Insurance Adjuster Terms WITH QUESTIONS AND WELL VERIFIED ANSW
2024\2025
Study online at https://quizlet.com/_h5p71z
An unforeseen, unintended event; some-
Accident
thing unexpected
An event arising out of natural causes
with no human intervention which could
Act of God not have been prevented by reasonable
care or foresight. Examples are floods,
lightning and earthquakes.
The value of your property, based on the
Actual Cash Value (ACV) current cost to replace it minus depreci-
ation.
A person or firm or corporation other than
the named insured on a policy or mort-
gage company named in a mortgage
Additional Insured
clause, who is protected against loss by
the terms of the policy or mortgage com-
pany named in the mortgage clause.
A representative of the insure (insurance
company) who seeks to determine the
Adjuster
extent of the insurer's liability for loss
when a claim is submitted.
Extra charges covered by homeowners'
policies over and above the policyhold-
Additional Living Expenses (ALE) er's customary living expenses due to
damage by a covered peril that makes
the home temporarily uninhabitable.
Insurance against loss of or damage to
property arising from any fortuitous (hap-
All Risk Insurance
pened by chance, unplanned) cause ex-
cept those that are specifically excluded.
The process in which there is a dispute
between the insurer and the insured re-
Appraisal garding the amount of the claim. Both
parties hire an appraiser to represent
them. The two appraisers attempt to set-
, Insurance Adjuster Terms WITH QUESTIONS AND WELL VERIFIED ANSW
2024\2025
Study online at https://quizlet.com/_h5p71z
tle the dispute. If they cannot settle the
dispute, they hire an umpire to settle it.
A risk which underwriters do not care
to insure, but because of state law or
otherwise, the insured must be protected
Assigned Risk
and the insurance is therefore handled
through the state and assigned to com-
panies.
Any of the commercial or personal insur-
ance property forms which provide basic
coverage's. These forms generally pro-
Basic Coverage Form
vide the most limited coverage, which is
surpasses by "Broad Forms" and "Spe-
cial Form."
Bodily Injury Physical injury to a person.
A security that obligates the issuer to
pay interest at specified intervals and to
repay the principal amount of the loan at
Bond maturity. Bonds of various types guaran-
tee a payment or a reimbursement for fi-
nancial losses resulting from dishonesty,
failure to perform and other acts.
Anticipated or unanticipated disruption of
Business Interruption
the normal operation of a business.
A type of policy that pays for loss of
Business Interruption Insurance earnings when operations are curtailed
or suspended because of property loss.
The termination of an insurance policy by
Cancellation the company or the insured before the
renewal date.
(1) An insurance company which "car-
ries" the insurance. The terms "insurance
Carrier company" or "insurer" are preferred be-
cause of the possible confusion of "car-
rier" with transportation terminology. (2)
2024\2025
Study online at https://quizlet.com/_h5p71z
An unforeseen, unintended event; some-
Accident
thing unexpected
An event arising out of natural causes
with no human intervention which could
Act of God not have been prevented by reasonable
care or foresight. Examples are floods,
lightning and earthquakes.
The value of your property, based on the
Actual Cash Value (ACV) current cost to replace it minus depreci-
ation.
A person or firm or corporation other than
the named insured on a policy or mort-
gage company named in a mortgage
Additional Insured
clause, who is protected against loss by
the terms of the policy or mortgage com-
pany named in the mortgage clause.
A representative of the insure (insurance
company) who seeks to determine the
Adjuster
extent of the insurer's liability for loss
when a claim is submitted.
Extra charges covered by homeowners'
policies over and above the policyhold-
Additional Living Expenses (ALE) er's customary living expenses due to
damage by a covered peril that makes
the home temporarily uninhabitable.
Insurance against loss of or damage to
property arising from any fortuitous (hap-
All Risk Insurance
pened by chance, unplanned) cause ex-
cept those that are specifically excluded.
The process in which there is a dispute
between the insurer and the insured re-
Appraisal garding the amount of the claim. Both
parties hire an appraiser to represent
them. The two appraisers attempt to set-
, Insurance Adjuster Terms WITH QUESTIONS AND WELL VERIFIED ANSW
2024\2025
Study online at https://quizlet.com/_h5p71z
tle the dispute. If they cannot settle the
dispute, they hire an umpire to settle it.
A risk which underwriters do not care
to insure, but because of state law or
otherwise, the insured must be protected
Assigned Risk
and the insurance is therefore handled
through the state and assigned to com-
panies.
Any of the commercial or personal insur-
ance property forms which provide basic
coverage's. These forms generally pro-
Basic Coverage Form
vide the most limited coverage, which is
surpasses by "Broad Forms" and "Spe-
cial Form."
Bodily Injury Physical injury to a person.
A security that obligates the issuer to
pay interest at specified intervals and to
repay the principal amount of the loan at
Bond maturity. Bonds of various types guaran-
tee a payment or a reimbursement for fi-
nancial losses resulting from dishonesty,
failure to perform and other acts.
Anticipated or unanticipated disruption of
Business Interruption
the normal operation of a business.
A type of policy that pays for loss of
Business Interruption Insurance earnings when operations are curtailed
or suspended because of property loss.
The termination of an insurance policy by
Cancellation the company or the insured before the
renewal date.
(1) An insurance company which "car-
ries" the insurance. The terms "insurance
Carrier company" or "insurer" are preferred be-
cause of the possible confusion of "car-
rier" with transportation terminology. (2)
