Economics > STUDY GUIDE > Insurance Adjuster Study Guide: Updated A+ Guide Solution (All)
Lender Interest Provisions (Ans- Protects lender interest by allowing the lender certain rights in the policy. Coinsurance Penalty (Ans- A property insurance provision that penalizes the insure... d's loss recovery if the limit of insurance purchased by the insured is not equal to or greater than a specified percentage (commonly 80 percent) of the value of the insured property. Underinsured (Ans- A situation resulting from a failure to carry enough coverage on the value of a property, especially when there are coinsurance implications. Coinsurance (Ans- A type of insurance in which the insured pays a share of the payment made against a claim. Franchise Deductible (Ans- A minimum amount of loss that must be incurred before insurance coverage applies. A franchise deductible differs from an ordinary deductible in that, once it is met, the entire amount of the loss is paid, subject to the policy limit. Franchise deductibles can be stated either as a dollar amount or as a percentage of the policy limit. Percentage Deductible (Ans- Requires the insured party to pay a deductible equal to the percentage of the value of the insured risk. Fixed Deductible (Ans- One specific, predetermined amount that a policyholder must pay out-of-pocket before he can be indemnified. 3 Typed of Deductibles (Ans- Fixed, Percentage, Franchise Deductible (Ans- The amount the policyholder must pay out-of-pocket before the insurer will pay for losses. Replacement Cost (RC) (Ans- A method of valuation based on the cost of replacing an item at current market price, regardless of depreciation. Valued Policy (Ans- A valuation method that assigns a set of values to each insured item. Value is determined prior to the issuance of policy. Avoids the confusion of assessing appreciation or depreciation. Annual Depreciation Formula (Ans- Replacement Cost / the items useful life Accumulated Depreciation Formula (Ans- Items annual depreciation X it's age Depreciation (Ans- An items estimated loss of value due to wear, tear and age. Actual Cash Value (Ans- A valuation method that takes into account an items depreciation. Actual Cash Value (ACV) Formula (Ans- Replacement Cost (RC) - depreciation 3 methods of Valuation (Ans- Actual Cash Value (ACV), Replacement Cost (RC), Agreed Value (Valued Policy) Valuation (Ans- The process of estimating what an item is worth. Subrogation (Ans- The transfer of rights that allows the insurer to recover it's losses after it has indemnified a policyholder. Lender Interest (Ans- A lender's financial stake in an insured item. Insurable Interest (Ans- Direct financial interest in protecting something or someone. Misrepresentation (Ans- A false, distorted, or deceitful statement of fact or opinion even if made unintentionally. Estoppel (Ans- Legal principle that prevents an insurer from denying coverage if the insured has reasonable come to believe that he has such coverage, based on the insurer's practices. Protects the insured. Waiver (Ans- Voluntary surrender of a right, claim, or privilege. Express Waiver (Ans- Voluntarily giving up rights, claims or privileges through a written statement. [Show More]
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