ALL Lines Texas
Insurance: Insurance
Adjuster
Study Material and Terms
Accident
- unforeseen, unintended, unexpected event
Act of God - event arising from natural cause with no human intervention, could not have
prevented by reasonable care or foresight (floods, lightning, earthquakes)
Actual Cash Value - value of property based on current cost to replace it minus depreciation
Additional Insured - person, firm, or corporation other than the named insured that is protected
against loss by the terms of the policy
Additional Living Expenses (ALE)
- extra charges covered by homeowners’ policies over and above the
policyholder’s customary living expenses due to damage that makes the home
temporarily uninhabitable.
adjuster - rep of the insurance company who seeks to determine the extent of the
insurer’s liability for loss for a claim
All Risk Insurance - insurance against loss or property damage that arises from a fortuitous
cause except for those specifically excluded
Appraisal - process to settle dispute between insurer and insured over amount of claim.
both parties hire appraiser, if no settlement than they hire and umpire
Bodily Injury - physical injury to a person
business interruption - Anticipated or unanticipated disruption of the normal operation of a
business.
Basic Coverage Form
- Any of the commercial or personal insurance property forms which provide
basic coverage’s. These forms generally provide the most limited coverage,
which is surpasses by “Broad Forms” and “Special Form.”
Assigned Risk - A risk which underwriters do not care to insure, but because of state law or
otherwise, the insured must be protected and the insurance is therefore
handled through the state and assigned to companies.
bond - a security that obligates the issuer to pay interest a specified intervals and to
repay the principal amount of the loan at maturity. Various bonds guarantee a
payment or reimbursement for financial losses that result from dishonesty,
failure to perform and other acts.
Business Interruption Insurance - type of policy that pays for loss of earnings when operations are suspended
because of property loss
cancellation - Termination of an insurance policy by the company or insured before the
renewal date.
carrier - an insurance company that carries the insurance