{"id":120158,"date":"2023-09-22T10:15:25","date_gmt":"2023-09-22T10:15:25","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=120158"},"modified":"2023-09-22T10:15:27","modified_gmt":"2023-09-22T10:15:27","slug":"texas-all-lines-adjuster-test-study-guide-terms-latest-2023-2024","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2023\/09\/22\/texas-all-lines-adjuster-test-study-guide-terms-latest-2023-2024\/","title":{"rendered":"Texas All Lines Adjuster Test Study Guide &amp; Terms (Latest 2023 \/ 2024)"},"content":{"rendered":"\n<p>Texas All Lines<br>Adjuster Test Study<br>Guide &amp; Terms<br>Accumulated Depreciation<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The total decrease in an item&#8217;s value over a period of time. Formula: (Annual<br>Depreciation x Number of years used)<br>Acreage Reporting Date<\/li>\n\n\n\n<li>The deadline for providing the insurer with an acreage report, which is used<br>to determine the amount of coverage needed and the premium charged for a<br>particular crop.<br>Actual Cash Value (ACV)<\/li>\n\n\n\n<li>A valuation method used by insurers to reflect an item&#8217;s current market value<br>right before being damaged or destroyed. Formula: (Replacement cost &#8211;<br>Accumulated Depreciation)<br>Actual Production History<\/li>\n\n\n\n<li>A history of a farmer&#8217;s crop yields over a multi-year period, which is used to<br>determine the normal production level of a farm.<br>Adhesion<\/li>\n\n\n\n<li>Characteristic of an insurance contract. Means that one party (the insurer)<br>sets the terms, and the other (the policyholder) can &#8220;take it or leave it.&#8221;<br>Adjusted Gross Revenue (Crop Insurance)<\/li>\n\n\n\n<li>Narrowest (and least expensive) form of Crop Revenue Insurance. Insures<br>farm revenue as a whole instead of individual crops. Guarantees a percentage<br>of the insured farm&#8217;s average revenue.<br>Adjuster<\/li>\n\n\n\n<li>An agent who, for compensation, processes insurance claims. Can represent<br>either the insured or the insurer.<br>Adjuster &#8211; Emergency<\/li>\n\n\n\n<li>Adjusters who are temporarily licensed by the insurance commissioner to<br>handle claims during catastrophes or emergencies that produce an<br>overwhelming number of claims in a short period of time.<br>Adjuster &#8211; Independent<\/li>\n\n\n\n<li>Self-employed adjusters who contract with multiple insurers at the same<br>time. Paid on a commission or fee-plus-expenses basis for each claim. Also<br>called: Fee Adjuster, Bureau Adjuster<br>Adjuster &#8211; Public<\/li>\n\n\n\n<li>An adjuster who is hired to represent the claimant and help determine a fair<br>indemnification. Usually specializes in appraisals and negotiation. Paid<br>commission, usually a percentage of final settlement.<\/li>\n<\/ul>\n\n\n\n<p>Adjuster &#8211; Staff<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Salaried employee of one insurance company who can work locally, regionally,<br>or nationally. Also called: Company Adjuster<br>Advance Payment Settlement<\/li>\n\n\n\n<li>A settlement option that lets the insurer offer some financial relief to the<br>claimant before the claim has been fully settled. The insurer makes advance<br>payments to the claimant, which are then subtracted from the final settlement<br>amount. Often used when a claimant suffers bodily injury and is unable to<br>work.<br>Agency Authority<\/li>\n\n\n\n<li>The Agent&#8217;s authority to act on behalf of someone else, usually an insurer.<br>This authority is derived from the agent&#8217;s contract with the insurer.<br>Agency Authority &#8211; express<\/li>\n\n\n\n<li>Authority that is expressly given to the agent in writing. Allows agent to act<br>on behalf of the principal.<br>Agency Authority &#8211; implied<\/li>\n\n\n\n<li>Authority that an agent possesses by implication of her behavior, regardless<br>of whether this authority is granted in writing.<br>Agency Authority &#8211; apparent<\/li>\n\n\n\n<li>Authority that an agent possesses based on the appearance of representing<br>the insurer.<br>Agent<\/li>\n\n\n\n<li>Someone who has received authority from an insurer to sell or service<br>insurance policies.<br>Aggregate Limit<\/li>\n\n\n\n<li>A type of policy limit found in some health, liability, and property damage<br>policies. It represents the total amount the insurer will pay for all losses (as<br>opposed to an occurrence limit, which denotes the total amount the insurer<br>will pay per occurrence).<br>Agreement<\/li>\n\n\n\n<li>One of the four requirements of a legally binding contract. All parties involved<br>must agree to the terms of the contract. Can also refer to a binder, which is the<br>preliminary substance of a contract.<br>Agricultural Producer<\/li>\n\n\n\n<li>A business that grows, harvests, and sells crops for profit.<br>Aleatory<\/li>\n\n\n\n<li>A characteristic of an insurance contract. Means &#8220;depending on an unknown<br>future event.&#8221; An insurance contract will only pay IF and WHEN covered<br>damages occur. Neither party knows how much the contract will end up paying<br>when they enter into the contract.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Texas All LinesAdjuster Test StudyGuide &amp; TermsAccumulated Depreciation Adjuster &#8211; Staff<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-120158","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/120158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=120158"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/120158\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=120158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=120158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=120158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}