Public Adjuster Illinois Exam Vocabulary
Questions with Fully Solved correct
detailed verified answers 2025
Improvements and betterments --- correct precise answer ---
Permanent additions and changes made by a tenant to a building it
leases
Indemnification --- correct precise answer ---The process making one
financially whole, by paying no more and no less than the actual
financial loss
Indirect loss --- correct precise answer ---Financial loss that is caused
by a direct loss to property. Also known as "loss of use" or "time
element loss"
Inland marine --- correct precise answer ---A type of property
insurance for property that is in transit or has unique characteristics
Insurable interest --- correct precise answer ---A party that suffers a
financial loss after damage from in insured peril occurs, or an
economic interest or a financial stake in property
,Insurance agent --- correct precise answer ---A licensed and
appointed representative of an insurer who solicits, negotiates, and
services insurance policies
Insurance policy --- correct precise answer ---A contract which
transfers the risk of loss from the insured to the insurer
Insured's duties in the event of loss --- correct precise answer ---If a
covered loss occurs, the insured is obligated to perform certain acts
acts at its own expense in order to receive payment
Insuring agreement --- correct precise answer ---A class that
expresses the insurer's obligations under the policy
Latent defect --- correct precise answer ---A hidden flaw, weakness,
or imperfection in an article of property
Leasehold interest --- correct precise answer ---The claim or right to
enjoy the exclusive possession and use of property for a certain period
which is stated in a written lease
, Limit of liability --- correct precise answer ---Regardless of the value
of covered property, the amount of loss, or the insured's insurable
interest is most that will be paid by in any one occurrence is the limit
shown in the declarations
Loss payee --- correct precise answer ---A party which has insurable
interest in covered property, and which, by the inclusion of an
endorsement to or a provision in a policy, has a right to settlement
proceeds in the event of a covered loss
Market value --- correct precise answer ---A valuation/settlement
option used by homeowners and commercial property insurers
Materiality --- correct precise answer ---A characteristic of probable
and reasonable influence upon the party to whom it is communicated
Misrepresentation --- correct precise answer ---A false answer, a lie
Moral hazard --- correct precise answer ---An increase in the chance
of loss due to the immoral characteristics of an insured, Who might
defraud an insurer by committing material concealment or
misrepresentation, or by filing false or padded claims
Questions with Fully Solved correct
detailed verified answers 2025
Improvements and betterments --- correct precise answer ---
Permanent additions and changes made by a tenant to a building it
leases
Indemnification --- correct precise answer ---The process making one
financially whole, by paying no more and no less than the actual
financial loss
Indirect loss --- correct precise answer ---Financial loss that is caused
by a direct loss to property. Also known as "loss of use" or "time
element loss"
Inland marine --- correct precise answer ---A type of property
insurance for property that is in transit or has unique characteristics
Insurable interest --- correct precise answer ---A party that suffers a
financial loss after damage from in insured peril occurs, or an
economic interest or a financial stake in property
,Insurance agent --- correct precise answer ---A licensed and
appointed representative of an insurer who solicits, negotiates, and
services insurance policies
Insurance policy --- correct precise answer ---A contract which
transfers the risk of loss from the insured to the insurer
Insured's duties in the event of loss --- correct precise answer ---If a
covered loss occurs, the insured is obligated to perform certain acts
acts at its own expense in order to receive payment
Insuring agreement --- correct precise answer ---A class that
expresses the insurer's obligations under the policy
Latent defect --- correct precise answer ---A hidden flaw, weakness,
or imperfection in an article of property
Leasehold interest --- correct precise answer ---The claim or right to
enjoy the exclusive possession and use of property for a certain period
which is stated in a written lease
, Limit of liability --- correct precise answer ---Regardless of the value
of covered property, the amount of loss, or the insured's insurable
interest is most that will be paid by in any one occurrence is the limit
shown in the declarations
Loss payee --- correct precise answer ---A party which has insurable
interest in covered property, and which, by the inclusion of an
endorsement to or a provision in a policy, has a right to settlement
proceeds in the event of a covered loss
Market value --- correct precise answer ---A valuation/settlement
option used by homeowners and commercial property insurers
Materiality --- correct precise answer ---A characteristic of probable
and reasonable influence upon the party to whom it is communicated
Misrepresentation --- correct precise answer ---A false answer, a lie
Moral hazard --- correct precise answer ---An increase in the chance
of loss due to the immoral characteristics of an insured, Who might
defraud an insurer by committing material concealment or
misrepresentation, or by filing false or padded claims
