Adjuster Pro - Florida Certified
Adjuster Glossary EXAM
Questions with 100% Correct
Answers | Verified | Updated
(Actual Exam) 2026 LATEST
VERSION!!
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.
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, 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."
Adjuster Glossary EXAM
Questions with 100% Correct
Answers | Verified | Updated
(Actual Exam) 2026 LATEST
VERSION!!
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.
COPYRIGHT©JOSHCLAY 2025/2026. YEAR PUBLISHED 2026. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, 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."
