Adjuster Pro - Florida Certified Adjuster Glossary 2023 Questions and Answers 100% verified

Adjuster Pro - Florida Certified Adjuster Glossary 2023 Questions and Answers 100% verified Accumulated Depreciation - CORRECT ANS 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 ANS 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 ANS 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) - CORRECT ANS 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 ANS An agent who, for compensation, processes insurance claims. Can represent either the insured or the insurer. Adjuster - Emergency - CORRECT ANS 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 ANS 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 ANS 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 ANS Salaried employee of one insurance company who can work locally, regionally, or nationally. Also called: Company Adjuster Advance Payment Settlement - CORRECT ANS 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 - CORRECT ANS 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 ANS Authority that is expressly given to the agent in writing. Allows agent to act on behalf of the principal. Aency Authority - implied - CORRECT ANS Authority that an agent possesses by implication of his behavior, regardless of whether this authority is expressly granted in writing. Agency Authority - apparent - CORRECT ANS Authority that an agent possesses based on the appearance of representing an insurer. Agent - CORRECT ANS Someone who has received authority from an insurer to sell or service insurance policies. Aggregate Limit - CORRECT ANS 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. Adjuster Pro - Florida Certified Adjuster Glossary 2023 Questions and Answers 100% verified Agreement - CORRECT ANS 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 ANS A business that grows, harvests, and sells crops for profit. Aleatory - CORRECT ANS A characteristic of insurance contracts; means depending on an unknown future event." Answer - CORRECT ANS 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 ANS An item's Replacement cost divided by the number of years in its expected lifespan. Appraisal - CORRECT ANS A negotiation method which allows the claimant and the insurer each to select an appraiser.The two appraisers in turn select an Umpire. The appraisers then work together to determine asettlement amount. If they cannot agree, the Umpire steps in. Agreement by any two of thethree is binding. Arbitration - CORRECT ANS 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 ofeach opposing side, and makes a final and legally binding decision. Arbitrator - CORRECT ANS The mutually-agreed-upon and neutral third party in an arbitration who reviews the positions ofeach opposing side, and makes a final and legally binding decision. Auto Policy - CORRECT ANS Insurance policy designed to protect the policyholder while owning, occupying, or operating avehicle. Usually combines liability coverage and property coverage into one policy. Automobile - CORRECT ANS In Insurance policies, Automobile generally means any vehicle designed for use on publicroads. Automobile No-fault Laws - CORRECT ANS 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 ANS Aviation insurance combines hull insurance for the aircraft and liability insurance for any damage to others' property or to people who are not passengers. Bailee - CORRECT ANS An individual or company that receives the property of someone else for a special purpose, and returns the product after use. BAP - CORRECT ANS The Business Auto Policy provides property damage and liability insurance for automobiles used by a business. Binder - CORRECT ANS A temporary contract provided by an insurer that ensures coverage until the complete, permanent policy is issued. BI - CORRECT ANS (Bodily Injury): Physical damage to someone's person. Body Language - CORRECT ANS The signals we give through posture, behaviour, apparel, etc., which are involved in communication. Boiler & Machinery - CORRECT ANS 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. Adjuster Pro - Florida Certified Adjuster Glossary 2023 Questions and Answers 100% verified Bond - CORRECT ANS 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 obligee if the third party (3) the principal neglects to carry out an obligation it has to the obligee. Breach of Product Warranty - CORRECT ANS The failure or falsehood of a stated promise of a product stipulation. Business Personal Property - CORRECT ANS Moveable property used for business Catastrophe - CORRECT ANS An occurrence or a sequence of occurrences that causes enormous property losses; normally uninsurable by private insurers. Cause of Loss - CORRECT ANS A form included in a Commercial Package Policy or a Commercial Property Policy that lists the causes of loss from which the insured property is covered. CGL - CORRECT ANS A Commercial General Liability policy protects businesses against damages and injuries to thirdparties. Civil Law - CORRECT ANS Observes court ca