Adjuster Pro - Florida Certified Adjuster Glossary
Adjuster Pro - Florida Certified Adjuster Glossary
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Adjuster Pro - Florida Certified Adjuster Glossary Exam Questions With Detailed Answers
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Adjuster Pro - Florida Certified Adjuster Glossary
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Adjuster Pro - Florida Certified Adjuster Glossary
Adjuster Pro - Florida Certified Adjuster Glossary Exam Questions With Detailed Answers
Accumulated Depreciation - 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) - Answer-A valuation method u...
Adjuster Pro - Florida Certified Adjuster
Glossary Exam Questions With Detailed
Answers
Accumulated Depreciation - 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) - 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 - 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) - 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 - Answer-An agent who, for compensation, processes insurance claims. Can
represent either the insured or the insurer.
/.Adjuster - Emergency - 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 - 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 - 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 - Answer-Salaried employee of one insurance company who can work
locally, regionally, or nationally. Also called: Company Adjuster
/.Advance Payment Settlement - 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 the final
settlement amount. Often used when a claimant suffers bodily injury and is unable to
work.
,/.Agency Authority - 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 - Answer-Authority that is expressly given to the agent in
writing. Allows agent to act on behalf of the principal.
/.Aency Authority - implied - Answer-Authority that an agent possesses by implication of
his behavior, regardless of whether this authority is expressly granted in writing.
/.Agency Authority - apparent - Answer-Authority that an agent possesses based on the
appearance of representing an insurer.
/.Agent - Answer-Someone who has received authority from an insurer to sell or service
insurance policies.
/.Aggregate Limit - 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 - 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 - Answer-A business that grows, harvests, and sells crops for
profit.
/.Aleatory - Answer-A characteristic of insurance contracts; means depending on an
unknown future event."
/.Answer - 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 - Answer-An item's Replacement cost divided by the number of
years in its expected lifespan.
/.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.
/.Aviation - Answer-Aviation insurance combines hull insurance for the aircraft and
liability insurance for any damage to others' property or to people who are not
passengers.
/.Bailee - Answer-An individual or company that receives the property of someone else
for a special purpose, and returns the product after use.
/.BAP - Answer-The Business Auto Policy provides property damage and liability
insurance for automobiles used by a business.
/.Binder - Answer-A temporary contract provided by an insurer that ensures coverage
until the complete, permanent policy is issued.
/.BI - Answer-(Bodily Injury): Physical damage to someone's person.
/.Body Language - Answer-The signals we give through posture, behaviour, apparel,
etc., which are involved in communication.
/.Boiler & Machinery - Answer-Insurance designed to indemnify a business for damages
to, and damages by, boilers, machinery, motors, generators and a variety of other
electrical devices and appliances.
/.Bond - Answer-A contract wherein one party guarantees the performance of a third
party. Bonds involve three parties: (1) the surety agrees to pay the second party (2) the
obligee if the third party (3) the principal neglects to carry out an obligation it has to the
obligee.
/.Breach of Product Warranty - Answer-The failure or falsehood of a stated promise of a
product stipulation.
/.Business Personal Property - Answer-Moveable property used for business
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