SC PROPERTY, CASUALTY, SURETY, MARINE
EXAM / TEST REVIEW QUESTIONS & CERTIFIED
SOLUTIONS / 100% CORRECT/ ALREADY
GRADED, A+
_____________Quiz____________?
Accumulated Depreciation -
Answer✓✓
The total decrease in an item's value over a period of time. Formula:(Annual Depreciation x
Number ofyears used) 1-J
_____________Quiz____________?
Acreage Reporting Date -
Answer✓✓
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
_____________Quiz____________?
Actual Cash Value (ACV) -
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
_____________Quiz____________?
1
, Actual Production History -
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
_____________Quiz____________?
Adhesion -
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
_____________Quiz____________?
Adjusted Gross Revenue (Crop Insurance) -
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
_____________Quiz____________?
Adjuster -
Answer✓✓
An agent who, for compensation, processes insurance claims. Can represent either the
insured or the insurer. 2-B
_____________Quiz____________?
Adjuster - Emergency -
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
2
, _____________Quiz____________?
Adjuster - Independent -
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
_____________Quiz____________?
Adjuster - Public -
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
_____________Quiz____________?
Adjuster - Staff -
Answer✓✓
Salaried employee of one insurance company who can work locally, regionally, or nationally.
Also called: Company Adjuster 2-B
_____________Quiz____________?
Advance Payment Settlement -
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
_____________Quiz____________?
3
, Agency Authority -
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
_____________Quiz____________?
Agency Authority - express -
Answer✓✓
Authority that is expressly given to the agent in writing. Allows agent to act on behalf of the
principal. 2-A
_____________Quiz____________?
Agency Authority - implied -
Answer✓✓
Authority that an agent possesses by implication of her behavior, regardless of whether this
authority is granted in writing. 2-A
_____________Quiz____________?
Agency Authority - apparent -
Answer✓✓
Authority that an agent possesses based on the appearance of representing the insurer. 2-A
_____________Quiz____________?
Agent -
Answer✓✓
Someone who has received authority from an insurer to sell or service insurance policies. 2-
A
_____________Quiz____________?
4
EXAM / TEST REVIEW QUESTIONS & CERTIFIED
SOLUTIONS / 100% CORRECT/ ALREADY
GRADED, A+
_____________Quiz____________?
Accumulated Depreciation -
Answer✓✓
The total decrease in an item's value over a period of time. Formula:(Annual Depreciation x
Number ofyears used) 1-J
_____________Quiz____________?
Acreage Reporting Date -
Answer✓✓
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
_____________Quiz____________?
Actual Cash Value (ACV) -
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
_____________Quiz____________?
1
, Actual Production History -
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
_____________Quiz____________?
Adhesion -
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
_____________Quiz____________?
Adjusted Gross Revenue (Crop Insurance) -
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
_____________Quiz____________?
Adjuster -
Answer✓✓
An agent who, for compensation, processes insurance claims. Can represent either the
insured or the insurer. 2-B
_____________Quiz____________?
Adjuster - Emergency -
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
2
, _____________Quiz____________?
Adjuster - Independent -
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
_____________Quiz____________?
Adjuster - Public -
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
_____________Quiz____________?
Adjuster - Staff -
Answer✓✓
Salaried employee of one insurance company who can work locally, regionally, or nationally.
Also called: Company Adjuster 2-B
_____________Quiz____________?
Advance Payment Settlement -
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
_____________Quiz____________?
3
, Agency Authority -
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
_____________Quiz____________?
Agency Authority - express -
Answer✓✓
Authority that is expressly given to the agent in writing. Allows agent to act on behalf of the
principal. 2-A
_____________Quiz____________?
Agency Authority - implied -
Answer✓✓
Authority that an agent possesses by implication of her behavior, regardless of whether this
authority is granted in writing. 2-A
_____________Quiz____________?
Agency Authority - apparent -
Answer✓✓
Authority that an agent possesses based on the appearance of representing the insurer. 2-A
_____________Quiz____________?
Agent -
Answer✓✓
Someone who has received authority from an insurer to sell or service insurance policies. 2-
A
_____________Quiz____________?
4
