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Texas All-Lines Adjusting 2024/2025 already graded A+
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Texas All-Lines Adjusting 2024/2025 already graded A+
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Texas All-Lines AdjustingAccumulated Depresciation - ANSThe total decrease in an item's value over a period of time.
Formula: (Annual Depreciation x Number of years used)
Actual Cash Value (ACV) - ANSAn item's current market value right before being damaged or
destroyed.
Formula: (Replacement Cost-Accumulated Depreciation)
Adhesion - ANSOne of the characteristics of an insurance contract.
One party sets the terms and the other party can "take it or leave".
Adjusted Gross Revenue (Crop Insurance) - ANSNarrowest (and least expensive) form of Crop
Revenue Insurance. Insures farm revenue as a whole instead of individual crops. Guarantees a
% of the insured farm's average revenue.
Adjuster - ANSan agent who, for compensation, processes insurance claims.
Emergency Adjuster - ANSAdjusters who are temporarily licensed by the insurance
commissioner to handle claims during catastrophes or emergencies.
Independent Adjuster - ANSSelf-Employed adjusters who contract with multiple insurers at the
same time. Paid on a commission or fee-plus-expenses basis for each claim.
Public Adjuster - ANSAn adjuster who is hired to represent the claimant and help determine a
fair indemnification. Paid commission, usually a % of final settlement.
Staff Adjuster - ANSSalaried employee of one insurance company who can work locally,
regionally, or nationally.
Advance Payment Settlement - ANSA settlement option that lets the insurer offer some financial
relief to the claimant before the claim has been fully settled.
Agency Authority - ANSThe agent's authority to act on behalf of someone else (an insurer)
Express Agency Authority - ANSAuthority that is expressly given to the agent in writing.
Implied Agency Authority - ANSAuthority that an agent possesses by implication of his behavior,
regardless of whether this authority is expressly granted in writing.
Apparent Agency Authority - ANSAuthority that an agent possesses based on the appearance
of representing an insurer.
,Agent - ANSSomeone who has received authority from an insurer to sell or service insurance
policies.
Aggregate Limit - ANSIt represents the total amount the insurer will pay for all losses.
Agreement - ANSOne of the four requirements of a legally binding contract.
All parties involved must agree to the terms of the contract.
Agricultural Producer - ANSA business that grows, harvests, and sells crops for profit.
Aleatory - ANS"depending on an unknown future event"
An insurance contract will only pay IF and WHEN covered damages occur.
Answer - ANSthe defendants response to a complaint
Annual Depreciation - ANSitem's replacement cost /
#of years in its expected lifespan.
Appraisal - ANSInsurer and insured each choose an appraiser, the two appraisers in turn
choose an umpire. Appraisers work toward settlement amount...if they cannot agree...umpire
steps in. Agreement by any two (one appraiser and umpire) is binding.
Arbitration - ANSEach party submit evidence to the third party arbitrator. Arbitrator makes final
legal binding decision.
Arbitrator - ANSThird party negotiator, makes final legal binding decision for two parties.
Auto Policy - ANSdesigned to protect the policyholder while owning, occupying, or operating a
vehicle.
Automobile - ANSany vehicle designed for use on public roads.
Auto No-Fault Laws - ANSsome states require vehicle owners to purchase no-fault insurance
Aviation - ANShaul insurance for aircraft, liability insurance for any others property or people
who are not passengers
Bailee - ANSindividual or company that receives the property of someone else for a special
purpose, and returns the product after use.
BAP (Business Auto Policy) - ANSprovides property damage and liability insurance for auto
used by business.
, Binder - ANSa temporary contract, provided by an insurer, that insures coverage until the
complete permanent policy is issued.
BI (Bodily Injury) - ANSPhysical damage to someone. liability insurance covers bodily injury that
the insured might cause to another person through negligence.
Body language - ANSthe signals we give through posture, behavior, apparel
Boiler & Machinery - ANSdesigned to indemnify a business for damages to, and damages by,
boilers, machinery, motors, generators, and others.
Bond - ANSa contract, where one party guarantees the performance of a third party.
Breach of Product Warranty - ANSthe failure or falsehood of a stated promise, of a product
stipulation.
Catostraphic - ANSoccurrence or sequence of occurrences, that causes enormous property
losses
Cause of Loss - ANSlist of Causes of Loss from which the insured property is covered
CGL (Commercial General Liability) - ANSprotects businesses against damage or injury to third
parties.
Civil - ANScivil law observes cases of one citizen charging another citizen for damages caused
by tort (differs from criminal law).
Claim - ANSthe offer of settlement that the policyholder files with the insurer after she
experiences a loss.
Claims-Made Form - ANSliability policy that only pays for claims made during the policy period.
Claims Management - ANSthe practice of the insurance adjuster, of managing a claim, by
processing it, in a prompt and effective manner, from time the claim is filed, until a settlement is
reached.
Claimant - ANSthe one who files a claim with an insurer for a loss
Claude the Clueless Adjuster - ANSincompetent or unprofessional adjuster
Course Grains - ANSprovision that covers reduction in crop quality as well as crop yield losses
Co-insurance - ANSclause that applies to policyholders that purchase an inadequate amount of
property insurance. must pay a percentage of the claim.
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