Claims Adjuster > QUESTIONS & ANSWERS > Glossary of Terms - Adjuster Pro Certification| 259 QUESTIONS And Answers WITH VERIFIED SOLUTIONS (All)

Glossary of Terms - Adjuster Pro Certification| 259 QUESTIONS And Answers WITH VERIFIED SOLUTIONS GRADED A+

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Accumulated Depreciation Correct Answer: The total decrease in an item's value over a period of time. Formula: (Annual Depreciation x Number of years used) 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) Adhesion Correct Answer: One of the characteristics of an insurance contract. Means that one party (the insurer) sets the terms, and the other (the insured) can 'take it or leave it.' 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. [Show More]

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