Adjuster Pro - Florida Certified Adjuster
Glossary| 260 QUESTIONS| 19 PAGES
1. Accumulated Depreciation ANS: The total decrease in an item's value over a
period of time. Formula: (Annual Depreciation x Number of years used)
2. Actual Cash Value (ACV) ANS: 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)
3. Adhesion ANS: 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.'
4. Adjusted Gross Revenue (CropInsurance) ANS: 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.
5. Adjuster ANS: An agent who, for compensation, processes insurance
claims. Can represent either the insured or the insurer.
6. Adjuster - Emergency ANS: 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.
7. Adjuster - Independent ANS: Self-employed adjusters who contract with
,multiple insurers at the same time. Paid on a commission or fee-plus-expenses
basis for each claim. Also called: Fee Adjuster, Bureau Adjuster
8. Adjuster - Public ANS: An adjuster who is hired to represent the claimant and
help determine a fair indemnification.Usually specializes in appraisals and
negotiation. Paid commission, usually a percentage of final settlement.
9. Adjuster - Staff ANS: Salaried employee of one insurance company who can
work locally, regionally, or nationally. Also called: Company Adjuster
10. Advance Payment Settlement ANS: A settlement option that lets the insurer
offer some financial relief to the claimant before the claim has been fully settled.
The insurer makes advance 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.
11. Agency Authority ANS: The Agent's authority to act on behalf of someone
else, usually an insurer. This authority is derived from the agent's contract with the
insurer.
12. Agency Authority - express ANS: Authority that is expressly given to the
agent in writing. Allows agent to act on behalf of the principal.
13. Aency Authority - implied ANS: Authority that an agent possesses by
implication of his behavior, regardless of whether this authority is expressly
granted in writing.
14. Agency Authority - apparent ANS: Authority that an agent possesses based
on the appearance of representing an insurer.
15. Agent ANS: Someone who has received authority from an insurer to sell or
service insurance policies.
,16. Aggregate Limit ANS: A type of policy limit found in some health, liability,
and property damage policies. It represents the total amount the insurer will pay
for all losses.
17. Agreement ANS: One of the four requirements of a legally binding contract.
All parties involved must agree to the terms of the contract. Can also refer to a
binder, which is the preliminary substance of a contract.
18. Agricultural Producer ANS: A business that grows, harvests, and sells
crops for profit.
19. Aleatory ANS: A characteristic of insurance contracts; means depending on
an un- known future event."
20. Answer ANS: In liability cases, the defendant's response to a complaint.
There are three possible answers: 1)accept complaint and pay for damages, 2)
deny the complaint, or 3) accept the complaint with a right to insert evidence into
the case.
21. Annual Depreciation ANS: An item's Replacement cost divided by the
number of years in its expected lifespan.
22. Appraisal ANS: A negotiation method which allows the claimant and the insurer
each to select an appraiser.The two appraisers in turn select an Umpire. The
appraisers then work together to determine asettlement amount. If they cannot
agree, the Umpire steps in. Agreement by any two of thethree is binding.
23. Arbitration ANS: A negotiation method in which the opposing parties each
submit their evidence to a mutually-agreed-upon and neutral third party, called an
arbitrator. The arbitrator reviews the positions ofeach opposing side, and makes a
final and legally binding decision.
24. Arbitrator ANS: The mutually-agreed-upon and neutral third party in an
, arbitration who reviews the positions ofeach opposing side, and makes a final
and legally binding decision.
25. Auto Policy ANS: Insurance policy designed to protect the policyholder while
owning, occupying, or operating avehicle. Usually combines liability coverage and
property coverage into one policy.
26. Automobile ANS: In Insurance policies, Automobile generally means any
vehicle designed for use on publicroads.
27. Automobile No-fault Laws ANS: Insurance that indemnifies the insured
regardless of who was at fault in an accident; also restrict the insured's right to sue
the at-fault party.
28. Aviation ANS: Aviation insurance combines hull insurance for the aircraft and
liability insurance for any damage to others' property or to people who are not
passengers.
29. Bailee ANS: An individual or company that receives the property of someone
else for a special purpose, and returns the product after use.
