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ABRC Illinois Property General Section and Laws and Regulations Actual Exam Questions & Verified Answers $22.99
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ABRC Illinois Property General Section and Laws and Regulations Actual Exam Questions & Verified Answers

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ABRC Illinois Property General Section and Laws and Regulations Actual Exam Questions & Verified Answers . Pure Risk loss in an event that insured did not plan Speculative Risk loss in an event that the insured intentionally caused, not covered by insurance companies Pooling of Risks Is when a la...

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  • January 17, 2025
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ABRC Illinois Property
  • ABRC Illinois Property

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ABRC Illinois Property General Section and Laws and
Regulations Actual Exam Questions & Verified
Answers (study this and you're guaranteed to pass the
exam first try) Updated 2025.




Terms in this set (137)

,Insurance policy transfer of risks to an insurance company that an individual
cannot afford


Pure Risk loss in an event that insured did not plan

Speculative Risk loss in an event that the insured intentionally caused, not
covered by insurance companies

Pooling of Risks Is when a large group of people contribute money to a fund
out of which their losses can be paid

Insurable Interest financial risk the insureds must possess at the time of loss



both principals of prohibits ins. companies from reimbursing an insured for
indemnity and insurable more than the actual amount of loss
interest prohibit what?


purpose of a deductible eliminate small claims that the insured can afford and that are
expensive to administer by an insurance company



Limits of Liability maximum amounts which the insurance comp. will pay under each
coverage

other words that mean the face amount, amount carried
same as limits of liability

Specified (named peril) protects the insured only against loss caused by basic perils
Coverage specifically named in the policy

All Risk (open peril) coverage covers against all insurance perils in basic form policy plus more



Liability Coverage protection against injuries suffered by third parties

there are instances where an doesnt pay money
ins. comp. doesnt do what
even when an insured has
liability coverage

, an insurance company will when they see insured will be held legally liable by a court
pay a liability claim when


Necessary Elements to file a proof of negligence
claim against an insured


Omission failing to do things that should have been done

comission doing something that should not have been done

if insured decides not to actual cash value of the loss
rebuild a damaged home,
what are they later on
given?


Representations Statements made by the applicant on the insurance application
that are correct to the best of their knowledge



Warranties special statements in an application that insured guarantees to be
correct

Fair Credit Reporting Act Act that protects privacy of background information and
ensures that information supplied is accurate.

Gramm-Leach-Bliley Act protects a borrower's privacy

Replacement cost coverage pays cost of rebuilding or replacing insured property with
materials like kind likewise at the same location

Loss Settlement Provision requires the insured property to be insured to value for a
(Coinsurance Clause) certain percentage of its value at all times

Insurance to Value keeping a property policy up to date, full payment given in an
event of a loss because of this

Inflation Guard provides for an annual pro rata increase in the limits of insurance
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