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Public Adjuster Illinois exam vocabulary
EXAM Questions with 100% Correct
Answers | Verified | Updated (Actual
Exam)
Abandonment - (answers)Leaving insured property unprotected, or giving up of
property by an insured to the insurance company, in expectation of payment for a
direct loss.
Actual cash value - (answers)A type
Additional Interest - (answers)A party other than the named insured who may
have insurable interest in certain property at the time of loss with rights to file a
claim.
Adjuster - (answers)An insurance professional who determines the applicability of
coverage and the amount of settlement under insurance policies.
Adverse Selection - (answers)A situation when only those with the highest risk
seek insurance.
Agreed value - (answers)An option in commercial property policies which negates
the coinsurance clause.
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All risk coverage - (answers)In property insurance, this is another term for the
open-perils approach.
Appraisal clause - (answers)a standard property condition that offers a method to
resolve a dispute over the loss amount without having to resort to a legal
proceeding.
Assignment Clause - (answers)States that the policyholder cannot assign his or her
policy to another without the insurance company's approval.
Basic Causes of Loss - (answers)A commercial property form that uses the named-
perils approach
Bailment - (answers)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
Blanket Limits - (answers)The maximum amount of insurance for any one loss;
Bond - (answers)A promise to be honest, or to fulfill the terms of a contract, that
is insured by a surety.
Broad causes of Loss - (answers)A commercial property coverage form that uses
the named-perils approach
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Builders risk - (answers)A commercial property coverage form, used for buildings
under construction.
Burglary - (answers)A type of theft involving illegal entry or breaking in, without
confrontation with a victim.
Business Income - (answers)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.
Cancelation - (answers)Mid term and termination of an insurance policy.
Casualty insurance - (answers)Insurance that involves a third-party. This term is
similar in meaning to "liability insurance".
Certificate of insurance - (answers)A document prepared by the insurance
company or its agent that verifies the existence of an insurance policy or policies.
Claimant - (answers)A party seeking indemnification or other recovery under an
insurance policy.
Coinsurance - (answers)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
Public Adjuster Illinois exam vocabulary
EXAM Questions with 100% Correct
Answers | Verified | Updated (Actual
Exam)
Abandonment - (answers)Leaving insured property unprotected, or giving up of
property by an insured to the insurance company, in expectation of payment for a
direct loss.
Actual cash value - (answers)A type
Additional Interest - (answers)A party other than the named insured who may
have insurable interest in certain property at the time of loss with rights to file a
claim.
Adjuster - (answers)An insurance professional who determines the applicability of
coverage and the amount of settlement under insurance policies.
Adverse Selection - (answers)A situation when only those with the highest risk
seek insurance.
Agreed value - (answers)An option in commercial property policies which negates
the coinsurance clause.
, 2
All risk coverage - (answers)In property insurance, this is another term for the
open-perils approach.
Appraisal clause - (answers)a standard property condition that offers a method to
resolve a dispute over the loss amount without having to resort to a legal
proceeding.
Assignment Clause - (answers)States that the policyholder cannot assign his or her
policy to another without the insurance company's approval.
Basic Causes of Loss - (answers)A commercial property form that uses the named-
perils approach
Bailment - (answers)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
Blanket Limits - (answers)The maximum amount of insurance for any one loss;
Bond - (answers)A promise to be honest, or to fulfill the terms of a contract, that
is insured by a surety.
Broad causes of Loss - (answers)A commercial property coverage form that uses
the named-perils approach
, 3
Builders risk - (answers)A commercial property coverage form, used for buildings
under construction.
Burglary - (answers)A type of theft involving illegal entry or breaking in, without
confrontation with a victim.
Business Income - (answers)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.
Cancelation - (answers)Mid term and termination of an insurance policy.
Casualty insurance - (answers)Insurance that involves a third-party. This term is
similar in meaning to "liability insurance".
Certificate of insurance - (answers)A document prepared by the insurance
company or its agent that verifies the existence of an insurance policy or policies.
Claimant - (answers)A party seeking indemnification or other recovery under an
insurance policy.
Coinsurance - (answers)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
