Accumulated Depresciation
The total decrease in an item's value over a period of time.
Formula: (Annual Depreciation x Number of years
... [Show More] used)
Actual Cash Value (ACV)
An item's current market value right before being damaged or destroyed.
Formula: (Replacement Cost-Accumulated Depreciation)
Adhesion
One of the characteristics of an insurance contract.
One party sets the terms and the other party can "take it or leave".
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 % of the insured farm's average revenue.
Adjuster
an agent who, for compensation, processes insurance claims.
Emergency Adjuster
Adjusters who are temporarily licensed by the insurance commissioner to handle claims during catastrophes or emergencies.
Independent Adjuster
Self-Employed adjusters who contract with multiple insurers at the same time. Paid on a commission or fee-plus-expenses basis for each claim.
Public Adjuster
An adjuster who is hired to represent the claimant and help determine a fair indemnification. Paid commission, usually a % of final settlement.
Staff Adjuster
Salaried employee of one insurance company who can work locally, regionally, or nationally.
Advance Payment Settlement
A settlement option that lets the insurer offer some financial relief to the claimant before the claim has been fully settled.
Agency Authority
The agent's authority to act on behalf of someone else (an insurer)
Express Agency Authority
Authority that is expressly given to the agent in writing.
Implied Agency Authority
Authority that an agent possesses by implication of his behavior, regardless of whether this authority is expressly granted in writing.
Apparent Agency Authority
Authority that an agent possesses based on the appearance of representing an insurer.
Agent
Someone who has received authority from an insurer to sell or service insurance policies.
Aggregate Limit
It represents the total amount the insurer will pay for all losses. [Show Less]