Texas All Lines Adjuster Test 2023
Accumulated Depreciation - ANSWER The total decrease in an item's value over a
period of time. Formula: (Annual
... [Show More] Depreciation x Number of years used)
Acreage Reporting Date - ANSWER 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 - ANSWERAn agent who, for compensation, processes insurance
claims. Can represent either the insured or the insurer.
Adjuster - Emergency - ANSWER 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 - ANSWER 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 - ANSWER 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. [Show Less]