Public Adjuster Illinois exam vocabulary
Study online at https://quizlet.com/_9bmz64
1. Abandonment Leaving insured property unprotected, or giving up of property by an insured to
the insurance company, in expectation of payment for a direct loss.
2. Actual cash value A type
3. Additional Inter- A party other than the named insured who may have insurable interest in certain
est property at the time of loss with rights to file a claim.
4. Adjuster An insurance professional who determines the applicability of coverage and the
amount of settlement under insurance policies.
5. Adverse Selec- A situation when only those with the highest risk seek insurance.
tion
6. Agreed value An option in commercial property policies which negates the coinsurance clause.
7. All risk coverage In property insurance, this is another term for the open-perils approach.
8. Appraisal clause a standard property condition that offers a method to resolve a dispute over the
loss amount without having to resort to a legal proceeding.
9. Assignment States that the policyholder cannot assign his or her policy to another without the
Clause insurance company's approval.
10. Basic Causes of A commercial property form that uses the named-perils approach
Loss
11. Bailment Delivery of property in trust. It is the voluntary, temporary transfer of property
from the owner (the bailor) to another party (the bailee) for cleaning, repairing,
safekeeping, etc..... Temporary transfer of property
12. Blanket Limits The maximum amount of insurance for any one loss;
13. Bond A promise to be honest, or to fulfill the terms of a contract, that is insured by a
surety.
, Public Adjuster Illinois exam vocabulary
Study online at https://quizlet.com/_9bmz64
14. Broad causes of A commercial property coverage form that uses the named-perils approach
Loss
15. Builders risk A commercial property coverage form, used for buildings under construction.
16. Burglary A type of theft involving illegal entry or breaking in, without confrontation with a
victim.
17. Business Income Commercial property insurance for indirect losses. "Business income"means the
net income before taxes that would have been earned by an insured had there
been no direct loss.
18. Cancelation Mid term and termination of an insurance policy.
19. Casualty insur- Insurance that involves a third-party. This term is similar in meaning to "liability
ance insurance".
20. Certificate of in- A document prepared by the insurance company or its agent that verifies the
surance existence of an insurance policy or policies.
21. Claimant A party seeking indemnification or other recovery under an insurance policy.
22. Coinsurance A property insurance clause that requires a limit for buildings or personal property
to be set at a certain minimum level, usually 80% of the properties full value
23. Commercial An inland marine form or policy covering certain business property
Floater
24. Commercial A commercial policy containing more than one line of insurance
package policy
25. Concealment The withholding by an insured or applicant of a fact from the insurer.
26. Concurrency
Study online at https://quizlet.com/_9bmz64
1. Abandonment Leaving insured property unprotected, or giving up of property by an insured to
the insurance company, in expectation of payment for a direct loss.
2. Actual cash value A type
3. Additional Inter- A party other than the named insured who may have insurable interest in certain
est property at the time of loss with rights to file a claim.
4. Adjuster An insurance professional who determines the applicability of coverage and the
amount of settlement under insurance policies.
5. Adverse Selec- A situation when only those with the highest risk seek insurance.
tion
6. Agreed value An option in commercial property policies which negates the coinsurance clause.
7. All risk coverage In property insurance, this is another term for the open-perils approach.
8. Appraisal clause a standard property condition that offers a method to resolve a dispute over the
loss amount without having to resort to a legal proceeding.
9. Assignment States that the policyholder cannot assign his or her policy to another without the
Clause insurance company's approval.
10. Basic Causes of A commercial property form that uses the named-perils approach
Loss
11. Bailment Delivery of property in trust. It is the voluntary, temporary transfer of property
from the owner (the bailor) to another party (the bailee) for cleaning, repairing,
safekeeping, etc..... Temporary transfer of property
12. Blanket Limits The maximum amount of insurance for any one loss;
13. Bond A promise to be honest, or to fulfill the terms of a contract, that is insured by a
surety.
, Public Adjuster Illinois exam vocabulary
Study online at https://quizlet.com/_9bmz64
14. Broad causes of A commercial property coverage form that uses the named-perils approach
Loss
15. Builders risk A commercial property coverage form, used for buildings under construction.
16. Burglary A type of theft involving illegal entry or breaking in, without confrontation with a
victim.
17. Business Income Commercial property insurance for indirect losses. "Business income"means the
net income before taxes that would have been earned by an insured had there
been no direct loss.
18. Cancelation Mid term and termination of an insurance policy.
19. Casualty insur- Insurance that involves a third-party. This term is similar in meaning to "liability
ance insurance".
20. Certificate of in- A document prepared by the insurance company or its agent that verifies the
surance existence of an insurance policy or policies.
21. Claimant A party seeking indemnification or other recovery under an insurance policy.
22. Coinsurance A property insurance clause that requires a limit for buildings or personal property
to be set at a certain minimum level, usually 80% of the properties full value
23. Commercial An inland marine form or policy covering certain business property
Floater
24. Commercial A commercial policy containing more than one line of insurance
package policy
25. Concealment The withholding by an insured or applicant of a fact from the insurer.
26. Concurrency
