ILLINOIS PUBLIC ADJUSTER UPDATED EXAM SCRIPT
QUESTIONS AND ANSWERS MARKED A+
✔✔$10,000 for 90 days - ✔✔Limit for business personal Property portable storage units
=
✔✔60 - ✔✔Under Commercial Inland Marine form, signed sworn statement of loss must
be sent to insurer within ____ days
✔✔Controlled form - ✔✔Form under commercial inland marine that uses a standardized
form, filed for uniform use -
✔✔Non controlled line form - ✔✔Form written by individual companies using their own
form and varying it for the individual risk.
✔✔ACV or cost to replace, whichever is LESS. 30 days - ✔✔Settlement basis for
commercial Inland marine:
Insures must pay within ___ days after settlement agreement
✔✔5 days in advance - ✔✔Cancellation of policy by INSURER under SFP must be
written and sent to insured within
✔✔Public adjusters revoked license - ✔✔Public adjusters dealing with a revoked
license can appeal by sending a written request to the Director within 30 days of notice
being mailed to request a hearing
✔✔60 days after loss is agreed upon - ✔✔Under SFP, INSURERS must pay for the loss
for loss payable clause within _____ days after
✔✔10 days advance notice of cancellation - ✔✔Mortgagees must be given _____ days
advance notice of ___
✔✔Inland marine policies - ✔✔Policy that is exempt from the requirement to provide
equivalent or better coverage than the SFP:
✔✔$250 paid once per occurrence - ✔✔Standard deductible on building and personal
property coverage form except for earthquake is:
✔✔80% - ✔✔Under building and personal property insured's are expected to maintain
at least _____ % of the total value of the property
✔✔Inflation guard coverage - ✔✔Coverage that allows insureds to select available
percentages to increase policy limits on a Prorata basis:
, ✔✔$5,000 - ✔✔Under building personal property, limit for non-owned detached trailer:
✔✔$1,000 - ✔✔NFIP Debris removal limit
✔✔Appointment - ✔✔Contract that permits the insurer to pay amounts determined by
adjuster is called an
✔✔Agent Authority - ✔✔Means the agent which is the adjuster, works on behalf of the
principal which is the insurer.
✔✔3 years or continuous basis - ✔✔Commercial package policy, term is not to exceed:
✔✔Commercial Package Policy (CPP) - ✔✔Contains 1 declarations page, 1 conditions
page, and 2 or more coverage parts
✔✔"Perils insured against" - ✔✔Not a section of the Business & Personal property
coverage form
✔✔Liability claims - ✔✔State laws prohibit adjusters from adjusting:
✔✔WERCAVS - ✔✔Extended SFP coverages:
W- windstorm/hail
E- explosion (except steam boiler)
R- riot
C- civil commotion
A- aircraft
V- vehicles
S- smoke
✔✔Protection and indemnity - ✔✔In Ocean Marine insurance, a form of Liability
insurance for bodily injury and property damage
✔✔Self-insurance bond - ✔✔a bond that guarantees financial liability on any claims
held against them:
✔✔judicial bonds - ✔✔Probate bond, conservation bond, insolvency bond
✔✔Permit bond - ✔✔Bond to obtain for a specific event to guarantee compliance with
laws
✔✔reclamation bond - ✔✔Guarantee is the land operated on will be returned back to
agreed-upon condition by principal and government agency
QUESTIONS AND ANSWERS MARKED A+
✔✔$10,000 for 90 days - ✔✔Limit for business personal Property portable storage units
=
✔✔60 - ✔✔Under Commercial Inland Marine form, signed sworn statement of loss must
be sent to insurer within ____ days
✔✔Controlled form - ✔✔Form under commercial inland marine that uses a standardized
form, filed for uniform use -
✔✔Non controlled line form - ✔✔Form written by individual companies using their own
form and varying it for the individual risk.
✔✔ACV or cost to replace, whichever is LESS. 30 days - ✔✔Settlement basis for
commercial Inland marine:
Insures must pay within ___ days after settlement agreement
✔✔5 days in advance - ✔✔Cancellation of policy by INSURER under SFP must be
written and sent to insured within
✔✔Public adjusters revoked license - ✔✔Public adjusters dealing with a revoked
license can appeal by sending a written request to the Director within 30 days of notice
being mailed to request a hearing
✔✔60 days after loss is agreed upon - ✔✔Under SFP, INSURERS must pay for the loss
for loss payable clause within _____ days after
✔✔10 days advance notice of cancellation - ✔✔Mortgagees must be given _____ days
advance notice of ___
✔✔Inland marine policies - ✔✔Policy that is exempt from the requirement to provide
equivalent or better coverage than the SFP:
✔✔$250 paid once per occurrence - ✔✔Standard deductible on building and personal
property coverage form except for earthquake is:
✔✔80% - ✔✔Under building and personal property insured's are expected to maintain
at least _____ % of the total value of the property
✔✔Inflation guard coverage - ✔✔Coverage that allows insureds to select available
percentages to increase policy limits on a Prorata basis:
, ✔✔$5,000 - ✔✔Under building personal property, limit for non-owned detached trailer:
✔✔$1,000 - ✔✔NFIP Debris removal limit
✔✔Appointment - ✔✔Contract that permits the insurer to pay amounts determined by
adjuster is called an
✔✔Agent Authority - ✔✔Means the agent which is the adjuster, works on behalf of the
principal which is the insurer.
✔✔3 years or continuous basis - ✔✔Commercial package policy, term is not to exceed:
✔✔Commercial Package Policy (CPP) - ✔✔Contains 1 declarations page, 1 conditions
page, and 2 or more coverage parts
✔✔"Perils insured against" - ✔✔Not a section of the Business & Personal property
coverage form
✔✔Liability claims - ✔✔State laws prohibit adjusters from adjusting:
✔✔WERCAVS - ✔✔Extended SFP coverages:
W- windstorm/hail
E- explosion (except steam boiler)
R- riot
C- civil commotion
A- aircraft
V- vehicles
S- smoke
✔✔Protection and indemnity - ✔✔In Ocean Marine insurance, a form of Liability
insurance for bodily injury and property damage
✔✔Self-insurance bond - ✔✔a bond that guarantees financial liability on any claims
held against them:
✔✔judicial bonds - ✔✔Probate bond, conservation bond, insolvency bond
✔✔Permit bond - ✔✔Bond to obtain for a specific event to guarantee compliance with
laws
✔✔reclamation bond - ✔✔Guarantee is the land operated on will be returned back to
agreed-upon condition by principal and government agency
