Texas Insurance Adjuster Glossary (100% Accurate)

Abandonment correct answers When an insured relinquishes its claim to property to the insurer. Adjuster correct answers Licensed insurance professional who investigates or adjusts losses and also supervises the handling of claims. Adjuster, Staff and Independent correct answers Works for and represents the interests of an insurance company, either as a staff member or as an independent contractor to an insurer, including self-insurer. Adjuster, Publiic correct answers Works for and represents the interests of the insured. 3 types of adjuster records correct answers Initial/field, interim/status, full formal. Adventure correct answers A term used in Ocean Marine insurance clauses that describes what the vessel may and may not do on its voyage to remain covered. Aggregate Limit correct answers Also known as General Aggregate Limit, this is the limit expressed in a Commercial Liability policy indicating how much an insurance company will pay in total during the policy period. Agreed Value correct answers A method of valuation in which the insured and the insurance company agree on the value of an insured item before a loss occurs. If and when a covered loss is does occur, the company pays the agreed value of the item without considering depreciation. Aleatory Contract correct answers A contract in which both parties will not benefit equally. Alien Company correct answers A company started or chartered in a country other than the U.S. All Risk correct answers Conveys that a company is providing special or open perils coverage. Appraisal correct answers The process which the insured and the insurer seek to place a value on damaged property by hiring 3 people to decide on the value. Appurtenant Structures correct answers A building or structure that is not a dwelling. Ex: a garage Arbitration correct answers A process under which two parties can settle a claim dispute without going to court. 3 people hear arguments from both parties and set the amount that should be paid. Not necessarily binding. Assailing Thieves (Piracy) correct answers A covered peril under an Ocean Marine policy that covers losses die to pirates.