PUBLIC ADJUSTER ILLINOIS VOCABULARY
STUDY BANK 2026 VERIFIED SOLUTIONS
GRADED A+
⩥ Contract between Public Adjuster and Insured.
Answer: Must include:
names and license number of the public adjuster
effective date of use
formatted in no less than 10 font; full name of the person signing the
contact, form number and edition of the form must be on the lower left
hand corner for it to be approved,
home state, business address and phone number,
the title "Public Adjuster Contract" printed at the head of the contract
form
Insureds: full name, street address, insurance company name, and policy
number
A description of loss & it's location
description of services to be provided to the insured
A place for the signatures of the public adjuster and the insured
The date and time the contract was signed by the adjuster and the
insured.
Attestation language stating that the public adjuster is fully bonded as
required by state law
, Disclosure of full salary, fee, commission, compensation/ considerations
the public adjuster is to receive for services
⩥ Notices that must be included in contract between PA & insured.
Answer: - Any public adjuster contract will be voidable for 5 business
days after execution at the option of the insured
- any contract with a public adjuster that is executed within the five day
period after the loss producing occurrence is voidable for 10 days after
execution
- if the insurer pays or commits in writing to pay the policy limit within
five business days after the date of the loss is reported to the insurance
company the public adjuster will not receive a commission, only
compensation for services provided
⩥ right to rescind the contract.
Answer: If the insured exercises the right to resend the contract anything
of value given by the insured under the contract must be returned to the
insured within 15 Business days following the receipt by the public
adjuster of the cancellation notice
⩥ Client disclosure.
Answer: If the client of the public adjuster chooses a company,
contractor or any other vendor in which the public adjuster holds any
ownership or equitable interest then that interest must be disclosed to the
client.
STUDY BANK 2026 VERIFIED SOLUTIONS
GRADED A+
⩥ Contract between Public Adjuster and Insured.
Answer: Must include:
names and license number of the public adjuster
effective date of use
formatted in no less than 10 font; full name of the person signing the
contact, form number and edition of the form must be on the lower left
hand corner for it to be approved,
home state, business address and phone number,
the title "Public Adjuster Contract" printed at the head of the contract
form
Insureds: full name, street address, insurance company name, and policy
number
A description of loss & it's location
description of services to be provided to the insured
A place for the signatures of the public adjuster and the insured
The date and time the contract was signed by the adjuster and the
insured.
Attestation language stating that the public adjuster is fully bonded as
required by state law
, Disclosure of full salary, fee, commission, compensation/ considerations
the public adjuster is to receive for services
⩥ Notices that must be included in contract between PA & insured.
Answer: - Any public adjuster contract will be voidable for 5 business
days after execution at the option of the insured
- any contract with a public adjuster that is executed within the five day
period after the loss producing occurrence is voidable for 10 days after
execution
- if the insurer pays or commits in writing to pay the policy limit within
five business days after the date of the loss is reported to the insurance
company the public adjuster will not receive a commission, only
compensation for services provided
⩥ right to rescind the contract.
Answer: If the insured exercises the right to resend the contract anything
of value given by the insured under the contract must be returned to the
insured within 15 Business days following the receipt by the public
adjuster of the cancellation notice
⩥ Client disclosure.
Answer: If the client of the public adjuster chooses a company,
contractor or any other vendor in which the public adjuster holds any
ownership or equitable interest then that interest must be disclosed to the
client.
