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 d...
adjuster pro florida certified adjuster glossary| 260 questions| 19 pages
adjuster pro florida certified adjuster glossary
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Adjuster Pro - Florida Certified Adjuster
Glossary| 260 QUESTIONS| 19 PAGES
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 - 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 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.
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.
Appraisal Correct 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 Correct 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 Correct 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 Correct 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 Correct Answer: In Insurance policies, Automobile generally means any vehicle
designed for use on publicroads.
Automobile No-fault Laws Correct 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 Correct 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 Correct Answer: An individual or company that receives the property of someone else for
a special purpose, and returns the product after use.
BAP Correct Answer: The Business Auto Policy provides property damage and liability
insurance for automobiles used by a business.
Binder Correct Answer: A temporary contract provided by an insurer that ensures coverage until
the complete, permanent policy is issued.
BI Correct Answer: (Bodily Injury): Physical damage to someone's person.
Body Language Correct Answer: The signals we give through posture, behaviour, apparel, etc.,
which are involved in communication.
Boiler & Machinery Correct 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 Correct 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 Correct Answer: The failure or falsehood of a stated promise of a
product stipulation.
Business Personal Property Correct Answer: Moveable property used for business
Catastrophe Correct Answer: An occurrence or a sequence of occurrences that causes enormous
property losses; normally uninsurable by private insurers.
Cause of Loss Correct Answer: A form included in a Commercial Package Policy or a
Commercial Property Policy that lists the causes of loss from which the insured property is
covered.
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