100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Adjuster Pro - Florida Certified Adjuster Glossary Updated 2024 $12.49
Add to cart
Quickly navigate to
Preview
  2.  
  3. Adjuster
  4.  
  5. Adjuster

Exam (elaborations)

Adjuster Pro - Florida Certified Adjuster Glossary Updated 2024
 0 purchase
  • Course
  • Adjuster
  • Institution
  • Adjuster

Adjuster Pro - Florida Certified Adjuster Glossary Updated 2024 Accumulated Depreciation - Ans:-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) - Ans:-A valuation method used by insurers to reflect an ite...

[Show more]

Preview 4 out of 32  pages

Document information

  • October 22, 2024
  • 32
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • adjuster pro florida certified adjuster glossary

Written for

  • Adjuster
  • Adjuster

Seller

avatar-seller
GraceAmelia

Reviews received

Content preview

©GRACEAMELIA 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




Adjuster Pro - Florida Certified Adjuster Glossary
Updated 2024


Accumulated Depreciation - Ans:✔✔-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) - Ans:✔✔-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 - Ans:✔✔-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) - Ans:✔✔-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 - Ans:✔✔-An agent who, for compensation, processes insurance claims. Can represent either

the insured or the insurer.




Page 1/32

, ©GRACEAMELIA 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




Adjuster - Emergency - Ans:✔✔-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 - Ans:✔✔-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 - Ans:✔✔-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 - Ans:✔✔-Salaried employee of one insurance company who can work locally, regionally,

or nationally. Also called: Company Adjuster


Advance Payment Settlement - Ans:✔✔-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 the final settlement amount. Often used when a claimant

suffers bodily injury and is unable to work.


Agency Authority - Ans:✔✔-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.




Page 2/32

, ©GRACEAMELIA 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




Agency Authority - express - Ans:✔✔-Authority that is expressly given to the agent in writing. Allows

agent to act on behalf of the principal.


Aency Authority - implied - Ans:✔✔-Authority that an agent possesses by implication of his behavior,

regardless of whether this authority is expressly granted in writing.


Agency Authority - apparent - Ans:✔✔-Authority that an agent possesses based on the appearance of

representing an insurer.


Agent - Ans:✔✔-Someone who has received authority from an insurer to sell or service insurance

policies.


Aggregate Limit - Ans:✔✔-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 - Ans:✔✔-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 - Ans:✔✔-A business that grows, harvests, and sells crops for profit.


Aleatory - Ans:✔✔-A characteristic of insurance contracts; means depending on an unknown future

event."




Page 3/32

, ©GRACEAMELIA 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




Answer - Ans:✔✔-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 - Ans:✔✔-An item's Replacement cost divided by the number of years in its

expected lifespan.


Appraisal - Ans:✔✔-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 - Ans:✔✔-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 - Ans:✔✔-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 - Ans:✔✔-Insurance policy designed to protect the policyholder while owning, occupying, or

operating avehicle. Usually combines liability coverage and property coverage into one policy.


Automobile - Ans:✔✔-In Insurance policies, Automobile generally means any vehicle designed for use on

publicroads.


Page 4/32

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller GraceAmelia. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

70713 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$12.49
  • (0)
Add to cart
Added