Texas All Lines Adjuster Test - Questions And Answers GUARANTEED PASS
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Texas All Lines Adjuster
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Texas All Lines Adjuster
Texas All Lines Adjuster Test - Questions And Answers
GUARANTEED PASS
Adjuster - An agent who, for compensation, processes insurance claims. Canrepresent either
the insured or the insurer
Acreage Reporting Date - The deadline for providing the insurer with an acreage report,
which is used t...
Texas All Lines Adjuster Test - Questions And Answers 2023-2024
GUARANTEED PASS
Adjuster - An agent who, for compensation, processes insurance claims. Canrepresent either
the insured or the insurer
Acreage Reporting Date - The deadline for providing the insurer with an acreage report,
which is used to determine the amount of coverage needed and the premiumcharged for a
particular crop.
Accumulated Depreciation - The total decrease in an item's value over a period oftime.
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)
Actual Production History - A history of a farmer's crop yields over a multi-yearperiod,
which is used to determine the normal production level of a farm.
Adhesion - 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."
Adjusted Gross Revenue (Crop Insurance) - 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 - 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 foreach 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 worklocally,
regionally, or nationally. Also called: Company Adjuster
Advance Payment Settlement - A settlement option that lets the insurer offer somefinancial
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 finalsettlement amount.
Often used when a claimant suffers bodily injury and is unableto work.
Agency Authority - The Agent's authority to act on behalf of someone else, usuallyan insurer.
This authority is derived from the agent's contract with the insurer.
Agency Authority - express - Authority that is expressly given to the agent inwriting. Allows
agent to act on behalf of the principal.
Agency Authority - implied - Authority that an agent possesses by implication ofher
behavior, regardless of whether this authority is granted in writing.
Agency Authority - apparent - Authority that an agent possesses based on the
appearance of representing the insurer.
Agent - Someone who has received authority from an insurer to sell or serviceinsurance
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 alllosses (as opposed to an
occurrence limit, which denotes the total amount the insurer will pay per occurrence).
Agreement - One of the four requirements of a legally binding contract. All partiesinvolved
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 an insurance contract. Means "depending on an unknown
future event." An insurance contract will only pay IF and WHEN covered damages occur.
Neither party knows how much the contract will end uppaying when they enter into the
contract.
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 appraisersthen work
together to determine a settlement amount. If they cannot agree, the Umpire steps in.
Agreement by any two of the three is binding.
Arbitration - A negotiation method in which the opposing parties each submit theirevidence
to a mutually-agreed-upon and neutral third party, called an arbitrator.
The arbitrator reviews the positions of each opposing side, and makes a final andlegally
binding decision.
Arbitrator - The mutually-agreed-upon and neutral third party in an arbitration whoreviews
the positions of each opposing side, and makes a final and legally binding decision.
Artificially Generated Current - Also called "artificial current." A peril covered insome
property insurance policies. It includes sudden and accidental damage from any electrical
current, except currents that are naturally generated, such as lightning or static electricity.
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