Adjuster Pro - Florida Certified Adjuster
Glossary EXAM Questions with 100% Correct
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Terms in this set (260)
Accumulated Depreciation The total decrease in an item's value over a
period of time. 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)
Adhesion One of the characteristics of an insurance
contract. Means that one party (the insurer) sets
the terms, and the other (the insured) can 'take it
or leave it.'
Adjusted Gross Revenue Narrowest (and least expensive) form of Crop
(CropInsurance) Revenue Insurance. Insures farm revenue as a
whole instead of individual crops. Guarantees a
percentage of the insured farm's average
revenue.
, Adjuster An agent who, for compensation, processes
insurance claims. Can represent either the insured
or the insurer.
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 for each
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 work locally, regionally, or nationally.
Also called: Company Adjuster
Advance Payment Settlement A settlement option that lets the insurer offer
some financial 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 final settlement amount.
Often used when a claimant suffers bodily injury
and is unable to work.
Agency Authority The Agent's authority to act on behalf of
someone else, usually an insurer. This authority is
derived from the agent's contract with the insurer.
Glossary EXAM Questions with 100% Correct
Answers | Verified | Updated (Actual Exam) 2026
LATEST VERSION!!
Save
Terms in this set (260)
Accumulated Depreciation The total decrease in an item's value over a
period of time. 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)
Adhesion One of the characteristics of an insurance
contract. Means that one party (the insurer) sets
the terms, and the other (the insured) can 'take it
or leave it.'
Adjusted Gross Revenue Narrowest (and least expensive) form of Crop
(CropInsurance) Revenue Insurance. Insures farm revenue as a
whole instead of individual crops. Guarantees a
percentage of the insured farm's average
revenue.
, Adjuster An agent who, for compensation, processes
insurance claims. Can represent either the insured
or the insurer.
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 for each
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 work locally, regionally, or nationally.
Also called: Company Adjuster
Advance Payment Settlement A settlement option that lets the insurer offer
some financial 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 final settlement amount.
Often used when a claimant suffers bodily injury
and is unable to work.
Agency Authority The Agent's authority to act on behalf of
someone else, usually an insurer. This authority is
derived from the agent's contract with the insurer.
