ILLINOIS PUBLIC ADJUSTER LATEST 2026 ALL FINALS TIP
QUESTIONS AND ANSWERS MARKED A+
✔✔Concrete - ✔✔Fire resistive material
✔✔Spalling - ✔✔When heat chases concrete to lose it's moisture, the surface flakes off
in thin pieces
✔✔ACV / Appraisal amount - ✔✔Generally under SFP, loss is settled on a _____ up to
the policy amount or _______
✔✔Appraisal clause - ✔✔involves 3 people, only the difference is submitted to the
umpire and that appraisal amount will be used as policy limit
✔✔SFP ~ 30 days - ✔✔When deciding on taking possession, repairing or replacing -
insurers must notify insured's on decision within ___ days after receiving proof of loss
✔✔Lines 90-122 - ✔✔Where can you find the "duties of the insured" in the conditions
section of SFP?
✔✔$1,000 deductible - ✔✔NFIP'a deductible for contents only coverage:
- deductibles apply separately to the building and contents
✔✔Administrator - ✔✔appointed by court to settle estate of person that doesn't leave a
will
✔✔Executor - ✔✔Execute the provisions of a will
✔✔Insurance premium - ✔✔Covers potential losses and indemnify's them if loss occurs
✔✔5 days - ✔✔Removal is covered ____ days for all risk coverage under SFP.
✔✔Insuring agreements - ✔✔under SFP, Assignment clause is located in the _____
section
✔✔SFP property covered: - ✔✔- building contents & personal Property
- direct loss
- bullions & manuscripts if named
✔✔Prorata liability clause - ✔✔Clause under SFP that limits liability of the insurer to a
PORTION of the loss
✔✔Mortgagees - ✔✔________ interests are protected FIRST limiting the insurance limit
to the actual equity interest at the time of loss.
, ✔✔Friendly fire - ✔✔Fire that is started with INTENT
✔✔Hostile fire - ✔✔Fire that wasn't started intentionally and escapes it's limitations
✔✔Exclusions under SFP - ✔✔- Neglect of insured
- Theft (except under removal coverage)
- Explosion
- Riot, unless by fire
✔✔1. Insolvent admitted insurers 2. workers comp policies 3. Surplus lines - ✔✔State
Guaranty Association covers claims of _____
& pays total amount of claims under ______ ______ _____
& does NOT asses ______ companies.
✔✔Suspends the SFP. - ✔✔1) when the hazard increases
2) vacant and unoccupied for more than 60 days
✔✔Endorsed and Attached - ✔✔Indirect losses are only covered if ______ & ____ to
SFP.
✔✔NFIP Deductibles - ✔✔Emergency program = $1500 deductible for coverages of
100K or less & $2000 deductible for over 100K.
Regular program = $1500 for Pre FIRM zones for 100K/less & $2000 for over 100K
$1000 for full risk zones for 100k/less or $1250 for full risk zones of over 100K.
✔✔$2,500 - ✔✔Limit for fire department service charge under B.O.P
✔✔$5000 - ✔✔Limit for Business Income from Dependent properties= ______ & a 72
hr time deductible
✔✔SFP - ✔✔the policy that has no deductible clause
✔✔Prorata Basis - ✔✔Insureds can select available percentages to increase policy
limits on a _____ basis
✔✔Agreed value - ✔✔Suspends the coinsurance requirement
✔✔Replacement cost - ✔✔Changes the valuation condition from ACV to Replacement
cost
✔✔ACV (Actual Cash Value) - ✔✔Under BLD & Personal property, most often, loss is
settled at _____
- tenants improvements & betterments are paid at ACV.
QUESTIONS AND ANSWERS MARKED A+
✔✔Concrete - ✔✔Fire resistive material
✔✔Spalling - ✔✔When heat chases concrete to lose it's moisture, the surface flakes off
in thin pieces
✔✔ACV / Appraisal amount - ✔✔Generally under SFP, loss is settled on a _____ up to
the policy amount or _______
✔✔Appraisal clause - ✔✔involves 3 people, only the difference is submitted to the
umpire and that appraisal amount will be used as policy limit
✔✔SFP ~ 30 days - ✔✔When deciding on taking possession, repairing or replacing -
insurers must notify insured's on decision within ___ days after receiving proof of loss
✔✔Lines 90-122 - ✔✔Where can you find the "duties of the insured" in the conditions
section of SFP?
✔✔$1,000 deductible - ✔✔NFIP'a deductible for contents only coverage:
- deductibles apply separately to the building and contents
✔✔Administrator - ✔✔appointed by court to settle estate of person that doesn't leave a
will
✔✔Executor - ✔✔Execute the provisions of a will
✔✔Insurance premium - ✔✔Covers potential losses and indemnify's them if loss occurs
✔✔5 days - ✔✔Removal is covered ____ days for all risk coverage under SFP.
✔✔Insuring agreements - ✔✔under SFP, Assignment clause is located in the _____
section
✔✔SFP property covered: - ✔✔- building contents & personal Property
- direct loss
- bullions & manuscripts if named
✔✔Prorata liability clause - ✔✔Clause under SFP that limits liability of the insurer to a
PORTION of the loss
✔✔Mortgagees - ✔✔________ interests are protected FIRST limiting the insurance limit
to the actual equity interest at the time of loss.
, ✔✔Friendly fire - ✔✔Fire that is started with INTENT
✔✔Hostile fire - ✔✔Fire that wasn't started intentionally and escapes it's limitations
✔✔Exclusions under SFP - ✔✔- Neglect of insured
- Theft (except under removal coverage)
- Explosion
- Riot, unless by fire
✔✔1. Insolvent admitted insurers 2. workers comp policies 3. Surplus lines - ✔✔State
Guaranty Association covers claims of _____
& pays total amount of claims under ______ ______ _____
& does NOT asses ______ companies.
✔✔Suspends the SFP. - ✔✔1) when the hazard increases
2) vacant and unoccupied for more than 60 days
✔✔Endorsed and Attached - ✔✔Indirect losses are only covered if ______ & ____ to
SFP.
✔✔NFIP Deductibles - ✔✔Emergency program = $1500 deductible for coverages of
100K or less & $2000 deductible for over 100K.
Regular program = $1500 for Pre FIRM zones for 100K/less & $2000 for over 100K
$1000 for full risk zones for 100k/less or $1250 for full risk zones of over 100K.
✔✔$2,500 - ✔✔Limit for fire department service charge under B.O.P
✔✔$5000 - ✔✔Limit for Business Income from Dependent properties= ______ & a 72
hr time deductible
✔✔SFP - ✔✔the policy that has no deductible clause
✔✔Prorata Basis - ✔✔Insureds can select available percentages to increase policy
limits on a _____ basis
✔✔Agreed value - ✔✔Suspends the coinsurance requirement
✔✔Replacement cost - ✔✔Changes the valuation condition from ACV to Replacement
cost
✔✔ACV (Actual Cash Value) - ✔✔Under BLD & Personal property, most often, loss is
settled at _____
- tenants improvements & betterments are paid at ACV.
