3. 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.'
4. 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.
5. Adjuster: An agent who, for compensation, processes insurance
claims. Can represent either the insured or the insurer.
6. 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.
7. 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
8. 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.
9. Adjuster - Staff: Salaried employee of one insurance company who
can work locally, regionally, or nationally. Also called: Company
Adjuster
10.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.
11.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.
12.Agency Authority - express: Authority that is expressly given to the
agent in writing. Allows agent to act on behalf of the principal.
13.Aency Authority - implied: Authority that an agent possesses by
implication of his behavior, regardless of whether this authority is
expressly granted in writing.
14.Agency Authority - apparent: Authority that an agent possesses based
on the appearance of representing an insurer.
15.Agent: Someone who has received authority from an insurer to sell
or service insurance policies.
, 16.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.
17.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.
18.Agricultural Producer: A business that grows, harvests, and sells
crops for profit.
19.Aleatory: A characteristic of insurance contracts; means depending
on an un- known future event."
20.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.
21.Annual Depreciation: An item's Replacement cost divided by the
number of years in its expected lifespan.
22.Appraisal: A negotiation method which allows the claimant and the
insurer each to select an appraiser.The two appraisers in turn select an
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