Staff adjuster - Study guides, Class notes & Summaries

AIC 300 Claims in an Evolving World Questions and Answers Solved 100%Correct!! 1. Insurers usually send denial letters Select one: A. By email to ensure prompt receipt by the insured. B. By certified mail with a return receipt requested. C. By overnight courier. D. By registered mail.: B. By certified mail with a return receipt requested. Some will also send a copy via regular mail in case the certified letter is not accepted. 2. As methods of communication evolve, it's important for c...

Insurance Level 1 test Alberta Questions and Answers Already Passed Insurance A contract in which one party, the insurer, for monetary consideration agrees to reimburse another, the insured for loss or liability for a loss on a defined subject caused by specific hazards or perils Indemnify To provide compensation for loss or expenses incurred Insurance Model Fund Income (Premiums)-Insurance Fund (Insurance)-Fund Outgo (claim payments) Premium The price of insurance protection f...

Texas All Lines Adjuster 2024 License Test – With Questions & Answers (Rated A+) Texas All Lines Adjuster 2024 License Test – With Questions & Answers (Rated A+) Accumulated Depreciation - ANSWER - The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date - ANSWER - The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charg...

Texas Adjuster Exam Unit 1company adjuster - correct answer What is another name for staff adjuster? Independent Adjuster - correct answer This type of adjuster usually handle claims for more than one company (and receives a fee based on time and expense) (pick one) staff adjuster, independent adjuster, contractors, or public adjuster Contractors - correct answer This type of adjuster may work for a company that furnishes adjuster for the handling of catastrophic losses. (Pick one) s...

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 ...

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 Characteristic of an insurance contract. Means that one party (the insurer) sets the terms, and the other (the policyholder) can "take it or leave it." Adjuster - Answer An agent who, for compensation, processes insurance claims. Can represent either the in...

Texas All Lines Adjuster Test Questions and 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) Acreage Reporting Date -Answer-The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. Actual Cash Value (ACV) -Answer-A valuation method used by insurers to reflect an item's curr...

AIC 300 - Claims in an Evolving World Questions and Answers Already Passed Insurers usually send denial letters Select one: A. By email to ensure prompt receipt by the insured. B. By certified mail with a return receipt requested. C. By overnight courier. D. By registered mail. B. By certified mail with a return receipt requested. Some will also send a copy via regular mail in case the certified letter is not accepted. As methods of communication evolve, it's important for claims...

Florida Claims Adjuster Exam 2023 1. Peril: Something that causes a loss. 2. Hazard: Something that increases the probability that a loss will occur. 3. Warranty: A policy condition, either based on information in the i nsureds appli- cation or inserted by the insurer. It is a guarantee of a fact. 4. Misrepresentation: An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. 5. Concealment: Th...

Texas All Lines Adjuster Test Accumulated Depreciation - Answer- The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) Acreage Reporting Date - Answer- The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. Actual Cash Value (ACV) - Answer- A valuation method used by insurers to reflect an item's current market value...