Illinois Public Adjuster Exam Questions and Answers Latest 2023 RATED A+
Actual Cash Value (ACV) - correct answer ✅Replacement cost less depreciation, considering the age and condition of your property.
Additional Living Expenses (ALE) - correct answer ✅Pays expenses over and above your normal living costs (motel rooms, restaurant meals, and laundry service) while your home is being repaired or rebuilt after damage from an insured loss.
Agent - correct answer ✅A representative who sells insurance for one or more companies. or Someone that represents the Insurance Carrier
Application - correct answer ✅A signed request for insurance, giving information about the prospective policyholder
Appraisal - correct answer ✅If you and we fail to agree on the actual cash value, amount of loss, or cost of repair or replacement, either can make a written demand for appraisal. Each will then select a competent, independent, appraiser and notify the other of the appraiser's identity within 20 days of receipt of the written demand. The two appraisers will choose an umpire. If they cannot agree upon an umpire within 15 days, you Illinois Public Adjuster Exam Questions and Answers Latest 2023 RATED A+ Illinois Public Adjuster Exam Questions and Answers Latest 2023 RATED A+
or we may request that the choice be made by a judge of a district court of a
judicial district where the loss occurred. The two appraisers will then set the amount of loss, stating separately the actual cash value and loss to each item.
Binder - correct answer ✅A temporary written or oral agreement to provide
insurance coverage until a formal written policy is issued.
Broker - correct answer ✅A licensed person or organization you can pay to shop for insurance on your behalf.
Builders Risk - correct answer ✅Coverage for a home under construction. Claim payments are based on the percentage completed at time of loss. This coverage must be changed to a homeowners policy upon completion of the building.
Cancellation - correct answer ✅Termination of a policy before its normal expiration date.
Illinois Public Adjuster Exam Questions and Answers Latest 2023 RATED A+
Actual Cash Value (ACV) - correct answer ✅Replacement cost less depreciation, considering the age and condition of your property.
Additional Living Expenses (ALE) - correct answer ✅Pays expenses over and above your normal living costs (motel rooms, restaurant meals, and laundry service) while your home is being repaired or rebuilt after damage from an insured loss.
Agent - correct answer ✅A representative who sells insurance for one or more companies. or Someone that represents the Insurance Carrier
Application - correct answer ✅A signed request for insurance, giving information about the prospective policyholder
Appraisal - correct answer ✅If you and we fail to agree on the actual cash value, amount of loss, or cost of repair or replacement, either can make a written demand for appraisal. Each will then select a competent, independent, appraiser and notify the other of the appraiser's identity within 20 days of receipt of the written demand. The two appraisers will choose an umpire. If they cannot agree upon an umpire within 15 days, you Illinois Public Adjuster Exam Questions and Answers Latest 2023 RATED A+ Illinois Public Adjuster Exam Questions and Answers Latest 2023 RATED A+
or we may request that the choice be made by a judge of a district court of a
judicial district where the loss occurred. The two appraisers will then set the amount of loss, stating separately the actual cash value and loss to each item.
Binder - correct answer ✅A temporary written or oral agreement to provide
insurance coverage until a formal written policy is issued.
Broker - correct answer ✅A licensed person or organization you can pay to shop for insurance on your behalf.
Builders Risk - correct answer ✅Coverage for a home under construction. Claim payments are based on the percentage completed at time of loss. This coverage must be changed to a homeowners policy upon completion of the building.
Cancellation - correct answer ✅Termination of a policy before its normal expiration date.
Illinois Public Adjuster Exam Questions and Answers Latest 2023 RATED A+
