Illinois Public Adjuster
Illinois Public Adjuster
Study online at https://quizlet.com/_833ua4
1. Actual Cash Value Replacement cost less depreciation, considering the age and condition of your
(ACV) property.
2. Additional Living Pays expenses over and above your normal living costs (motel rooms, restaurant
Expenses (ALE) meals, and laundry service) while your home is being repaired or rebuilt after
damage from an insured loss.
3. Agent A representative who sells insurance for one or more companies. or Someone that
represents the Insurance Carrier
4. Application A signed request for insurance, giving information about the prospective policy-
holder
5. Appraisal 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 or
we may request that the choice be made by a judge of a district court of a judicial
Page 1 of 12
, Illinois Public Adjuster
Illinois Public Adjuster
Study online at https://quizlet.com/_833ua4
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.
6. Binder A temporary written or oral agreement to provide insurance coverage until a formal
written policy is issued.
7. Broker A licensed person or organization you can pay to shop for insurance on your behalf.
8. Builders Risk 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 home-
owners policy upon completion of the building.
9. Cancellation Termination of a policy before its normal expiration date.
Page 2 of 12
Illinois Public Adjuster
Study online at https://quizlet.com/_833ua4
1. Actual Cash Value Replacement cost less depreciation, considering the age and condition of your
(ACV) property.
2. Additional Living Pays expenses over and above your normal living costs (motel rooms, restaurant
Expenses (ALE) meals, and laundry service) while your home is being repaired or rebuilt after
damage from an insured loss.
3. Agent A representative who sells insurance for one or more companies. or Someone that
represents the Insurance Carrier
4. Application A signed request for insurance, giving information about the prospective policy-
holder
5. Appraisal 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 or
we may request that the choice be made by a judge of a district court of a judicial
Page 1 of 12
, Illinois Public Adjuster
Illinois Public Adjuster
Study online at https://quizlet.com/_833ua4
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.
6. Binder A temporary written or oral agreement to provide insurance coverage until a formal
written policy is issued.
7. Broker A licensed person or organization you can pay to shop for insurance on your behalf.
8. Builders Risk 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 home-
owners policy upon completion of the building.
9. Cancellation Termination of a policy before its normal expiration date.
Page 2 of 12
