Adjuster Pro - Florida Certified Adjuster Glossary
Adjuster Pro - Florida Certified Adjuster Glossary
Study online at https://quizlet.com/_2emb4g
1. Accumulated De- The total decrease in an item's value over a period of time. Formula: (Annual
preciation Depreciation x Number of years used)
2. Actual Cash Val- A valuation method used by insurers to reflect an item's current market value right
ue (ACV) before being damaged or destroyed. Formula: (Replacement cost - Accumulated
Depreciation)
3. Adhesion 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.'
4. Adjusted Gross Narrowest (and least expensive) form of Crop Revenue Insurance. Insures farm
Revenue (CropIn- revenue as a whole instead of individual crops. Guarantees a percentage of the
surance) insured farm's average revenue.
5. Adjuster An agent who, for compensation, processes insurance claims. Can represent
either the insured or the insurer.
6. Adjuster - Emer- Adjusters who are temporarily licensed by the insurance commissioner to handle
gency claims during catastrophes or emergencies that produce an overwhelming num-
ber of claims in a short period of time.
7. Adjuster - Inde- Self-employed adjusters who contract with multiple insurers at the same time.
pendent Paid on a commission or fee-plus-expenses basis for each claim. Also called: Fee
Adjuster, Bureau Adjuster
8. Adjuster - Public An adjuster who is hired to represent the claimant and help determine a fair in-
demnification.Usually specializes in appraisals and negotiation. Paid commission,
usually a percentage of final settlement.
9. Adjuster - Staff Salaried employee of one insurance company who can work locally, regionally, or
nationally. Also called: Company Adjuster
10. Advance Pay- A settlement option that lets the insurer offer some financial relief to the claimant
ment Settlement before the claim has been fully settled. The insurer makes advance payments to
Page 1 of 24
, Adjuster Pro - Florida Certified Adjuster Glossary
Adjuster Pro - Florida Certified Adjuster Glossary
Study online at https://quizlet.com/_2emb4g
the claimant, which are then subtracted from the final settlement amount. Often
used when a claimant suffers bodily injury and is unable to work.
11. Agency Authority 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.
12. Agency Authority Authority that is expressly given to the agent in writing. Allows agent to act on
- express behalf of the principal.
13. Aency Authority - Authority that an agent possesses by implication of his behavior, regardless of
implied whether this authority is expressly granted in writing.
14. Agency Authority Authority that an agent possesses based on the appearance of representing an
- apparent insurer.
15. Agent Someone who has received authority from an insurer to sell or service insurance
policies.
16. Aggregate Limit 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.
17. Agreement 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.
18. Agricultural Pro- A business that grows, harvests, and sells crops for profit.
ducer
19. Aleatory A characteristic of insurance contracts; means depending on an unknown future
event."
20. Answer 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.
Page 2 of 24
, Adjuster Pro - Florida Certified Adjuster Glossary
Adjuster Pro - Florida Certified Adjuster Glossary
Study online at https://quizlet.com/_2emb4g
21. Annual Deprecia- An item's Replacement cost divided by the number of years in its expected
tion lifespan.
22. Appraisal 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.
23. Arbitration 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.
24. Arbitrator 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 deci-
sion.
25. Auto Policy Insurance policy designed to protect the policyholder while owning, occupying,
or operating avehicle. Usually combines liability coverage and property coverage
into one policy.
26. Automobile In Insurance policies, Automobile generally means any vehicle designed for use
on publicroads.
27. Automobile Insurance that indemnifies the insured regardless of who was at fault in an
No-fault Laws accident; also restrict the insured's right to sue the at-fault party.
28. Aviation Aviation insurance combines hull insurance for the aircraft and liability insurance
for any damage to others' property or to people who are not passengers.
29. Bailee An individual or company that receives the property of someone else for a special
purpose, and returns the product after use.
30. BAP
Page 3 of 24
Adjuster Pro - Florida Certified Adjuster Glossary
Study online at https://quizlet.com/_2emb4g
1. Accumulated De- The total decrease in an item's value over a period of time. Formula: (Annual
preciation Depreciation x Number of years used)
2. Actual Cash Val- A valuation method used by insurers to reflect an item's current market value right
ue (ACV) before being damaged or destroyed. Formula: (Replacement cost - Accumulated
Depreciation)
3. Adhesion 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.'
4. Adjusted Gross Narrowest (and least expensive) form of Crop Revenue Insurance. Insures farm
Revenue (CropIn- revenue as a whole instead of individual crops. Guarantees a percentage of the
surance) insured farm's average revenue.
5. Adjuster An agent who, for compensation, processes insurance claims. Can represent
either the insured or the insurer.
6. Adjuster - Emer- Adjusters who are temporarily licensed by the insurance commissioner to handle
gency claims during catastrophes or emergencies that produce an overwhelming num-
ber of claims in a short period of time.
7. Adjuster - Inde- Self-employed adjusters who contract with multiple insurers at the same time.
pendent Paid on a commission or fee-plus-expenses basis for each claim. Also called: Fee
Adjuster, Bureau Adjuster
8. Adjuster - Public An adjuster who is hired to represent the claimant and help determine a fair in-
demnification.Usually specializes in appraisals and negotiation. Paid commission,
usually a percentage of final settlement.
9. Adjuster - Staff Salaried employee of one insurance company who can work locally, regionally, or
nationally. Also called: Company Adjuster
10. Advance Pay- A settlement option that lets the insurer offer some financial relief to the claimant
ment Settlement before the claim has been fully settled. The insurer makes advance payments to
Page 1 of 24
, Adjuster Pro - Florida Certified Adjuster Glossary
Adjuster Pro - Florida Certified Adjuster Glossary
Study online at https://quizlet.com/_2emb4g
the claimant, which are then subtracted from the final settlement amount. Often
used when a claimant suffers bodily injury and is unable to work.
11. Agency Authority 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.
12. Agency Authority Authority that is expressly given to the agent in writing. Allows agent to act on
- express behalf of the principal.
13. Aency Authority - Authority that an agent possesses by implication of his behavior, regardless of
implied whether this authority is expressly granted in writing.
14. Agency Authority Authority that an agent possesses based on the appearance of representing an
- apparent insurer.
15. Agent Someone who has received authority from an insurer to sell or service insurance
policies.
16. Aggregate Limit 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.
17. Agreement 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.
18. Agricultural Pro- A business that grows, harvests, and sells crops for profit.
ducer
19. Aleatory A characteristic of insurance contracts; means depending on an unknown future
event."
20. Answer 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.
Page 2 of 24
, Adjuster Pro - Florida Certified Adjuster Glossary
Adjuster Pro - Florida Certified Adjuster Glossary
Study online at https://quizlet.com/_2emb4g
21. Annual Deprecia- An item's Replacement cost divided by the number of years in its expected
tion lifespan.
22. Appraisal 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.
23. Arbitration 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.
24. Arbitrator 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 deci-
sion.
25. Auto Policy Insurance policy designed to protect the policyholder while owning, occupying,
or operating avehicle. Usually combines liability coverage and property coverage
into one policy.
26. Automobile In Insurance policies, Automobile generally means any vehicle designed for use
on publicroads.
27. Automobile Insurance that indemnifies the insured regardless of who was at fault in an
No-fault Laws accident; also restrict the insured's right to sue the at-fault party.
28. Aviation Aviation insurance combines hull insurance for the aircraft and liability insurance
for any damage to others' property or to people who are not passengers.
29. Bailee An individual or company that receives the property of someone else for a special
purpose, and returns the product after use.
30. BAP
Page 3 of 24
