Texas All Lines Adjuster
Test 100 questions and
answers with complete
solutions 2023.
Texas All Lines Adjuster Test
1. Accumulated Depreciation: The
... [Show More] total decrease in an item's value over a period
of time. Formula: (Annual Depreciation x Number of years used)
2. 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 premium charged for a particular crop.
3. 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)
4. Actual Production History: 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.
5. 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."
6. Adjusted Gross Revenue (Crop Insurance): 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.
7. Adjuster: An agent who, for compensation, processes insurance claims. Can
represent either the insured or the insurer.
8. 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.
9. Adjuster - Independent: 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
10. 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.
11. Adjuster - Staff: Salaried employee of one insurance company who can work
locally, regionally, or nationally. Also called: Company Adjuster
12. Advance Payment Settlement: A [Show Less]