Adjuster Pro - Florida Certified Adjuster Glossary
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Course
Adjuster
Institution
Adjuster
Adjuster Pro - Florida Certified Adjuster
Glossary
Accumulated Depreciation - answerThe total decrease in an item's value over a period of time.
Formula: (Annual Depreciation x Number of years used)
Actual Cash Value (ACV) - answerA valuation method used by insurers to reflect an item's
curren...
Appraisal - answer✔A negotiation method which allows the claimant and the insurer each to
select an appraiser.The two appraisers in turn select an Umpire. The appraisers then work
together to determine asettlement amount. If they cannot agree, the Umpire steps in. Agreement
by any two of thethree is binding.
Arbitration - answer✔A negotiation method in which the opposing parties each submit their
evidence to a mutually-agreed-upon and neutral third party, called an arbitrator. The arbitrator
reviews the positions ofeach opposing side, and makes a final and legally binding decision.
Arbitrator - answer✔The mutually-agreed-upon and neutral third party in an arbitration who
reviews the positions ofeach opposing side, and makes a final and legally binding decision.
Auto Policy - answer✔Insurance policy designed to protect the policyholder while owning,
occupying, or operating avehicle. Usually combines liability coverage and property coverage
into one policy.
Automobile - answer✔In Insurance policies, Automobile generally means any vehicle designed
for use on publicroads.
Automobile No-fault Laws - answer✔Insurance that indemnifies the insured regardless of who
was at fault in an accident; also restrict the insured's right to sue the at-fault party.
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