CT All-Lines Adjuster Licensing Exam Study Guide

CT All-Lines Adjuster Licensing Exam Study Guide

1. Abandonment: Relinquishing of property and letting go of all legal rights with the intent to claim a total loss. 2. Abandonment Clause: A property policy provision that stipulates that the insurer need not accept any damaged property that the insured chooses to relinquish. 3. Absolute Liability: The performance of an act so dangerous as to be sufficient to trigger liability regardless of the degree of negligence. 4. Accident: An unforeseen, unintended, and unexpected event, which occurs sud- denly and at a definite place. 5. Accounts Receivable Insurance: Pays for the cost of reconstructing accounts receivable records that have been damaged or destroyed by a covered peril. 6. Action Over Claim: A demand by a third party in a subrogation action suing for damages from the employer. (Worker's Compensation) 7. Actual Cash Value (ACV): Placing value on a property as of the time of its loss or damage. 2 / 5 8. Additional Living Expense Insurance: Provides payment for extra expenses made necessary by the insured's inability to reside in the insured dwelling because of a cover loss. 9. Adhesion Contract: Standardized set of agreements offered by one party to another on a take it or leave it basis. 10. Admiralty Courts: Courts of law that deal with matters pertaining to the sea. 11. Admitted Company: An insurance company that is licensed to conduct busi- ness within a given state. 12. Advertising Injury: Claim arising out of slander, libel, copyright infringement, or misappropriation of advertising ideas. 13. Aggregate Limit: Maximum amount an insurer will pay under a policy in any one policy period. 14. Alienated Premises: Property that has been sold by an insured. 15. Americans with Disabilities Act (ADA): Passed by Congress in 1990, requires that reasonable accommodation be made in public accommodations, including the workplace for those with physical or mental disabilities. 16. Apportionment: Dividing a loss between multiple insurers that cover the same loss. 17. Arbitration Clause: An insurance policy that spells out how disagreements over a claim are settled. 3 / 5 18. Assumption of Risk Doctrine: Defense against a negligence claim that bars recovery for damages of a person understands and recognizes the danger inherent in a particular activity or occupation. 19. Attractive Nuisance: Condition that can attract and injure children. The occu- pants of land on which such a condition exists are liable for injuries to children