Claims Adjuster Vocabulary (Florida)
Claims Adjuster Vocabulary (Florida)
Study online at https://quizlet.com/_8c5fz8
1. Actual Cash Value Replacement cost minus depreciation
2. Subrogation When an insured has a right to collect damages from another party but
elects to claim damages under his/her insurance policy; rights transfer
to the insurer
3. Loss Payee Clause Provides, in event of payment being made under the policy in relation to
insured risk, that payment will be made to a third party rather than the
beneficiary
4. Mortgagee Clause Protects a lender who has an insurable interest in a homeGrants special
protection for the interest of a mortgage named in the policy; setting up
a separate content between insurer and mortgagee
5. Liability Negligence of the insured
6. Commercial Inland Ma- Identifies risks which are eligible for either ocean or inland marine
rine insurance Developed as extension to Ocean Marine coverage to provide
coverage for cargo traveling over land instead of by sea
7. Umbrella Policy Covers much higher limit and goes above/beyond claims directly relating
to home and auto; protects assets from unforeseen events
8. Known Loss Prevents insured from coverage if insured knew the loss was probable at
time of contract
9. Commercial Property Sometimes referred to as Commercial Fire and Allied Lines; Covers direct
Insurance and indirect losses related to properties other than 1-4 family dwelling
and farm properties
10. Value Reporting Limit of coverage set at an amount higher than expected peak values
11. Employee Theft Provides coverage for loss or damage to money, securities, and other
property resulting from theft committed by an employee
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, Claims Adjuster Vocabulary (Florida)
Claims Adjuster Vocabulary (Florida)
Study online at https://quizlet.com/_8c5fz8
12. PPO (Preferred Provider Organization)Selected group of hospitals and med-
ical practitioners in given area who have joined together in an effort to
reduce medical costs
13. HMO (pre-paid fixed fee) (Health Maintenance Organization)Provides comprehensive health ser-
vices to its members for a prepaid fixed fee equivalent to an insurance
premium
14. Foreign Insurer formed under laws of another state, district territory, or com-
monwealth of U.S.
15. Domestic Insurer formed under laws of this state
16. Alien Insurer other than domestic or foreign (outside U.S.)
17. Sliding Selling an item and stating that it is required by law
18. Waiver Voluntary relinquishment or surrender of some right or privilege
19. Fiduciary A relationship that requires maintenance of a high degree of fidelity and
loyalty to the interests of the principal, whether or not the adjuster is a
direct employee
20. Negotiation A quality settlement based on facts discovered during the evaluation
process
21. Appointment Authority given by an insurer or employer to a licensee to transact
insurance or adjust claims on their behalf
22. Implied Waiver May result from some act of neglect on part of the adjuster
23. Express Waiver Occurs when insurer or its representative knowingly gives up a known
right under insurance contract
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Claims Adjuster Vocabulary (Florida)
Study online at https://quizlet.com/_8c5fz8
1. Actual Cash Value Replacement cost minus depreciation
2. Subrogation When an insured has a right to collect damages from another party but
elects to claim damages under his/her insurance policy; rights transfer
to the insurer
3. Loss Payee Clause Provides, in event of payment being made under the policy in relation to
insured risk, that payment will be made to a third party rather than the
beneficiary
4. Mortgagee Clause Protects a lender who has an insurable interest in a homeGrants special
protection for the interest of a mortgage named in the policy; setting up
a separate content between insurer and mortgagee
5. Liability Negligence of the insured
6. Commercial Inland Ma- Identifies risks which are eligible for either ocean or inland marine
rine insurance Developed as extension to Ocean Marine coverage to provide
coverage for cargo traveling over land instead of by sea
7. Umbrella Policy Covers much higher limit and goes above/beyond claims directly relating
to home and auto; protects assets from unforeseen events
8. Known Loss Prevents insured from coverage if insured knew the loss was probable at
time of contract
9. Commercial Property Sometimes referred to as Commercial Fire and Allied Lines; Covers direct
Insurance and indirect losses related to properties other than 1-4 family dwelling
and farm properties
10. Value Reporting Limit of coverage set at an amount higher than expected peak values
11. Employee Theft Provides coverage for loss or damage to money, securities, and other
property resulting from theft committed by an employee
1/6
Page 1 of 6
, Claims Adjuster Vocabulary (Florida)
Claims Adjuster Vocabulary (Florida)
Study online at https://quizlet.com/_8c5fz8
12. PPO (Preferred Provider Organization)Selected group of hospitals and med-
ical practitioners in given area who have joined together in an effort to
reduce medical costs
13. HMO (pre-paid fixed fee) (Health Maintenance Organization)Provides comprehensive health ser-
vices to its members for a prepaid fixed fee equivalent to an insurance
premium
14. Foreign Insurer formed under laws of another state, district territory, or com-
monwealth of U.S.
15. Domestic Insurer formed under laws of this state
16. Alien Insurer other than domestic or foreign (outside U.S.)
17. Sliding Selling an item and stating that it is required by law
18. Waiver Voluntary relinquishment or surrender of some right or privilege
19. Fiduciary A relationship that requires maintenance of a high degree of fidelity and
loyalty to the interests of the principal, whether or not the adjuster is a
direct employee
20. Negotiation A quality settlement based on facts discovered during the evaluation
process
21. Appointment Authority given by an insurer or employer to a licensee to transact
insurance or adjust claims on their behalf
22. Implied Waiver May result from some act of neglect on part of the adjuster
23. Express Waiver Occurs when insurer or its representative knowingly gives up a known
right under insurance contract
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