Vocab 1
This individual is hired by the insured to settle a claim with the insurer (abbreviated as PA).
What is PUBLIC ADJUSTER
This individual contracts with a firm to handle claims for insurers as an independent contractor (abbreviated as IA).
What is INDEPENDENT ADJUSTER
This subset of claims investigates suspicious losses separately (abbreviated as SIU).
What is SPECIAL INVESTIGATION UNIT
These guarantee that an accused will appear in court.
What is BAIL BONDS
This provides continuing education or pre-licensing for adjusters (abbreviated as CE).
What is PROVIDER
This legal two-party document describes the relationship between the insured and the insurance company.
What is INSURANCE CONTRACT
This combines property and liability coverages of two or more policies into one premium (abbreviated as HO or CPP).
What is PACKAGE POLICY
This individual investigates or adjusts losses for an insurer or self-insured entity.
What is ADJUSTER
This involves filing a fabricated or exaggerated claim with an insurer.
What is FRAUD
This is the replacement cost minus depreciation at the time of loss (abbreviated as ACV).
What is ACTUAL CASH VALUE
This written agreement attached to a policy expands or limits benefits.
What is ENDORSEMENT
This depreciation is held back but paid after proof of repairs (abbreviated as RD).
What is RECOVERABLE DEPRECIATION
This necessary increase in living expenses maintains the insured’s standard of living after a loss (abbreviated as ALE).
What is ADDITIONAL LIVING EXPENSE
This depreciation reflects age, use, and condition, resulting in ACV (abbreviated as NRD).
What is NON-RECOVERABLE DEPRECIATION
These guarantee a company will accept a bid and obtain a performance bond.
What is BID BONDS
This is the entity that agrees to fulfill an obligation.
What is PRINCIPAL
These are required of a defendant appealing a lawsuit verdict.
What is APPEAL BONDS
This term describes damages an insured is legally obligated to pay.
What is LIABILITY
These are required by lenders to ensure loans against a job are paid upon completion.
What is COMPLETION BONDS
This is the act of taking responsibility through an agreement for something that person may not be legally liable.
What is ASSUMPTION OF LIABILITY
This legal term means to pay back or make whole for third-party claims.
What is INDEMNIFICATION
This unbiased third party resolves disputes between the insured and insurer.
What is UMPIRE
This person voluntarily gives up possession of property.
What is BAILOR
This is a required payment by a company because of a specific insured incident based on the reduction in value prior to application of a deductible.
What is LOSS
This insurance protects against financial loss from injuries or property damage to others (abbreviated as CGL).
What is LIABILITY INSURANCE