Florida All Lines Adjuster Vocab UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Abandonment Clause - CORRECT ANSWER - a clause often contained in property
insurance policies stating that the insured cannot abandon damaged property to the insurer and
demand to be reimbursed for its full value
Accident - CORRECT ANSWER - a sudden fortuitous event
Actual Cash Value (ACV) - CORRECT ANSWER - The cost to replace an item of
property at the time of loss, less an allowance for depreciation. Often used to determine amount
of reimbursement for a loss.
Accounts Recievable Coverage Form - CORRECT ANSWER - An Inland Marine
Coverage form that insures against the loss the insured suffers because of an inability to collect
from customers when accounts receivable records are damaged.
Adjuster - CORRECT ANSWER - an adjuster or claims representative is one who is
involved in the investigation, adjustment, negotiation and/or trial preperationof claims arising
under policies of insurance.
Adjustment - CORRECT ANSWER - the ultimate disposition of a claim
Aggregate Limit - CORRECT ANSWER - A type of policy limit found in liability policies
that limit coverage to a specified total amount for all losses occuring within the policy period
Agreed Value - CORRECT ANSWER - Written with property insurance policies. It waves
the coinsurance clause and requires the insured to carry insurance equal to at least 80% of a
signed statement of values filed with the company
ACTUAL Exam Questions and CORRECT
Answers
Abandonment Clause - CORRECT ANSWER - a clause often contained in property
insurance policies stating that the insured cannot abandon damaged property to the insurer and
demand to be reimbursed for its full value
Accident - CORRECT ANSWER - a sudden fortuitous event
Actual Cash Value (ACV) - CORRECT ANSWER - The cost to replace an item of
property at the time of loss, less an allowance for depreciation. Often used to determine amount
of reimbursement for a loss.
Accounts Recievable Coverage Form - CORRECT ANSWER - An Inland Marine
Coverage form that insures against the loss the insured suffers because of an inability to collect
from customers when accounts receivable records are damaged.
Adjuster - CORRECT ANSWER - an adjuster or claims representative is one who is
involved in the investigation, adjustment, negotiation and/or trial preperationof claims arising
under policies of insurance.
Adjustment - CORRECT ANSWER - the ultimate disposition of a claim
Aggregate Limit - CORRECT ANSWER - A type of policy limit found in liability policies
that limit coverage to a specified total amount for all losses occuring within the policy period
Agreed Value - CORRECT ANSWER - Written with property insurance policies. It waves
the coinsurance clause and requires the insured to carry insurance equal to at least 80% of a
signed statement of values filed with the company
