Adjuster Pro - Florida Certified Adjuster Glossary| 260 QUESTIONS| 19 PAGES
Accumulated 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: A valuation method used by insurers to reflect 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. Means that one party (the insurer) sets the terms, and the other (the insured) can 'take it or leave it.' Adjusted Gross Revenue (CropInsurance) Correct Answer: Narrowest (and least expensive) form of Crop Revenue Insurance. Insures farm revenue as a whole instead of individual crops. Guarantees a percentage of the insured farm's average revenue. Adjuster Correct Answer: An agent who, for compensation, processes insurance claims. Can represent either the insured or the insurer.
Written for
- Institution
-
Florida A&M University
- Course
-
Adjuster Pro - Florida
Document information
- Uploaded on
- February 19, 2023
- Number of pages
- 19
- Written in
- 2022/2023
- Type
- Exam (elaborations)
- Contains
- Questions & answers
Subjects
- adjuster pro florida
-
adjuster pro florida certified adjuster glossary| 260 questions| 19 pages
-
accumulated depreciation correct answer the total decrease in an items value over a period of ti
Also available in package deal
