ADJUSTER PRO FLORIDA CERTIFIED ADJUSTER
GLOSSARY 260 2026 DAMAGE ASSESSMENT
TERMINOLOGY DRILL PACK ANSWER SHEET
◉ Adjuster.
Answer: Licensed insurance professional who investigates or adjusts
losses and also supervises the handling of claims.
◉ Adjuster, Staff and Independent.
Answer: 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.
Answer: Works for and represents the interests of the insured.
◉ 3 types of adjuster records.
Answer: Initial/field, interim/status, full formal.
◉ Adventure.
,Answer: 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.
Answer: 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.
Answer: 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.
Answer: A contract in which both parties will not benefit equally.
◉ Alien Company.
Answer: A company started or chartered in a country other than the
U.S.
◉ All Risk.
,Answer: Conveys that a company is providing special or open perils
coverage.
◉ Appraisal.
Answer: 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.
Answer: A building or structure that is not a dwelling. Ex: a garage
◉ Arbitration.
Answer: 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).
Answer: A covered peril under an Ocean Marine policy that covers
losses die to pirates.
◉ Assignment.
Answer: Refers to the assignment of ownership of a policy from one
policyowner or another.
, ◉ Assumption of Risk.
Answer: A legal defense in a negligence claim if the injured party
knowingly undertook risk.
◉ Audit.
Answer: Occurs at the end of a policy period when an insurance
company underwrites a risk that varies.
◉ Authorized/Admitted Company.
Answer: A company that receives a certificate of authority as proof
they are admitted to do business in a particular state.
◉ Bailee.
Answer: An individual or company that has care, custody or control
of someone else's valuable property.
◉ Bareboat Basis.
Answer: An agreement to charter a ship without crew or stores.
◉ Basic Perils.
GLOSSARY 260 2026 DAMAGE ASSESSMENT
TERMINOLOGY DRILL PACK ANSWER SHEET
◉ Adjuster.
Answer: Licensed insurance professional who investigates or adjusts
losses and also supervises the handling of claims.
◉ Adjuster, Staff and Independent.
Answer: 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.
Answer: Works for and represents the interests of the insured.
◉ 3 types of adjuster records.
Answer: Initial/field, interim/status, full formal.
◉ Adventure.
,Answer: 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.
Answer: 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.
Answer: 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.
Answer: A contract in which both parties will not benefit equally.
◉ Alien Company.
Answer: A company started or chartered in a country other than the
U.S.
◉ All Risk.
,Answer: Conveys that a company is providing special or open perils
coverage.
◉ Appraisal.
Answer: 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.
Answer: A building or structure that is not a dwelling. Ex: a garage
◉ Arbitration.
Answer: 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).
Answer: A covered peril under an Ocean Marine policy that covers
losses die to pirates.
◉ Assignment.
Answer: Refers to the assignment of ownership of a policy from one
policyowner or another.
, ◉ Assumption of Risk.
Answer: A legal defense in a negligence claim if the injured party
knowingly undertook risk.
◉ Audit.
Answer: Occurs at the end of a policy period when an insurance
company underwrites a risk that varies.
◉ Authorized/Admitted Company.
Answer: A company that receives a certificate of authority as proof
they are admitted to do business in a particular state.
◉ Bailee.
Answer: An individual or company that has care, custody or control
of someone else's valuable property.
◉ Bareboat Basis.
Answer: An agreement to charter a ship without crew or stores.
◉ Basic Perils.
