ILLINOIS PUBLIC ADJUSTER LATEST 2026 EXAM STUDY
GUIDE QUESTIONS AND ANSWERS MARKED A+
✔✔difference between burglary/robbery/ theft? - ✔✔Burglary- offender entering
Robbery- using force or threat of force
Theft- larceny (taking of property secretly)
✔✔what is typically included in basic form? - ✔✔fire, lightning, internal explosion
✔✔what is typically included in extended coverage? - ✔✔basic form + WCSHAVVER
(Wind, civil, smoke, hail, aircraft, vehicle, volcanic, explosion, riot) VMM (Vandalism and
Malicious mischief
✔✔what is typically included in broad form? - ✔✔basic form + extended + BIG AFFECT
( burglary, ice, glass, accidental discharge of water, freezing, falling objects, electrical
current, collapse, tearing
✔✔what is typically included in special form? - ✔✔open peril coverage
✔✔proximate clause - ✔✔legal cause of loss
✔✔efficient proximate - ✔✔claim w perils dependent on each other
✔✔concurrent clause - ✔✔independent of other perils
✔✔actual total loss - ✔✔a lost beyond repair
✔✔constructive total loss - ✔✔cost to repair is more
✔✔what is the coinsurance formula? - ✔✔amount carried divided by amount should
have carried multiplies by amount loss equals amount insurance will pay
✔✔ACV - ✔✔Actual cash value minus depreciation
✔✔RCV - ✔✔current cost without depreciation
✔✔difference between vacant and unoccupied - ✔✔void of contents vs without
occupants
30 and 6o days determine vacancy
✔✔Standard Mortgage Clause - ✔✔Protects the interest of the financial institution
against loss to real property caused by perils insured against.
, ✔✔Loss Payable Clause - ✔✔Used to cover the interest of a secured lender in personal
property.
✔✔no benefit to bailee clause - ✔✔stipulates that insurance coverage will not extend to
cover a third party, known as a bailee, who is holding, storing or moving insured
property for a fee. This ensures that the policyholder's insurance benefits are not used
to cover bailee's responsibility
✔✔what is the SFP? when was it created? and what perils are covered? - ✔✔A
standard fire policy (SFP) is a basic insurance contract that covers losses from fire and
other perils
1800's
fire, lightning, removal
✔✔what is the mine subsidence insurance? - ✔✔Mine subsidence insurance covers
damage to property caused by the sinking or collapsing of the ground due to an
underground mine:
✔✔what is dwelling insurance? - ✔✔designed to insure dwelling to insureds that do not
qualify for more extensive home owner and/r used for vacation houses/ rentals
✔✔4 main differences between dwelling and homeowner policy? - ✔✔-dwelling policy
does not require "owner occupied"
-limits of liability are lower
-no liability coverage
-easier to qualify than HOI
✔✔What are the coverages in the dwelling policy? - ✔✔COV A- dwelling
COV B-other structure
COV C- personal property
COV D-fair rental value
bonus:
DP2 AND 3 have
COV E- additional living expense
✔✔what are the requirements in order to be eligible for HOI? - ✔✔-name insured must
be owner occupied
-1 to 4 family residential dwelling
-dwelling must be residence
✔✔what are the coverages in Homeowners policy? - ✔✔COV A- Dwelling
COVB-other structire
GUIDE QUESTIONS AND ANSWERS MARKED A+
✔✔difference between burglary/robbery/ theft? - ✔✔Burglary- offender entering
Robbery- using force or threat of force
Theft- larceny (taking of property secretly)
✔✔what is typically included in basic form? - ✔✔fire, lightning, internal explosion
✔✔what is typically included in extended coverage? - ✔✔basic form + WCSHAVVER
(Wind, civil, smoke, hail, aircraft, vehicle, volcanic, explosion, riot) VMM (Vandalism and
Malicious mischief
✔✔what is typically included in broad form? - ✔✔basic form + extended + BIG AFFECT
( burglary, ice, glass, accidental discharge of water, freezing, falling objects, electrical
current, collapse, tearing
✔✔what is typically included in special form? - ✔✔open peril coverage
✔✔proximate clause - ✔✔legal cause of loss
✔✔efficient proximate - ✔✔claim w perils dependent on each other
✔✔concurrent clause - ✔✔independent of other perils
✔✔actual total loss - ✔✔a lost beyond repair
✔✔constructive total loss - ✔✔cost to repair is more
✔✔what is the coinsurance formula? - ✔✔amount carried divided by amount should
have carried multiplies by amount loss equals amount insurance will pay
✔✔ACV - ✔✔Actual cash value minus depreciation
✔✔RCV - ✔✔current cost without depreciation
✔✔difference between vacant and unoccupied - ✔✔void of contents vs without
occupants
30 and 6o days determine vacancy
✔✔Standard Mortgage Clause - ✔✔Protects the interest of the financial institution
against loss to real property caused by perils insured against.
, ✔✔Loss Payable Clause - ✔✔Used to cover the interest of a secured lender in personal
property.
✔✔no benefit to bailee clause - ✔✔stipulates that insurance coverage will not extend to
cover a third party, known as a bailee, who is holding, storing or moving insured
property for a fee. This ensures that the policyholder's insurance benefits are not used
to cover bailee's responsibility
✔✔what is the SFP? when was it created? and what perils are covered? - ✔✔A
standard fire policy (SFP) is a basic insurance contract that covers losses from fire and
other perils
1800's
fire, lightning, removal
✔✔what is the mine subsidence insurance? - ✔✔Mine subsidence insurance covers
damage to property caused by the sinking or collapsing of the ground due to an
underground mine:
✔✔what is dwelling insurance? - ✔✔designed to insure dwelling to insureds that do not
qualify for more extensive home owner and/r used for vacation houses/ rentals
✔✔4 main differences between dwelling and homeowner policy? - ✔✔-dwelling policy
does not require "owner occupied"
-limits of liability are lower
-no liability coverage
-easier to qualify than HOI
✔✔What are the coverages in the dwelling policy? - ✔✔COV A- dwelling
COV B-other structure
COV C- personal property
COV D-fair rental value
bonus:
DP2 AND 3 have
COV E- additional living expense
✔✔what are the requirements in order to be eligible for HOI? - ✔✔-name insured must
be owner occupied
-1 to 4 family residential dwelling
-dwelling must be residence
✔✔what are the coverages in Homeowners policy? - ✔✔COV A- Dwelling
COVB-other structire
