Public Adjuster Illinois exam
Abandonment correct answersLeaving insured property unprotected, or
giving upby
property of an insured to the insurance company, in expectation of payment
for a direct
loss
.
Actual cash value correct answersA
type
Additional Interest correct answersA 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 correct answersAn insurance professional who determines the
applicability
coverage andofthe amount of settlement under insurance
policies.
Adverse Selection correct answersA situation when only those with the
highest risk
seek
insurance.
Agreed value correct answersAn option in commercial property policies
which
the negates
coinsurance
clause.
All risk coverage correct answersIn property insurance, this is another
term for the
open-perils
approach.
Appraisal clause correct answersa 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 correct answersStates that the policyholder cannot
assign to
policy hisanother
or her without the insurance company's
approval.
Basic Causes of Loss correct answersA commercial property form that uses
the named-
perils
approach
Bailment correct answersDelivery of property in trust. It is the
voluntary,
transfer of temporary
property from the owner (the bailor) to another party (the bailee)
for cleaning,
repairing, safekeeping, etc..... Temporary transfer of
property
Blanket Limits correct answersThe maximum amount of insurance for
any one loss;
Bond correct answersA promise to be honest, or to fulfill the terms of a
insured
contract,bythata is
surety.
, Broad causes of Loss correct answersA commercial property coverage form
thatnamed-perils
the uses
approach
Builders risk correct answersA commercial property coverage form, used
for buildings
under
construction.
Burglary correct answersA type of theft involving illegal entry or breaking
in, without
confrontation with a
victim.
Business Income correct answersCommercial property insurance for
indirect losses.
"Business income"means the net income before taxes that would have been
earned
an insured
by had there been no direct
loss.
Cancelation correct answersMid term and termination of an
insurance policy.
Casualty insurance correct answersInsurance that involves a third-party.
This term
similar is
in meaning to "liability
insurance".
Certificate of insurance correct answersA document prepared by the
company or its agent that verifies the existence of an insurance policy
insurance
or policies.
Claimant correct answersA party seeking indemnification or other
recovery under an
insurance
policy.
Coinsurance correct answersA property insurance clause that requires
a limit for or personal property to be set at a certain minimum level, usually
buildings
80% of thefull
properties
value
Commercial Floater correct answersAn inland marine form or policy
covering certain
business
property
Commercial package policy correct answersA commercial policy containing
moreline
one thanof
insurance
Concealment correct answersThe withholding by an insured or applicant of
a fact from
the
insurer.
Concurrency correct answersI situation when two or more policies cover
the laws with similar terms and
substantially
provisions.
Condition correct answersA policy clause stating a right of either the insured
insurer,
or a rule about how covered losses are to be calculated, paid, and
responded to by the
both
parties.
Contract correct answersIn agreement which is legally
enforceable.
Abandonment correct answersLeaving insured property unprotected, or
giving upby
property of an insured to the insurance company, in expectation of payment
for a direct
loss
.
Actual cash value correct answersA
type
Additional Interest correct answersA 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 correct answersAn insurance professional who determines the
applicability
coverage andofthe amount of settlement under insurance
policies.
Adverse Selection correct answersA situation when only those with the
highest risk
seek
insurance.
Agreed value correct answersAn option in commercial property policies
which
the negates
coinsurance
clause.
All risk coverage correct answersIn property insurance, this is another
term for the
open-perils
approach.
Appraisal clause correct answersa 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 correct answersStates that the policyholder cannot
assign to
policy hisanother
or her without the insurance company's
approval.
Basic Causes of Loss correct answersA commercial property form that uses
the named-
perils
approach
Bailment correct answersDelivery of property in trust. It is the
voluntary,
transfer of temporary
property from the owner (the bailor) to another party (the bailee)
for cleaning,
repairing, safekeeping, etc..... Temporary transfer of
property
Blanket Limits correct answersThe maximum amount of insurance for
any one loss;
Bond correct answersA promise to be honest, or to fulfill the terms of a
insured
contract,bythata is
surety.
, Broad causes of Loss correct answersA commercial property coverage form
thatnamed-perils
the uses
approach
Builders risk correct answersA commercial property coverage form, used
for buildings
under
construction.
Burglary correct answersA type of theft involving illegal entry or breaking
in, without
confrontation with a
victim.
Business Income correct answersCommercial property insurance for
indirect losses.
"Business income"means the net income before taxes that would have been
earned
an insured
by had there been no direct
loss.
Cancelation correct answersMid term and termination of an
insurance policy.
Casualty insurance correct answersInsurance that involves a third-party.
This term
similar is
in meaning to "liability
insurance".
Certificate of insurance correct answersA document prepared by the
company or its agent that verifies the existence of an insurance policy
insurance
or policies.
Claimant correct answersA party seeking indemnification or other
recovery under an
insurance
policy.
Coinsurance correct answersA property insurance clause that requires
a limit for or personal property to be set at a certain minimum level, usually
buildings
80% of thefull
properties
value
Commercial Floater correct answersAn inland marine form or policy
covering certain
business
property
Commercial package policy correct answersA commercial policy containing
moreline
one thanof
insurance
Concealment correct answersThe withholding by an insured or applicant of
a fact from
the
insurer.
Concurrency correct answersI situation when two or more policies cover
the laws with similar terms and
substantially
provisions.
Condition correct answersA policy clause stating a right of either the insured
insurer,
or a rule about how covered losses are to be calculated, paid, and
responded to by the
both
parties.
Contract correct answersIn agreement which is legally
enforceable.
