Texas All Lines Adjuster Test || 100% Exact Answers.
Accumulated Depreciation correct answers The total decrease in an item's value over a period of
time. Formula: (Annual Depreciation x Number of years used)
Acreage Reporting Date correct answers The deadline for providing the insurer with an acreage
report, which is used to determine the amount of coverage needed and the premium charged for a
particular crop.
Actual Cash Value (ACV) correct answers 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)
Actual Production History correct answers A history of a farmer's crop yields over a multi-year
period, which is used to determine the normal production level of a farm.
Adhesion correct answers Characteristic of an insurance contract. Means that one party (the
insurer) sets the terms, and the other (the policyholder) can "take it or leave it."
Adjusted Gross Revenue (Crop Insurance) correct answers 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.
Adjuster correct answers An agent who, for compensation, processes insurance claims. Can
represent either the insured or the insurer.
Adjuster - Emergency correct answers 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.
Adjuster - Independent correct answers 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
Adjuster - Public correct answers 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.
Adjuster - Staff correct answers Salaried employee of one insurance company who can work
locally, regionally, or nationally. Also called: Company Adjuster
Advance Payment Settlement correct answers 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.
,Agency Authority correct answers 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.
Agency Authority - express correct answers Authority that is expressly given to the agent in
writing. Allows agent to act on behalf of the principal.
Agency Authority - implied correct answers Authority that an agent possesses by implication of
her behavior, regardless of whether this authority is granted in writing.
Agency Authority - apparent correct answers Authority that an agent possesses based on the
appearance of representing the insurer.
Agent correct answers Someone who has received authority from an insurer to sell or service
insurance policies.
Aggregate Limit correct answers 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 (as
opposed to an occurrence limit, which denotes the total amount the insurer will pay per
occurrence).
Agreement correct answers 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.
Agricultural Producer correct answers A business that grows, harvests, and sells crops for profit.
Aleatory correct answers A characteristic of an insurance contract. Means "depending on an
unknown future event." An insurance contract will only pay IF and WHEN covered damages
occur. Neither party knows how much the contract will end up paying when they enter into the
contract.
Answer correct answers 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.
Annual Depreciation correct answers An item's Replacement cost divided by the number of years
in its expected lifespan.
Appraisal correct answers 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 a settlement amount. If they cannot agree, the Umpire steps in. Agreement
by any two of the three is binding.
Arbitration correct answers 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 of each opposing side, and makes a final and legally binding
decision.
Arbitrator correct answers The mutually-agreed-upon and neutral third party in an arbitration
who reviews the positions of each opposing side, and makes a final and legally binding decision.
Artificially Generated Current correct answers Also called "artificial current." A peril covered in
some property insurance policies. It includes sudden and accidental damage from any electrical
current, except currents that are naturally generated, such as lightning or static electricity.
Auto Policy correct answers Insurance policy designed to protect the policyholder while owning,
occupying, or operating a vehicle. Usually combines liability coverage and property coverage
into one policy.
Automobile correct answers In Insurance policies, Automobile generally means any vehicle
designed for use on public roads.
Automobile No-Fault Laws correct answers Laws in effect in some states that require any owner
of a vehicle to purchase no-fault insurance; that is, insurance that indemnifies the insured
regardless of who was at fault in an accident. No-fault laws also restrict the insured's right to sue
the at-fault party.
Aviation correct answers Aviation insurance combines hull insurance for the aircraft and liability
insurance for any damage to others' property or to people who are not passengers.
Bailee correct answers An individual or company that receives the property of someone else for
a special purpose, and returns the product after use.
BAP correct answers The Business Auto Policy provides property damage and liability insurance
for automobiles used by a business.
Binder correct answers A temporary contract provided by an insurer that ensures coverage until
the complete, permanent policy is issued.
Bl correct answers (Bodily Injury): Physical damage to someone's person. Liability insurance
covers bodily injury that the insured might cause to another person through negligence.
Body Language correct answers The signals we give through posture, behaviour, apparel, etc.,
which are involved in communication.
Boiler & Machinery correct answers Boiler and machinery insurance is designed to indemnify a
business for damages to, and damages by, boilers, machinery, motors, generators and a variety of
other electrical devices and appliances.
