MICHIGAN CLAIMS ADJUSTER | EXAM QUESTIONS AND
ANSWERS| COMPLETE STUDY GUIDE WITH 100%
ACCURATE QUESTIONS & ANSWERS! EXCELLENCE
GUARANTEED!
Course Code:
Course Title:
Programme:
Academic Year: 2026/2027.
Duration: 2 Hours.
Total Marks: 100.
Candidate Instructions:
1) Write your Registration Number on every answer booklet used.
2) Answer ALL questions in Section A and ANY TWO (2) questions in Section B.
3) Read each question carefully before answering.
4) Begin each question on a new page.
5) The marks for each question are indicated in brackets.
6) This paper consists of several printed pages, including this page.
7) Ensure your copy is complete before the examination begins.
8) Unauthorized materials and communication with other candidates are not permitted.
Turn Over.
APPHIA – Crafted with Care and Precision for Academic Excellence.
1
, Accident Insurance Answer: Covers expenses associated with a covered accident and can
extend to ambulance and emergency room expenses, intensive care, and hospital costs. This also
provides for loss of income, and a death benefit if injuries prove fatal.
Accumulated Depreciation Answer: The total decrease in an item's value over a period of time.
Formula: (annual depreciation x number of years used). Subtract this number from the item's
replacement cost to get its actual cash value
Acreage Reporting Date Answer: In crop insurance, 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.
Act of Terrorism Answer: Any violent act that is dangerous to human life, property, or
infrastructure and results in damage within the US (or to an air carrier, a US-flagged vessel, or
on the premises of any US mission), which is committed in an effort to coerce the US civilian
population or influence policy or the conduct of the US Government.
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)
Actual Production History Answer: A history of a farmer's crop yields over a multi-year period,
which is used to determine the normal production level of a farm.
Adjusted Gross Revenue (Crop Insurance) 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. The adjuster
investigates the damages, evaluates the claim, and makes a fair and equitable settlement based
on the insurance contract. 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.
APPHIA – Crafted with Care and Precision for Academic Excellence.
2
ANSWERS| COMPLETE STUDY GUIDE WITH 100%
ACCURATE QUESTIONS & ANSWERS! EXCELLENCE
GUARANTEED!
Course Code:
Course Title:
Programme:
Academic Year: 2026/2027.
Duration: 2 Hours.
Total Marks: 100.
Candidate Instructions:
1) Write your Registration Number on every answer booklet used.
2) Answer ALL questions in Section A and ANY TWO (2) questions in Section B.
3) Read each question carefully before answering.
4) Begin each question on a new page.
5) The marks for each question are indicated in brackets.
6) This paper consists of several printed pages, including this page.
7) Ensure your copy is complete before the examination begins.
8) Unauthorized materials and communication with other candidates are not permitted.
Turn Over.
APPHIA – Crafted with Care and Precision for Academic Excellence.
1
, Accident Insurance Answer: Covers expenses associated with a covered accident and can
extend to ambulance and emergency room expenses, intensive care, and hospital costs. This also
provides for loss of income, and a death benefit if injuries prove fatal.
Accumulated Depreciation Answer: The total decrease in an item's value over a period of time.
Formula: (annual depreciation x number of years used). Subtract this number from the item's
replacement cost to get its actual cash value
Acreage Reporting Date Answer: In crop insurance, 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.
Act of Terrorism Answer: Any violent act that is dangerous to human life, property, or
infrastructure and results in damage within the US (or to an air carrier, a US-flagged vessel, or
on the premises of any US mission), which is committed in an effort to coerce the US civilian
population or influence policy or the conduct of the US Government.
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)
Actual Production History Answer: A history of a farmer's crop yields over a multi-year period,
which is used to determine the normal production level of a farm.
Adjusted Gross Revenue (Crop Insurance) 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. The adjuster
investigates the damages, evaluates the claim, and makes a fair and equitable settlement based
on the insurance contract. 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.
APPHIA – Crafted with Care and Precision for Academic Excellence.
2
