ADJUSTER PRO - FLORIDA CERTIFIED ADJUSTER GLOSSARY EXAM | WITH QUESTIONS & ANSWERS | GRADED A+ | UPDATE

ADJUSTER PRO - FLORIDA CERTIFIED ADJUSTER GLOSSARY EXAM | WITH QUESTIONS & ANSWERS | GRADED A+ | 2023- 2024 UPDATE 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. Adjuster - Emergency Correct Answer: Adjusters who are temporarily licensed by the insurance commissioner to handle claims during catastrophes or emergencies that produce an overwhelming number of claims in a short period of time. Adjuster - Independent Correct Answer: Self-employed adjusters who contract with multiple insurers at the same time. Paid on a commission or fee-plusexpenses basis for each claim. Also called: Fee Ad