TexasAll Lines AdjusterTest - QuestionsAnd Answers||
2025/2026 Updated.
AccumulatedDepreciation- The totaldecreasein an item'svalueovera periodof time.
Formula: (Annual Depreciation x Number of years used)
Acreage Reporting Date
- The deadline for providing the insurer with an acreage report,
which is usedto determinetheamountof coverageneededand thepremium charged for
a particular crop.
Actual Cash Value (ACV) - A valuation method used by insurers to reflect an item's
currentmarketvalueright beforebeingdamagedor destroyed.Formula: (Replacement
cost - Accumulated Depreciation)
Actual ProductionHistory - A historyof a farmer'scrop yieldsovera multi-year period,
which is used to determine the normal production level of a farm.
Adhesion- Characteristic of an insurance contract. Means that one party (the insurer)
setstheterms,and theother(the policyholder)can "takeit or leaveit."
Adjusted Gross Revenue(Crop Insurance) - Narrowest(and least expensive)form of
Crop RevenueInsurance.Insures farm revenueas a wholeinsteadof individual crops.
Guarantees a percentage of the insured farm's average revenue.
Adjuster- An agentwho,for compensation,processesinsuranceclaims.Can represent
either the insured or the insurer.
Adjuster- Emergency- Adjusters who are temporarily licensed by the insurance
commissionerto handleclaimsduring catastrophesor emergenciesthatproducean
overwhelming number of claims in a short period of time.
Adjuster- Independent- Self-employed adjusters who contract with multiple insurers
at
thesametime.Paid on a commissionor fee-plus-expensesbasisfor each claim. Also
,called: Fee Adjuster, Bureau Adjuster
,Adjuster- Public - An adjuster who is hired to represent the claimant and help determine
a fair indemnification.Usually specializesin appraisalsand negotiation. Paid commission,
usually a percentage of final settlement.
Adjuster- Staff- Salariedemployeeof oneinsurancecompanywho can work locally,
regionally, or nationally. Also called: Company Adjuster
AdvancePaymentSettlement- A settlementoptionthatletstheinsureroffersome
financial relief to the claimant before the claim has been fully settled. The insurer makes
advance payments to
the claimant,which arethensubtracted fromthe final settlement
amount.Oftenusedwhena claimantsuffersbodily injury and is unable to work.
Agency Authority- The Agent'sauthorityto act on behalfof someoneelse,usually an
insurer. This authority is derived from the agent's contract with the insurer.
Agency Authority- express- Authoritythatis expresslygiven to theagentin writing.
Allows agent to act on behalf of the principal.
Agency Authority- implied- Authoritythatan agentpossessesby implicationof her
behavior, regardless of whether this authority is granted in writing.
Agency Authority- apparent- Authoritythatan agentpossessesbasedon the appearance
of representing the insurer.
Agent - Someonewho has receivedauthorityfrom an insurerto sell or service insurance
policies.
Aggregate Limit- A type of policy limit found in some health, liability, and property
damagepolicies.It representsthetotalamounttheinsurerwill pay for all losses (as
opposed to an occurrence limit, which denotes the total amount the insurer will pay per
occurrence).
Agreement- One of thefour requirementsof a legallybinding 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.
2025/2026 Updated.
AccumulatedDepreciation- The totaldecreasein an item'svalueovera periodof time.
Formula: (Annual Depreciation x Number of years used)
Acreage Reporting Date
- The deadline for providing the insurer with an acreage report,
which is usedto determinetheamountof coverageneededand thepremium charged for
a particular crop.
Actual Cash Value (ACV) - A valuation method used by insurers to reflect an item's
currentmarketvalueright beforebeingdamagedor destroyed.Formula: (Replacement
cost - Accumulated Depreciation)
Actual ProductionHistory - A historyof a farmer'scrop yieldsovera multi-year period,
which is used to determine the normal production level of a farm.
Adhesion- Characteristic of an insurance contract. Means that one party (the insurer)
setstheterms,and theother(the policyholder)can "takeit or leaveit."
Adjusted Gross Revenue(Crop Insurance) - Narrowest(and least expensive)form of
Crop RevenueInsurance.Insures farm revenueas a wholeinsteadof individual crops.
Guarantees a percentage of the insured farm's average revenue.
Adjuster- An agentwho,for compensation,processesinsuranceclaims.Can represent
either the insured or the insurer.
Adjuster- Emergency- Adjusters who are temporarily licensed by the insurance
commissionerto handleclaimsduring catastrophesor emergenciesthatproducean
overwhelming number of claims in a short period of time.
Adjuster- Independent- Self-employed adjusters who contract with multiple insurers
at
thesametime.Paid on a commissionor fee-plus-expensesbasisfor each claim. Also
,called: Fee Adjuster, Bureau Adjuster
,Adjuster- Public - An adjuster who is hired to represent the claimant and help determine
a fair indemnification.Usually specializesin appraisalsand negotiation. Paid commission,
usually a percentage of final settlement.
Adjuster- Staff- Salariedemployeeof oneinsurancecompanywho can work locally,
regionally, or nationally. Also called: Company Adjuster
AdvancePaymentSettlement- A settlementoptionthatletstheinsureroffersome
financial relief to the claimant before the claim has been fully settled. The insurer makes
advance payments to
the claimant,which arethensubtracted fromthe final settlement
amount.Oftenusedwhena claimantsuffersbodily injury and is unable to work.
Agency Authority- The Agent'sauthorityto act on behalfof someoneelse,usually an
insurer. This authority is derived from the agent's contract with the insurer.
Agency Authority- express- Authoritythatis expresslygiven to theagentin writing.
Allows agent to act on behalf of the principal.
Agency Authority- implied- Authoritythatan agentpossessesby implicationof her
behavior, regardless of whether this authority is granted in writing.
Agency Authority- apparent- Authoritythatan agentpossessesbasedon the appearance
of representing the insurer.
Agent - Someonewho has receivedauthorityfrom an insurerto sell or service insurance
policies.
Aggregate Limit- A type of policy limit found in some health, liability, and property
damagepolicies.It representsthetotalamounttheinsurerwill pay for all losses (as
opposed to an occurrence limit, which denotes the total amount the insurer will pay per
occurrence).
Agreement- One of thefour requirementsof a legallybinding 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.