Accumulated Depreciation correct answers The total decrease in an item's value over a period of
time. Formula: (Annual Depreciation x Number of years used)
Acreage Reporting Date correct answers The deadline for providing the insurer with an acreage
report, which is used to determine the amount of coverage needed and the premium charged for a
particular crop.
Actual Cash Value (ACV) correct answers 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)
Actual Production History correct answers A history of a farmer's crop yields over a multi-year
period, which is used to determine the normal production level of a farm.
Adhesion correct answers Characteristic of an insurance contract. Means that one party (the
insurer) sets the terms, and the other (the policyholder) can "take it or leave it."
Adjusted Gross Revenue (Crop Insurance) correct answers 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.
Adjuster correct answers An agent who, for compensation, processes insurance claims. Can
represent either the insured or the insurer.
Adjuster - Emergency correct answers 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.
Adjuster - Independent correct answers 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
Adjuster - Public correct answers 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.
Adjuster - Staff correct answers Salaried employee of one insurance company who can work
locally, regionally, or nationally. Also called: Company Adjuster
Advance Payment Settlement correct answers 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.
,Agency Authority correct answers 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.
Agency Authority - express correct answers Authority that is expressly given to the agent in
writing. Allows agent to act on behalf of the principal.
Agency Authority - implied correct answers Authority that an agent possesses by implication of
her behavior, regardless of whether this authority is granted in writing.
Agency Authority - apparent correct answers Authority that an agent possesses based on the
appearance of representing the insurer.
Agent correct answers Someone who has received authority from an insurer to sell or service
insurance policies.
Aggregate Limit correct answers 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 (as
opposed to an occurrence limit, which denotes the total amount the insurer will pay per
occurrence).
Agreement correct answers 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.
Agricultural Producer correct answers A business that grows, harvests, and sells crops for profit.
Aleatory correct answers A characteristic of an insurance contract. Means "depending on an
unknown future event." An insurance contract will only pay IF and WHEN covered damages
occur. Neither party knows how much the contract will end up paying when they enter into the
contract.
Answer correct answers 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.
Annual Depreciation correct answers An item's Replacement cost divided by the number of years
in its expected lifespan.
Appraisal correct answers 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 a settlement amount. If they cannot agree, the Umpire steps in. Agreement
by any two of the three is binding.
Arbitration correct answers 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 of each opposing side, and makes a final and legally binding
decision.
Arbitrator correct answers The mutually-agreed-upon and neutral third party in an arbitration
who reviews the positions of each opposing side, and makes a final and legally binding decision.
Artificially Generated Current correct answers Also called "artificial current." A peril covered in
some property insurance policies. It includes sudden and accidental damage from any electrical
current, except currents that are naturally generated, such as lightning or static electricity.
Auto Policy correct answers Insurance policy designed to protect the policyholder while owning,
occupying, or operating a vehicle. Usually combines liability coverage and property coverage
into one policy.
Automobile correct answers In Insurance policies, Automobile generally means any vehicle
designed for use on public roads.
Automobile No-Fault Laws correct answers Laws in effect in some states that require any owner
of a vehicle to purchase no-fault insurance; that is, insurance that indemnifies the insured
regardless of who was at fault in an accident. No-fault laws also restrict the insured's right to sue
the at-fault party.
Aviation correct answers Aviation insurance combines hull insurance for the aircraft and liability
insurance for any damage to others' property or to people who are not passengers.
Bailee correct answers An individual or company that receives the property of someone else for
a special purpose, and returns the product after use.
BAP correct answers The Business Auto Policy provides property damage and liability insurance
for automobiles used by a business.
Binder correct answers A temporary contract provided by an insurer that ensures coverage until
the complete, permanent policy is issued.
Bl correct answers (Bodily Injury): Physical damage to someone's person. Liability insurance
covers bodily injury that the insured might cause to another person through negligence.
Body Language correct answers The signals we give through posture, behaviour, apparel, etc.,
which are involved in communication.
Boiler & Machinery correct answers Boiler and machinery insurance is designed to indemnify a
business for damages to, and damages by, boilers, machinery, motors, generators and a variety of
other electrical devices and appliances.
