NJ PUBLIC ADJUSTMENT REVIEW /
QUESTIONS WITH DETAILED VERIFIED ANSWERS /
ALREADY GRADED A / 2025
Terms in this set (114)
Public Adjuster License A solicitors/adjusters license is valid for two years and must be
renewed every two years
Public Adjuster Bond $10,000 bond is required for solicitors/adjusters
documentation of loss required
of a policy owner by an
insurance company; must
usually be filed within 60
Proof of Loss days after the request of the insured or according to policy provision, 60 days after
the date of loss
Loss to a Pair or Set (1) repair or replace any part to restore the pair or
setto its value before the loss or
(2) pay the difference between actual cash valuebefore
and after the loss
Insurer company offering protection through the sale of an insurance
policy to an insured
Insured party covered by an insurance policy
Policy Period the inception date and expiration date of the policy
Limit of Liability maximum amount of coverage available under a liability
insurance policy
Insurable Interest expectation of a monetary loss that can be covered by
insurance. Owner of the property.
, attachment to a property insurance policy to protect the
interest of the mortgage in the mortgaged property. If the
Mortgage Clause
property is damaged or destroyed the mortgage is
indemnified up to his or her stated interest in the property.
Market Value value of property as established by the price a willing buyer
would pay for property purchased from a willing seller
Agreed Value a stipulated agreement between the insurance company
and the insured that the amount of insurance coverage
under the policy is sufficient to be in compliance with the
coinsurance requirement.
Depreciation actual or accounting recognition of the decrease in the value
of a hard asset (property) over a period of time
Recoverable although replacement cost policies provide for replacement
Depreciation(Holdback) of damaged property at current prices, certain conditions
must be met before you can collect the full amount for the
loss. The insurance company will make an offer of
settlement, then withhold a portion of the money until the
repairs are actually made. You must provide receipts
showing that you incurred a cost of equal or greater than
the offer of settlement in order for you to receive all of the
holdback moneys.
Non-Recoverable actual cash value policies state that an offer of settlement is
Depreciation based on the actual cash value of the property at the time of
the loss, therefore, any depreciation applied because of age,
deterioration, etc. is not recoverable.
QUESTIONS WITH DETAILED VERIFIED ANSWERS /
ALREADY GRADED A / 2025
Terms in this set (114)
Public Adjuster License A solicitors/adjusters license is valid for two years and must be
renewed every two years
Public Adjuster Bond $10,000 bond is required for solicitors/adjusters
documentation of loss required
of a policy owner by an
insurance company; must
usually be filed within 60
Proof of Loss days after the request of the insured or according to policy provision, 60 days after
the date of loss
Loss to a Pair or Set (1) repair or replace any part to restore the pair or
setto its value before the loss or
(2) pay the difference between actual cash valuebefore
and after the loss
Insurer company offering protection through the sale of an insurance
policy to an insured
Insured party covered by an insurance policy
Policy Period the inception date and expiration date of the policy
Limit of Liability maximum amount of coverage available under a liability
insurance policy
Insurable Interest expectation of a monetary loss that can be covered by
insurance. Owner of the property.
, attachment to a property insurance policy to protect the
interest of the mortgage in the mortgaged property. If the
Mortgage Clause
property is damaged or destroyed the mortgage is
indemnified up to his or her stated interest in the property.
Market Value value of property as established by the price a willing buyer
would pay for property purchased from a willing seller
Agreed Value a stipulated agreement between the insurance company
and the insured that the amount of insurance coverage
under the policy is sufficient to be in compliance with the
coinsurance requirement.
Depreciation actual or accounting recognition of the decrease in the value
of a hard asset (property) over a period of time
Recoverable although replacement cost policies provide for replacement
Depreciation(Holdback) of damaged property at current prices, certain conditions
must be met before you can collect the full amount for the
loss. The insurance company will make an offer of
settlement, then withhold a portion of the money until the
repairs are actually made. You must provide receipts
showing that you incurred a cost of equal or greater than
the offer of settlement in order for you to receive all of the
holdback moneys.
Non-Recoverable actual cash value policies state that an offer of settlement is
Depreciation based on the actual cash value of the property at the time of
the loss, therefore, any depreciation applied because of age,
deterioration, etc. is not recoverable.
