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Adjuster Pro - Florida Certified Adjuster Glossary Exam Questions And Answers
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Adjuster Pro - Florida Certified AdjusterGlossary Exam Questions And Answers
Accumulated Depreciation - - - correct answer ✅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) - - - correct 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)
Adhesion - - - correct answer ✅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) - - - correct answer
✅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 - - - correct answer ✅An agent who, for compensation,
processes insurance claims. Can represent either the insured or the
insurer.
,Adjuster Pro - Florida Certified Adjuster
Glossary Exam Questions And Answers
Adjuster - Emergency - - - correct answer ✅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 - - - correct answer ✅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 - - - correct answer ✅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 - - - correct answer ✅Salaried employee of one
insurance company who can work locally, regionally, or nationally.
Also called: Company Adjuster
Advance Payment Settlement - - - correct answer ✅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
,Adjuster Pro - Florida Certified Adjuster
Glossary Exam Questions And Answers
the final settlement amount. Often used when a claimant suffers
bodily injury and is unable to work.
Agency Authority - - - correct answer ✅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 - - - correct answer ✅Authority that is
expressly given to the agent in writing. Allows agent to act on
behalf of the principal.
Aency Authority - implied - - - correct answer ✅Authority that an
agent possesses by implication of his behavior, regardless of
whether this authority is expressly granted in writing.
Agency Authority - apparent - - - correct answer ✅Authority that
an agent possesses based on the appearance of representing an
insurer.
Agent - - - correct answer ✅Someone who has received authority
from an insurer to sell or service insurance policies.
, Adjuster Pro - Florida Certified Adjuster
Glossary Exam Questions And Answers
Aggregate Limit - - - correct answer ✅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 - - - correct answer ✅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 - - - correct answer ✅A business that grows,
harvests, and sells crops for profit.
Aleatory - - - correct answer ✅A characteristic of insurance
contracts; means depending on an unknown future event."
Answer - - - correct 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 - - - correct answer ✅An item's Replacement
cost divided by the number of years in its expected lifespan.
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