Texas Adjuster Licensing
abandonment - ANSa term that applies to property and signifies both a relinquishing of it and
the letting go of all legal rights to it, as well, with the intent to claim a total loss. Abandonment of
property to an insurance company is something sinusoids are expressly prohibited from doing in
most property policies.
abandonment clauase - ANSa property policy provision that stipulate that the insurer need not
accept any damaged property that the insured closes to relinquish
absolute liability - ANSthe performance of an act so dangerous as to be sufficient to trigger
liability regardless of the degree of negligence. triggering explosives is often used as an
example. sending workers aloft for construction or repair at elevated heights is another. strict
liability is another term that is sometimes used.
accident - ANSan unforeseen, unintended, and unexpected event, which occurs suddenly and
at a definite place.
accounts receivable insurance - ANSpays for the cost of reconstructing accounts receivable
records that have been damaged or destroyed by a covered peril. even more importantly, it
covers any payments that cannot be collected because records cannot be reconstructed
act of god - ANSacts of nature - the term was once widely used to distinguish between
manmade events, such as fire, collision, and nature's rampages in wind and flood. active
malfunction - in products insurance, a defect or malfunction in a product that damages the
property of the user
action over claim - ANSin workers compensation, a demand by a third party in a subrogation
action suing for damages from the employer
actual authority - ANSauthority that is an insurer intentionally give to the agent.
actual cash value (ACV) - ANSa method for placing value on property as of the time of its loss
or damage. ACV may be determined as replacement cost less depreciation. the market value of
an item may be used to help determine actual cash value. contrasts with replacement costs
actual cash value appraisal - ANSan appraisal to determine the actual cash value of a building
and related personal property
actual loss sustained - ANSa term used to distinguish from a valued form
, additional insured - ANSone who qualifies as insured under the terms of a policy even though
not named as insured. officers of a corporation may be included as insureds under the term of a
policy written in the name of a corporation
additional insured endorsement - ANSan endorsement that conveys additional insured status on
a party that otherwise is not insured on the policy
additional living expense insurance - ANSthis coverage, found in homeowner forms, provides
payment for extra expenses made necessary by the insured's inability to reside in the insured
dwelling because of a covered loss - for example restaurant meals and hotel bills. the amount
payable is the difference between normal household expenses and the increase
additions and alterations - ANScoverage that protects any additional, alterations, and
improvements a condo owner makes to his unit, for up to 10% of your contents limit. this
coverage can be increased
adhesion contract - ANSa standardized set of agreements offered by one (usually the stronger)
party to another on a take it or leave it basis. an insurance policy is an example of such
contract. the insurer offers a personal auto policy, for example, that an individual may adhere to
(or not) but in any case the individual may not change any of its terms. because it has the
stronger position, the insurance company has the burden to spell out its terms precisely. such
contracts are interpreted strictly against the author of the contract. no to be confused with
aleatory contract.
adjuster - ANSa person who may act either on behalf of the insurance company or the insured
in the settling of a claim. employee adjusters work for an insurer, while independent adjuster
represent the insurance company on a fee basis; and public adjusters represent the insured on
a fee basis
adjustment - ANSthe process of arriving at an amount of settlement for a claim. it may consist of
a series of computations to arrive at the amount of a loss, as in a complicated fire loss. it may
involve discussions of liability, quantum, and other such matters as might be the case in a
problem liability claim. it may contain both
administrator - ANSa person legally vested with the right of administration of an estate
admiralty courts - ANScourts of law that deal with matters pertaining to the sea
admitted company - ANSan insurance company that is licensed (admittedly) to conduct
business within a given state
advance premium - ANSalso called deposit premium, an advanced premium is a down payment
on what will be the final premium, in policies where the final premium is subject to audit
abandonment - ANSa term that applies to property and signifies both a relinquishing of it and
the letting go of all legal rights to it, as well, with the intent to claim a total loss. Abandonment of
property to an insurance company is something sinusoids are expressly prohibited from doing in
most property policies.
abandonment clauase - ANSa property policy provision that stipulate that the insurer need not
accept any damaged property that the insured closes to relinquish
absolute liability - ANSthe performance of an act so dangerous as to be sufficient to trigger
liability regardless of the degree of negligence. triggering explosives is often used as an
example. sending workers aloft for construction or repair at elevated heights is another. strict
liability is another term that is sometimes used.
accident - ANSan unforeseen, unintended, and unexpected event, which occurs suddenly and
at a definite place.
accounts receivable insurance - ANSpays for the cost of reconstructing accounts receivable
records that have been damaged or destroyed by a covered peril. even more importantly, it
covers any payments that cannot be collected because records cannot be reconstructed
act of god - ANSacts of nature - the term was once widely used to distinguish between
manmade events, such as fire, collision, and nature's rampages in wind and flood. active
malfunction - in products insurance, a defect or malfunction in a product that damages the
property of the user
action over claim - ANSin workers compensation, a demand by a third party in a subrogation
action suing for damages from the employer
actual authority - ANSauthority that is an insurer intentionally give to the agent.
actual cash value (ACV) - ANSa method for placing value on property as of the time of its loss
or damage. ACV may be determined as replacement cost less depreciation. the market value of
an item may be used to help determine actual cash value. contrasts with replacement costs
actual cash value appraisal - ANSan appraisal to determine the actual cash value of a building
and related personal property
actual loss sustained - ANSa term used to distinguish from a valued form
, additional insured - ANSone who qualifies as insured under the terms of a policy even though
not named as insured. officers of a corporation may be included as insureds under the term of a
policy written in the name of a corporation
additional insured endorsement - ANSan endorsement that conveys additional insured status on
a party that otherwise is not insured on the policy
additional living expense insurance - ANSthis coverage, found in homeowner forms, provides
payment for extra expenses made necessary by the insured's inability to reside in the insured
dwelling because of a covered loss - for example restaurant meals and hotel bills. the amount
payable is the difference between normal household expenses and the increase
additions and alterations - ANScoverage that protects any additional, alterations, and
improvements a condo owner makes to his unit, for up to 10% of your contents limit. this
coverage can be increased
adhesion contract - ANSa standardized set of agreements offered by one (usually the stronger)
party to another on a take it or leave it basis. an insurance policy is an example of such
contract. the insurer offers a personal auto policy, for example, that an individual may adhere to
(or not) but in any case the individual may not change any of its terms. because it has the
stronger position, the insurance company has the burden to spell out its terms precisely. such
contracts are interpreted strictly against the author of the contract. no to be confused with
aleatory contract.
adjuster - ANSa person who may act either on behalf of the insurance company or the insured
in the settling of a claim. employee adjusters work for an insurer, while independent adjuster
represent the insurance company on a fee basis; and public adjusters represent the insured on
a fee basis
adjustment - ANSthe process of arriving at an amount of settlement for a claim. it may consist of
a series of computations to arrive at the amount of a loss, as in a complicated fire loss. it may
involve discussions of liability, quantum, and other such matters as might be the case in a
problem liability claim. it may contain both
administrator - ANSa person legally vested with the right of administration of an estate
admiralty courts - ANScourts of law that deal with matters pertaining to the sea
admitted company - ANSan insurance company that is licensed (admittedly) to conduct
business within a given state
advance premium - ANSalso called deposit premium, an advanced premium is a down payment
on what will be the final premium, in policies where the final premium is subject to audit
