SC Property, Casualty, Surety, Marine Exam Revised Questions And Correct Answers

SC Property, Casualty, Surety, Marine Exam Revised Questions And Correct Answers Accumulated Depreciation - ANSWER : The total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J Acreage Reporting Date - ANSWER : The 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) - ANSWER : 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) 1-J Actual Production History - ANSWER : A 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 - ANSWER : Characteristic 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