Illinois Public Adjuster med4 exam Questions With Accurate
Answers.
Class 4 felony - accurate answers-Any 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 - accurate answers-Must
include:
names and license number of the public adjuster
effective date of use
formatted in no less than 10 font; full name of the person signing the contact,
form number and edition of the form must be on the lower left hand corner
for it to be approved,
home state, business address and phone number,
the title "Public Adjuster Contract" printed at the head of the contract form
Insureds: full name, street address, insurance company name, and policy
number
A description of loss & it's location
description of services to be provided to the insured
A place for the signatures of the public adjuster and the insured
The date and time the contract was signed by the adjuster and the insured.
Attestation language stating that the public adjuster is fully bonded as
required by state law
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 - accurate
answers-- Any public adjuster contract will be voidable for 5 business days
after execution at the option of the insured
- any contract with a public adjuster that is executed within the five day
period after the loss producing occurrence is voidable for 10 days after
execution
- if the insurer pays or commits in writing to pay the policy limit within five
business days after the date of the loss is reported to the insurance company
the public adjuster will not receive a commission, only compensation for
services provided
, right to rescind the contract - accurate answers-If the insured exercises the
right to resend the contract anything of value given by the insured under the
contract must be returned to the insured within 15 Business days following
the receipt by the public adjuster of the cancellation notice
Client disclosure - accurate answers-If the client of the public adjuster chooses
a company, contractor or any other vendor in which the public adjuster holds
any ownership or equitable interest then that interest must be disclosed to
the client.
Required disclosures - accurate answers-The public adjuster must provide
written disclosures regarding financial interests, the claim process and the
"consumer rights notice" before the insured signs a public adjuster contract.
the public adjuster will be responsible for costs - accurate answers-If the
public adjuster refers the insured to a contractor the public adjuster warrants
that all work will be performed in a workmanlike manner if it is not
completed in that manner then the:
deductible amount, net claim payment - accurate answers-A public adjuster
commission, charges or fees must not include the _______, and will only be
based on _______ made by the insurer.
PA's cannot represent while: - accurate answers-- while a loss producing
occurrence is continuing nor while the fire department or its representatives
are engaged at the damaged premises nor between the hours of 7 PM and 8
AM
Required disclosure - accurate answers-Any compensation or anything of
value in connection with the insured's specific loss that will be received by a
public adjuster must be disclosed by the public adjuster to the insured in
writing including the source and amount.
30 calendar days = payment release - accurate answers-When proceeds are
paid jointly, the insured must release the portion due to the public adjuster
within ____ calendar days, if not, insured must provide the PA with a written
explanation for the delay.
Answers.
Class 4 felony - accurate answers-Any 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 - accurate answers-Must
include:
names and license number of the public adjuster
effective date of use
formatted in no less than 10 font; full name of the person signing the contact,
form number and edition of the form must be on the lower left hand corner
for it to be approved,
home state, business address and phone number,
the title "Public Adjuster Contract" printed at the head of the contract form
Insureds: full name, street address, insurance company name, and policy
number
A description of loss & it's location
description of services to be provided to the insured
A place for the signatures of the public adjuster and the insured
The date and time the contract was signed by the adjuster and the insured.
Attestation language stating that the public adjuster is fully bonded as
required by state law
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 - accurate
answers-- Any public adjuster contract will be voidable for 5 business days
after execution at the option of the insured
- any contract with a public adjuster that is executed within the five day
period after the loss producing occurrence is voidable for 10 days after
execution
- if the insurer pays or commits in writing to pay the policy limit within five
business days after the date of the loss is reported to the insurance company
the public adjuster will not receive a commission, only compensation for
services provided
, right to rescind the contract - accurate answers-If the insured exercises the
right to resend the contract anything of value given by the insured under the
contract must be returned to the insured within 15 Business days following
the receipt by the public adjuster of the cancellation notice
Client disclosure - accurate answers-If the client of the public adjuster chooses
a company, contractor or any other vendor in which the public adjuster holds
any ownership or equitable interest then that interest must be disclosed to
the client.
Required disclosures - accurate answers-The public adjuster must provide
written disclosures regarding financial interests, the claim process and the
"consumer rights notice" before the insured signs a public adjuster contract.
the public adjuster will be responsible for costs - accurate answers-If the
public adjuster refers the insured to a contractor the public adjuster warrants
that all work will be performed in a workmanlike manner if it is not
completed in that manner then the:
deductible amount, net claim payment - accurate answers-A public adjuster
commission, charges or fees must not include the _______, and will only be
based on _______ made by the insurer.
PA's cannot represent while: - accurate answers-- while a loss producing
occurrence is continuing nor while the fire department or its representatives
are engaged at the damaged premises nor between the hours of 7 PM and 8
AM
Required disclosure - accurate answers-Any compensation or anything of
value in connection with the insured's specific loss that will be received by a
public adjuster must be disclosed by the public adjuster to the insured in
writing including the source and amount.
30 calendar days = payment release - accurate answers-When proceeds are
paid jointly, the insured must release the portion due to the public adjuster
within ____ calendar days, if not, insured must provide the PA with a written
explanation for the delay.