Glossary| 260 QUESTIONS| 19 PAGES
1. Accumulated Depreciation ANS: The total decrease in an item's value over a
period of time. Formula: (Annual Depreciation x Number of years used)
2. Actual Cash Value (ACV) ANS: 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)
3. Adhesion ANS: 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.'
4. Adjusted Gross Revenue (CropInsurance) ANS: 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.
5. Adjuster ANS: An agent who, for compensation, processes insurance
claims. Can represent either the insured or the insurer.
6. Adjuster - Emergency ANS: 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.
7. Adjuster - Independent ANS: Self-employed adjusters who contract with
,multiple insurers at the same time. Paid on a commission or fee-plus-expenses
basis for each claim. Also called: Fee Adjuster, Bureau Adjuster
8. Adjuster - Public ANS: An adjuster who is hired to represent the claimant and
help determine a fair indemnification.Usually specializes in appraisals and
negotiation. Paid commission, usually a percentage of final settlement.
9. Adjuster - Staff ANS: Salaried employee of one insurance company who can
work locally, regionally, or nationally. Also called: Company Adjuster
10. Advance Payment Settlement ANS: A settlement option that lets the insurer
offer some financial relief to the claimant before the claim has been fully settled.
The insurer makes advance 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.
11. Agency Authority ANS: The Agent's authority to act on behalf of someone
else, usually an insurer. This authority is derived from the agent's contract with the
insurer.
12. Agency Authority - express ANS: Authority that is expressly given to the
agent in writing. Allows agent to act on behalf of the principal.
13. Aency Authority - implied ANS: Authority that an agent possesses by
implication of his behavior, regardless of whether this authority is expressly
granted in writing.
14. Agency Authority - apparent ANS: Authority that an agent possesses based
on the appearance of representing an insurer.
15. Agent ANS: Someone who has received authority from an insurer to sell or
service insurance policies.
,16. Aggregate Limit ANS: A type of policy limit found in some health, liability,
and property damage policies. It represents the total amount the insurer will pay
for all losses.
17. Agreement ANS: One of the four requirements of a legally binding contract.
All parties involved must agree to the terms of the contract. Can also refer to a
binder, which is the preliminary substance of a contract.
18. Agricultural Producer ANS: A business that grows, harvests, and sells
crops for profit.
19. Aleatory ANS: A characteristic of insurance contracts; means depending on
an un- known future event."
20. Answer ANS: In liability cases, the defendant's response to a complaint.
There are three possible answers: 1)accept complaint and pay for damages, 2)
deny the complaint, or 3) accept the complaint with a right to insert evidence into
the case.
21. Annual Depreciation ANS: An item's Replacement cost divided by the
number of years in its expected lifespan.
22. Appraisal ANS: A negotiation method which allows the claimant and the insurer
each to select an appraiser.The two appraisers in turn select an Umpire. The
appraisers then work together to determine asettlement amount. If they cannot
agree, the Umpire steps in. Agreement by any two of thethree is binding.
23. Arbitration ANS: A negotiation method in which the opposing parties each
submit their evidence to a mutually-agreed-upon and neutral third party, called an
arbitrator. The arbitrator reviews the positions ofeach opposing side, and makes a
final and legally binding decision.
24. Arbitrator ANS: The mutually-agreed-upon and neutral third party in an
, arbitration who reviews the positions ofeach opposing side, and makes a final
and legally binding decision.
25. Auto Policy ANS: Insurance policy designed to protect the policyholder while
owning, occupying, or operating avehicle. Usually combines liability coverage and
property coverage into one policy.
26. Automobile ANS: In Insurance policies, Automobile generally means any
vehicle designed for use on publicroads.
27. Automobile No-fault Laws ANS: Insurance that indemnifies the insured
regardless of who was at fault in an accident; also restrict the insured's right to sue
the at-fault party.
28. Aviation ANS: Aviation insurance combines hull insurance for the aircraft and
liability insurance for any damage to others' property or to people who are not
passengers.
29. Bailee ANS: An individual or company that receives the property of someone
else for a special purpose, and returns the product after use.
