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SC PROPERTY, CASUALTY, SURETY,
MARINE EXAM 2025 BRAND NEW ACTUAL
EXAM WITH 100% VERIFIED QUESTIONS
AND CORRECT SOLUTIONS| GUARANTEED
VALUE PACK| ACE YOUR GRADES.
1. Accumulated Depreciation - correct answer -The total decrease
in an item's value over a period of time. Formula:(Annual
Depreciation x Number ofyears used) 1-J
2. Acreage Reporting Date - correct answer -The deadline for
providing the insurer with an acreage report, which is used to
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determine the amount of coverage needed and the premium
charged for a particular crop. 3-E
3. Actual Cash Value (ACV) - correct 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) 1-J
4. Actual Production History - correct 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. 3-E
5. Adhesion - correct 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."1-B
6. Adjusted Gross Revenue (Crop Insurance) - correct 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. 3-E
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7. Adjuster - correct answer -An agent who, for compensation,
processes insurance claims. Can represent either the insured
or the insurer. 2-B
8. Adjuster - Emergency - correct 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. 2-B
9. Adjuster - Independent - correct 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 2-B
10. Adjuster - Public - correct 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. 2-B
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11. Adjuster - Staff - correct answer -Salaried employee of one
insurance company who can work locally, regionally, or
nationally. Also called: Company Adjuster 2-B
12. Advance Payment Settlement - correct answer -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
13. Agency Authority - correct answer -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
14. Agency Authority - express - correct answer -Authority that is
expressly given to the agent in writing. Allows agent to act on
behalf of the principal. 2-A
15. Agency Authority - implied - correct answer -Authority that an
agent possesses by implication of her behavior, regardless of
whether this authority is granted in writing. 2-A
SC PROPERTY, CASUALTY, SURETY,
MARINE EXAM 2025 BRAND NEW ACTUAL
EXAM WITH 100% VERIFIED QUESTIONS
AND CORRECT SOLUTIONS| GUARANTEED
VALUE PACK| ACE YOUR GRADES.
1. Accumulated Depreciation - correct answer -The total decrease
in an item's value over a period of time. Formula:(Annual
Depreciation x Number ofyears used) 1-J
2. Acreage Reporting Date - correct answer -The deadline for
providing the insurer with an acreage report, which is used to
, Page | 2
determine the amount of coverage needed and the premium
charged for a particular crop. 3-E
3. Actual Cash Value (ACV) - correct 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) 1-J
4. Actual Production History - correct 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. 3-E
5. Adhesion - correct 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."1-B
6. Adjusted Gross Revenue (Crop Insurance) - correct 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. 3-E
, Page | 3
7. Adjuster - correct answer -An agent who, for compensation,
processes insurance claims. Can represent either the insured
or the insurer. 2-B
8. Adjuster - Emergency - correct 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. 2-B
9. Adjuster - Independent - correct 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 2-B
10. Adjuster - Public - correct 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. 2-B
, Page | 4
11. Adjuster - Staff - correct answer -Salaried employee of one
insurance company who can work locally, regionally, or
nationally. Also called: Company Adjuster 2-B
12. Advance Payment Settlement - correct answer -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
13. Agency Authority - correct answer -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
14. Agency Authority - express - correct answer -Authority that is
expressly given to the agent in writing. Allows agent to act on
behalf of the principal. 2-A
15. Agency Authority - implied - correct answer -Authority that an
agent possesses by implication of her behavior, regardless of
whether this authority is granted in writing. 2-A
