TEXAS ALL LINES ADJUSTER TEST BRAND NEW
ACTUAL EXAM NEWEST VERSION 2024-2025
QUESTIONS AND CORRECT DETAILED ANSWERS
ALREADY GRADED A+ .Exam
Terms in this set (283)
The total decrease in an item's value over a period of
Accumulated
time. Formula: (Annual Depreciation x Number of
Depreciation
years used)
The deadline for providing the insurer with an acreage
report, which is used to determine the amount of
Acreage Reporting Date
coverage needed and the premium charged for a
particular crop.
A valuation method used by insurers to reflect an
item's current market value right before being
Actual Cash Value (ACV)
damaged or destroyed. Formula: (Replacement cost -
Accumulated Depreciation)
A history of a farmer's crop yields over a multi-year
Actual Production History period, which is used to determine the normal
production level of a farm.
Characteristic of an insurance contract. Means that
Adhesion one party (the insurer) sets the terms, and the other
(the policyholder) can "take it or leave it."
Narrowest (and least expensive) form of Crop
Adjusted Gross Revenue Revenue Insurance. Insures farm revenue as a whole
(Crop Insurance) instead of individual crops. Guarantees a percentage
of the insured farm's average revenue.
An agent who, for compensation, processes insurance
Adjuster
claims. Can represent either the insured or the insurer.
, Adjusters who are temporarily licensed by the
insurance commissioner to handle claims during
Adjuster - Emergency catastrophes or emergencies that produce an
overwhelming number of claims in a short period of
time.
Self-employed adjusters who contract with multiple
insurers at the same time. Paid on a commission or
Adjuster - Independent
fee-plus-expenses basis for each claim. Also called:
Fee Adjuster, Bureau Adjuster
An adjuster who is hired to represent the claimant and
help determine a fair indemnification. Usually
Adjuster - Public
specializes in appraisals and negotiation. Paid
commission, usually a percentage of final settlement.
Salaried employee of one insurance company who
Adjuster - Staff can work locally, regionally, or nationally. Also called:
Company Adjuster
A settlement option that lets the insurer offer some
financial relief to the claimant before the claim has
Advance Payment been fully settled. The insurer makes advance
Settlement payments to the claimant, which are then subtracted
from the final settlement amount. Often used when a
claimant suffers bodily injury and is unable to work.
The Agent's authority to act on behalf of someone
Agency Authority else, usually an insurer. This authority is derived from
the agent's contract with the insurer.
Agency Authority - Authority that is expressly given to the agent in
express writing. Allows agent to act on behalf of the principal.
Authority that an agent possesses by implication of
Agency Authority -
her behavior, regardless of whether this authority is
implied
granted in writing.
Agency Authority - Authority that an agent possesses based on the
apparent appearance of representing the insurer.
ACTUAL EXAM NEWEST VERSION 2024-2025
QUESTIONS AND CORRECT DETAILED ANSWERS
ALREADY GRADED A+ .Exam
Terms in this set (283)
The total decrease in an item's value over a period of
Accumulated
time. Formula: (Annual Depreciation x Number of
Depreciation
years used)
The deadline for providing the insurer with an acreage
report, which is used to determine the amount of
Acreage Reporting Date
coverage needed and the premium charged for a
particular crop.
A valuation method used by insurers to reflect an
item's current market value right before being
Actual Cash Value (ACV)
damaged or destroyed. Formula: (Replacement cost -
Accumulated Depreciation)
A history of a farmer's crop yields over a multi-year
Actual Production History period, which is used to determine the normal
production level of a farm.
Characteristic of an insurance contract. Means that
Adhesion one party (the insurer) sets the terms, and the other
(the policyholder) can "take it or leave it."
Narrowest (and least expensive) form of Crop
Adjusted Gross Revenue Revenue Insurance. Insures farm revenue as a whole
(Crop Insurance) instead of individual crops. Guarantees a percentage
of the insured farm's average revenue.
An agent who, for compensation, processes insurance
Adjuster
claims. Can represent either the insured or the insurer.
, Adjusters who are temporarily licensed by the
insurance commissioner to handle claims during
Adjuster - Emergency catastrophes or emergencies that produce an
overwhelming number of claims in a short period of
time.
Self-employed adjusters who contract with multiple
insurers at the same time. Paid on a commission or
Adjuster - Independent
fee-plus-expenses basis for each claim. Also called:
Fee Adjuster, Bureau Adjuster
An adjuster who is hired to represent the claimant and
help determine a fair indemnification. Usually
Adjuster - Public
specializes in appraisals and negotiation. Paid
commission, usually a percentage of final settlement.
Salaried employee of one insurance company who
Adjuster - Staff can work locally, regionally, or nationally. Also called:
Company Adjuster
A settlement option that lets the insurer offer some
financial relief to the claimant before the claim has
Advance Payment been fully settled. The insurer makes advance
Settlement payments to the claimant, which are then subtracted
from the final settlement amount. Often used when a
claimant suffers bodily injury and is unable to work.
The Agent's authority to act on behalf of someone
Agency Authority else, usually an insurer. This authority is derived from
the agent's contract with the insurer.
Agency Authority - Authority that is expressly given to the agent in
express writing. Allows agent to act on behalf of the principal.
Authority that an agent possesses by implication of
Agency Authority -
her behavior, regardless of whether this authority is
implied
granted in writing.
Agency Authority - Authority that an agent possesses based on the
apparent appearance of representing the insurer.
