Illinois Public Adjuster
Class 4 felony correct answersAny person misappropriating or converting
any monies
collected as a public adjuster, whether license or not, will be
guilty of a -
Contract between Public Adjuster and Insured correct answersMust
include:
names and license number of the public
effective date of
adjuster
use
formatted in no less than 10 font; full name of the person signing the
contact, and
number formedition of the form must be on the lower left hand corner
for it to be
approve
home state, business address and phone
d,
number,
the title "Public Adjuster Contract" printed at the head of the
Insureds:
contract formfull name, street address, insurance company name, and
policy
A numberof loss & it's
description
description of services to be provided to the
location
insured
A place for the signatures of the public adjuster and the
The date and time the contract was signed by the adjuster and
insured
the insured.language stating that the public adjuster is fully bonded as
Attestation
required by state
la
w
Disclosure of full salary, fee, commission, compensation/ considerations
the public
adjuster is to receive for
services
Notices that must be included in contract between PA & insured correct
answers-
public Any contract will be voidable for 5 business days after execution
adjuster
at the option
of
insured
- any contract with a public adjuster that is executed within the five day
period
loss producing
after theoccurrence is voidable for 10 days after
execution
- if the insurer pays or commits in writing to pay the policy limit within five
business
after the date
days of the loss is reported to the insurance company the public
adjuster
not willa commission, only compensation for services
receive
provided
right to rescind the contract correct answersIf the insured exercises the
rightcontract
the to resendanything of value given by the insured under the contract must
be the
to returned
insured within 15 Business days following the receipt by the public
cancellation
adjuster of the
notice
Client disclosure correct answersIf the client of the public adjuster chooses a
company,
contractor or any other vendor in which the public adjuster holds any
equitable
ownershipinterest
or then that interest must be disclosed to
the client.
, Required disclosures correct answersThe public adjuster must
provide written
disclosures regarding financial interests, the claim process and the
"consumer
notice" beforerights
the insured signs a public adjuster
contract.
the public adjuster will be responsible for costs correct answersIf the
public the
refers adjuster
insured to a contractor the public adjuster warrants that all
work will bein a workmanlike manner if it is not completed in that
performed
manner then the:
deductible amount, net claim payment correct answersA public adjuster
charges or fees must not include the
commission, , and will only be based on
made by the
insurer.
PA's cannot represent while: correct answers- while a loss producing
occurrence nor
continuing is while the fire department or its representatives are
engaged at
damaged the
premises nor between the hours of 7 PM
and 8 AM
Required disclosure correct answersAny compensation or anything
connection
of value in with the insured's specific loss that will be received by a public
adjuster
be mustby the public adjuster to the insured in writing including the
disclosed
source and
amoun
t.
30 calendar days = payment release correct answersWhen proceeds are
paidinsured
the jointly, must release the portion due to the public adjuster within
calendar
days, if not, insured just provide the PA with a written explanation for
the delay.
General ethical requirements correct answersNo public adjuster while
licensed by the
Department, may represent or act as a company adjuster or independent
adjuster
the sameon claim. Ya can't be both at
once
emergency services correct answersA public adjuster may not advance
money orconsideration
valuable any except: pending adjustment of a
claim
A public adjuster may not: correct answersprovide legal advice /
representation
insured / engage to in
the
unauthorized practice
of law
Public adjusters may not represent that: correct answersHe/she is a
representative
insurance company, of a a fire department, or the state of Illinois, or that he or
she is a fire or that his or her services are required for the insured to
investigator
submit
the a claim to
iinsurance
company.
Record retention = 7 years correct answersRecords must be maintained for
at least
years after the termination of the transaction with an insured. the records
must also be
open to examination by the Director at
all times
Class 4 felony correct answersAny person misappropriating or converting
any monies
collected as a public adjuster, whether license or not, will be
guilty of a -
Contract between Public Adjuster and Insured correct answersMust
include:
names and license number of the public
effective date of
adjuster
use
formatted in no less than 10 font; full name of the person signing the
contact, and
number formedition of the form must be on the lower left hand corner
for it to be
approve
home state, business address and phone
d,
number,
the title "Public Adjuster Contract" printed at the head of the
Insureds:
contract formfull name, street address, insurance company name, and
policy
A numberof loss & it's
description
description of services to be provided to the
location
insured
A place for the signatures of the public adjuster and the
The date and time the contract was signed by the adjuster and
insured
the insured.language stating that the public adjuster is fully bonded as
Attestation
required by state
la
w
Disclosure of full salary, fee, commission, compensation/ considerations
the public
adjuster is to receive for
services
Notices that must be included in contract between PA & insured correct
answers-
public Any contract will be voidable for 5 business days after execution
adjuster
at the option
of
insured
- any contract with a public adjuster that is executed within the five day
period
loss producing
after theoccurrence is voidable for 10 days after
execution
- if the insurer pays or commits in writing to pay the policy limit within five
business
after the date
days of the loss is reported to the insurance company the public
adjuster
not willa commission, only compensation for services
receive
provided
right to rescind the contract correct answersIf the insured exercises the
rightcontract
the to resendanything of value given by the insured under the contract must
be the
to returned
insured within 15 Business days following the receipt by the public
cancellation
adjuster of the
notice
Client disclosure correct answersIf the client of the public adjuster chooses a
company,
contractor or any other vendor in which the public adjuster holds any
equitable
ownershipinterest
or then that interest must be disclosed to
the client.
, Required disclosures correct answersThe public adjuster must
provide written
disclosures regarding financial interests, the claim process and the
"consumer
notice" beforerights
the insured signs a public adjuster
contract.
the public adjuster will be responsible for costs correct answersIf the
public the
refers adjuster
insured to a contractor the public adjuster warrants that all
work will bein a workmanlike manner if it is not completed in that
performed
manner then the:
deductible amount, net claim payment correct answersA public adjuster
charges or fees must not include the
commission, , and will only be based on
made by the
insurer.
PA's cannot represent while: correct answers- while a loss producing
occurrence nor
continuing is while the fire department or its representatives are
engaged at
damaged the
premises nor between the hours of 7 PM
and 8 AM
Required disclosure correct answersAny compensation or anything
connection
of value in with the insured's specific loss that will be received by a public
adjuster
be mustby the public adjuster to the insured in writing including the
disclosed
source and
amoun
t.
30 calendar days = payment release correct answersWhen proceeds are
paidinsured
the jointly, must release the portion due to the public adjuster within
calendar
days, if not, insured just provide the PA with a written explanation for
the delay.
General ethical requirements correct answersNo public adjuster while
licensed by the
Department, may represent or act as a company adjuster or independent
adjuster
the sameon claim. Ya can't be both at
once
emergency services correct answersA public adjuster may not advance
money orconsideration
valuable any except: pending adjustment of a
claim
A public adjuster may not: correct answersprovide legal advice /
representation
insured / engage to in
the
unauthorized practice
of law
Public adjusters may not represent that: correct answersHe/she is a
representative
insurance company, of a a fire department, or the state of Illinois, or that he or
she is a fire or that his or her services are required for the insured to
investigator
submit
the a claim to
iinsurance
company.
Record retention = 7 years correct answersRecords must be maintained for
at least
years after the termination of the transaction with an insured. the records
must also be
open to examination by the Director at
all times
