by, boilers, machinery, motors, generators and a
variety of other electrical devices and appliances.
-Bond - -A contract wherein one party guarantees the performance of a
third party. Bonds involve three parties: (1) the surety agrees to pay the
second party (2) the obligee if the third party (3) the principal neglects to
carry out an obligation it has to the obligee.
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