Indiana Adjuster Pro Licensing Exam- With 100% Correct Questions & Answers!

insurance - ANSWER - transfer of risk insurance - ANSWER - transfer of risk Accident Insurance - ANSWER - Covers expenses associated with a covered accident and can extend to ambulance and emergency room expenses, intensive care, and hospital costs. Accident insurance also provides for loss of income, and a death benefit if injuries prove fatal. Accumulated Depreciation - ANSWER - The total decrease in an item's value over a period of time. Formula: (annual depreciation x number of years used). Subtract this number from the item's replacement cost to get its actual cash value (ACV). Acreage Reporting Date - ANSWER - In crop insurance, 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) - ANSWER - 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 - ANSWER - 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 - ANSWER - 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) - ANSWER - 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 - ANSWER - An agent who, for compensation, processes insurance claims. The adjuster investigates the damages, evaluates the claim, and makes a fair and equitable settlement based on the insurance contract. Can represent either the insured or the insurer.