Texas All Lines Adjuster Test - Questions And Answers GUARANTEED PASS

Texas All Lines Adjuster Test - Questions And Answers GUARANTEED PASS Adjuster - An agent who, for compensation, processes insurance claims. Canrepresent either the insured or the insurer Acreage Reporting Date - The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premiumcharged for a particular crop. Accumulated Depreciation - The total decrease in an item's value over a period oftime. Formula: (Annual Depreciation x Number of years used) Actual Cash Value (ACV) - 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 - A history of a farmer's crop yields over a multi-yearperiod, which is used to determine the normal production level of a farm. Adhesion - 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) - Narrowest (and least expensive) formof Crop Revenue Insurance. Insures farm revenue as a whole instead of individual crops. Guarantees a percentage of the insured farm's average revenue. . Adjuster - Emergency - 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 - Self-employed adjusters who contract with multiple insurers at the same time. Paid on a commission or fee-plus-expenses basis foreach 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 specializes in appraisals and negotiation.Paid commission, usually a percentage of final settlement. Adjuster - Staff - Salaried employee of one insurance company who can worklocally, regionally, or nationally. Also called: Company Adjuster Advance Payment Settlement - A settlement option that lets the insurer offer somefinancial 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 finalsettlement amount. Often used when a claimant suffers bodily injury and is unableto work. Agency Authority - The Agent's authority to act on behalf of someone else, usuallyan insurer. This authority is derived from the agent's contract with the insurer. Agency Authority - express - Authority that is expressly given to the agent inwriting. Allows agent to act on behalf of the principal. Agency Authority - implied - Authority that an agent possesses by implication ofher behavior, regardless of whether this authority is granted in writing. Agency Authority - apparent - Authority that an agent possesses based on the appearance of representing the insurer. Agent - Someone who has received authority from an insurer to sell or serviceinsurance policies. Aggregate Limit - A type of policy limit found in some health, liability, and property damage policies. It represents the total amount the insurer will pay for alllosses (as opposed to an occurrence limit, which denotes the total amount the insurer will pay per occurrence). Agreement - One of the four requirements of a legally binding contract. All partiesinvolved must agree to the terms of the contract. Can also refer to a binder, which is the preliminary substance of a contract.