adjuster pro florida certified adjuster glossary e
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Adjuster Pro-Florida Certified Adjuster Glossary Exam
Questions with Correct 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 (Crop Insurance) - 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.
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, 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.
Agency 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.
Lavatory - 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 appraiser’s then work together to determine settlement
amount. If they cannot agree, the Umpire steps in. Agreement by any two of
the three 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 of each
opposing side, and makes a final and legally binding decision.
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, Arbitrator - Correct answer the mutually-agreed-upon and neutral third party in
an arbitration who reviews the positions of each 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 vehicle. 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 public roads.
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 combine’s 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,
behavior, 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 oblige if the third party (3) the principal
neglects to carry out an obligation it has to the oblige.
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
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