4/9/26, 9:31 AM SC Property, Casualty, Surety, Marine EXAM, Complete Test || Questions and Answers (Verified Answers) (Latest Update 2026) UPD…
SC Property, Casualty, Surety, Marine EXAM,
Complete Test || Questions and Answers (Verified
Answers) (Latest Update 2026) UPDATE!!
Save
Terms in this set (274)
Accumulated Depreciation The total decrease in an item's value over a period
of time. Formula:(Annual Depreciation x Number
ofyears used) 1-J
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-E
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) 1-J
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. 3-E
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."1-B
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,4/9/26, 9:31 AM SC Property, Casualty, Surety, Marine EXAM, Complete Test || Questions and Answers (Verified Answers) (Latest Update 2026) UPD…
Adjusted Gross Revenue (Crop Narrowest (and least expensive) form of Crop
Insurance) Revenue Insurance. Insures farm revenue as a
whole instead of individual crops. Guarantees a
percentage of the insured farm's average revenue.
3-E
Adjuster An agent who, for compensation, processes
insurance claims. Can represent either the insured
or the insurer. 2-B
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. 2-B
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 2-
B
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. 2-B
Adjuster - Staff Salaried employee of one insurance company who
can work locally, regionally, or nationally. Also
called: Company Adjuster 2-B
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,4/9/26, 9:31 AM SC Property, Casualty, Surety, Marine EXAM, Complete Test || Questions and Answers (Verified Answers) (Latest Update 2026) UPD…
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.2-D
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. 2-A
Agency Authority - express Authority that is expressly given to the agent in
writing. Allows agent to act on behalf of the
principal. 2-A
Agency Authority - implied Authority that an agent possesses by implication of
her behavior, regardless of whether this authority is
granted in writing. 2-A
Agency Authority - apparent Authority that an agent possesses based on the
appearance of representing the insurer. 2-A
Agent Someone who has received authority from an
insurer to sell or service insurance policies. 2-A
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 all losses (as
opposed to an occurrence limit, which denotes the
total amount the insurer will pay per occurrence). 1-
K
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, 4/9/26, 9:31 AM SC Property, Casualty, Surety, Marine EXAM, Complete Test || Questions and Answers (Verified Answers) (Latest Update 2026) UPD…
Agreement One of the four requirements of a legally binding
contract. All parties involved must agree to the
terms of the contract. Can also refer to a binder,
which is the preliminary substance of a contract. 1-A
Agricultural Producer A business that grows, harvests, and sells crops for
profit. 3-E
Aleatory A characteristic of an insurance contract. Means
"depending on an unknown future event." An
insurance contract will only pay IF and WHEN
covered damages occur. Neither party knows how
much the contract will end up paying when they
enter into the contract. 1-B
Answer In liability cases, the defendant's response to a
complaint. There are three possible answers: 1)
accept complaint and pay for damages, 2) deny the
complaint, or 3) accept the complaint with a right
to insert evidence into the case. 1-L
Annual Depreciation An item's Replacement cost divided by the number
of years in its expected lifespan. 1-J
Appraisal A negotiation method which allows the claimant
and the insurer each to select an appraiser. The two
appraisers in turn select an Umpire. The appraisers
then work together to determine a settlement
amount. If they cannot agree, the Umpire steps in.
Agreement by any two of the three is binding. 2-D
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SC Property, Casualty, Surety, Marine EXAM,
Complete Test || Questions and Answers (Verified
Answers) (Latest Update 2026) UPDATE!!
Save
Terms in this set (274)
Accumulated Depreciation The total decrease in an item's value over a period
of time. Formula:(Annual Depreciation x Number
ofyears used) 1-J
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-E
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) 1-J
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. 3-E
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."1-B
https://quizlet.com/1165739793/sc-property-casualty-surety-marine-exam-complete-test-questions-and-answers-verified-answers-latest-update-2026-… 1/37
,4/9/26, 9:31 AM SC Property, Casualty, Surety, Marine EXAM, Complete Test || Questions and Answers (Verified Answers) (Latest Update 2026) UPD…
Adjusted Gross Revenue (Crop Narrowest (and least expensive) form of Crop
Insurance) Revenue Insurance. Insures farm revenue as a
whole instead of individual crops. Guarantees a
percentage of the insured farm's average revenue.
3-E
Adjuster An agent who, for compensation, processes
insurance claims. Can represent either the insured
or the insurer. 2-B
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. 2-B
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 2-
B
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. 2-B
Adjuster - Staff Salaried employee of one insurance company who
can work locally, regionally, or nationally. Also
called: Company Adjuster 2-B
https://quizlet.com/1165739793/sc-property-casualty-surety-marine-exam-complete-test-questions-and-answers-verified-answers-latest-update-2026-… 2/37
,4/9/26, 9:31 AM SC Property, Casualty, Surety, Marine EXAM, Complete Test || Questions and Answers (Verified Answers) (Latest Update 2026) UPD…
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.2-D
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. 2-A
Agency Authority - express Authority that is expressly given to the agent in
writing. Allows agent to act on behalf of the
principal. 2-A
Agency Authority - implied Authority that an agent possesses by implication of
her behavior, regardless of whether this authority is
granted in writing. 2-A
Agency Authority - apparent Authority that an agent possesses based on the
appearance of representing the insurer. 2-A
Agent Someone who has received authority from an
insurer to sell or service insurance policies. 2-A
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 all losses (as
opposed to an occurrence limit, which denotes the
total amount the insurer will pay per occurrence). 1-
K
https://quizlet.com/1165739793/sc-property-casualty-surety-marine-exam-complete-test-questions-and-answers-verified-answers-latest-update-2026-… 3/37
, 4/9/26, 9:31 AM SC Property, Casualty, Surety, Marine EXAM, Complete Test || Questions and Answers (Verified Answers) (Latest Update 2026) UPD…
Agreement One of the four requirements of a legally binding
contract. All parties involved must agree to the
terms of the contract. Can also refer to a binder,
which is the preliminary substance of a contract. 1-A
Agricultural Producer A business that grows, harvests, and sells crops for
profit. 3-E
Aleatory A characteristic of an insurance contract. Means
"depending on an unknown future event." An
insurance contract will only pay IF and WHEN
covered damages occur. Neither party knows how
much the contract will end up paying when they
enter into the contract. 1-B
Answer In liability cases, the defendant's response to a
complaint. There are three possible answers: 1)
accept complaint and pay for damages, 2) deny the
complaint, or 3) accept the complaint with a right
to insert evidence into the case. 1-L
Annual Depreciation An item's Replacement cost divided by the number
of years in its expected lifespan. 1-J
Appraisal A negotiation method which allows the claimant
and the insurer each to select an appraiser. The two
appraisers in turn select an Umpire. The appraisers
then work together to determine a settlement
amount. If they cannot agree, the Umpire steps in.
Agreement by any two of the three is binding. 2-D
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