Texas All-Lines Adjusting exam 2023/2024 with 100% correct answers

Accumulated Depresciation correct answersThe 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 answersAn item's current market value right before being damaged or destroyed. Formula: (Replacement Cost-Accumulated Depreciation) Adhesion correct answersOne of the characteristics of an insurance contract. One party sets the terms and the other party can "take it or leave". Adjusted Gross Revenue (Crop Insurance) correct answersNarrowest (and least expensive) form of Crop Revenue Insurance. Insures farm revenue as a whole instead of individual crops. Guarantees a % of the insured farm's average revenue. Adjuster correct answersan agent who, for compensation, processes insurance claims. Emergency Adjuster correct answersAdjusters who are temporarily licensed by the insurance commissioner to handle claims during catastrophes or emergencies. Independent Adjuster correct answersSelf-Employed adjusters who contract with multiple insurers at the same time. Paid on a commission or fee-plus-expenses basis for each claim. Public Adjuster correct answersAn adjuster who is hired to represent the claimant and help determine a fair indemnification. Paid commission, usually a % of final settlement. Staff Adjuster correct answersSalaried employee of one insurance company who can work locally, regionally, or nationally.