Texas All-Lines Adjusting questions with 100% correct answers 2024

Texas All-Lines AdjustingAccumulated Depreciation - correct 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) - correct answer An item's current market value right before being damaged or destroyed. Formula: (Replacement Cost-Accumulated Depreciation) Adhesion - correct answer One of the characteristics of an insurance contract. One party sets the terms and the other party can "take it or leave". Adjusted Gross Revenue (Crop Insurance) - correct answer Narrowest (and least expensive) form of Crop Revenue Insurance. Insures farm revenue as a whole instead of individual crops. Guarantees a % of the insured farm's average revenue. Adjuster - correct answer an agent who, for compensation, processes insurance claims. Emergency Adjuster - correct answer Adjusters who are temporarily licensed by the insurance commissioner to handle claims during catastrophes or emergencies. Independent Adjuster - correct 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. Public Adjuster - correct answer An adjuster who is hired to represent the claimant and help determine a fair indemnification. Paid commission, usually a % of final settlement. Staff Adjuster - correct answer Salaried employee of one insurance company who can work locally, regionally, or nationally.