10/10/25, 9:41 AM Public Adjuster Illinois exam vocabulary EXAM Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\202…
Public Adjuster Illinois exam vocabulary EXAM
Questions with 100% Correct Answers | Verified |
Updated (Actual Exam) 2025\2026
Save
Terms in this set (127)
Leaving insured property unprotected, or giving up of
Abandonment property by an insured to the insurance company, in
expectation of payment for a direct loss.
Actual cash value A type
A party other than the named insured who may have
Additional Interest insurable interest in certain property at the time of
loss with rights to file a claim.
An insurance professional who determines the
Adjuster applicability of coverage and the amount of
settlement under insurance policies.
A situation when only those with the highest risk seek
Adverse Selection
insurance.
An option in commercial property policies which
Agreed value
negates the coinsurance clause.
In property insurance, this is another term for the
All risk coverage
open-perils approach.
a standard property condition that offers a method to
Appraisal clause resolve a dispute over the loss amount without having
to resort to a legal proceeding.
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, 10/10/25, 9:41 AM Public Adjuster Illinois exam vocabulary EXAM Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\202…
States that the policyholder cannot assign his or her
Assignment Clause policy to another without the insurance company's
approval.
A commercial property form that uses the named-
Basic Causes of Loss
perils approach
Delivery of property in trust. It is the voluntary,
temporary transfer of property from the owner (the
Bailment bailor) to another party (the bailee) for cleaning,
repairing, safekeeping, etc..... Temporary transfer of
property
Blanket Limits The maximum amount of insurance for any one loss;
A promise to be honest, or to fulfill the terms of a
Bond
contract, that is insured by a surety.
A commercial property coverage form that uses the
Broad causes of Loss
named-perils approach
A commercial property coverage form, used for
Builders risk
buildings under construction.
A type of theft involving illegal entry or breaking in,
Burglary
without confrontation with a victim.
Commercial property insurance for indirect losses.
"Business income"means the net income before taxes
Business Income
that would have been earned by an insured had there
been no direct loss.
Cancelation Mid term and termination of an insurance policy.
Insurance that involves a third-party. This term is
Casualty insurance
similar in meaning to "liability insurance".
A document prepared by the insurance company or
Certificate of insurance its agent that verifies the existence of an insurance
policy or policies.
A party seeking indemnification or other recovery
Claimant
under an insurance policy.
https://quizlet.com/1090644497/public-adjuster-illinois-exam-vocabulary-exam-questions-with-100-correct-answers-verified-updated-actual-exam-2025… 2/9
Public Adjuster Illinois exam vocabulary EXAM
Questions with 100% Correct Answers | Verified |
Updated (Actual Exam) 2025\2026
Save
Terms in this set (127)
Leaving insured property unprotected, or giving up of
Abandonment property by an insured to the insurance company, in
expectation of payment for a direct loss.
Actual cash value A type
A party other than the named insured who may have
Additional Interest insurable interest in certain property at the time of
loss with rights to file a claim.
An insurance professional who determines the
Adjuster applicability of coverage and the amount of
settlement under insurance policies.
A situation when only those with the highest risk seek
Adverse Selection
insurance.
An option in commercial property policies which
Agreed value
negates the coinsurance clause.
In property insurance, this is another term for the
All risk coverage
open-perils approach.
a standard property condition that offers a method to
Appraisal clause resolve a dispute over the loss amount without having
to resort to a legal proceeding.
https://quizlet.com/1090644497/public-adjuster-illinois-exam-vocabulary-exam-questions-with-100-correct-answers-verified-updated-actual-exam-2025… 1/9
, 10/10/25, 9:41 AM Public Adjuster Illinois exam vocabulary EXAM Questions with 100% Correct Answers | Verified | Updated (Actual Exam) 2025\202…
States that the policyholder cannot assign his or her
Assignment Clause policy to another without the insurance company's
approval.
A commercial property form that uses the named-
Basic Causes of Loss
perils approach
Delivery of property in trust. It is the voluntary,
temporary transfer of property from the owner (the
Bailment bailor) to another party (the bailee) for cleaning,
repairing, safekeeping, etc..... Temporary transfer of
property
Blanket Limits The maximum amount of insurance for any one loss;
A promise to be honest, or to fulfill the terms of a
Bond
contract, that is insured by a surety.
A commercial property coverage form that uses the
Broad causes of Loss
named-perils approach
A commercial property coverage form, used for
Builders risk
buildings under construction.
A type of theft involving illegal entry or breaking in,
Burglary
without confrontation with a victim.
Commercial property insurance for indirect losses.
"Business income"means the net income before taxes
Business Income
that would have been earned by an insured had there
been no direct loss.
Cancelation Mid term and termination of an insurance policy.
Insurance that involves a third-party. This term is
Casualty insurance
similar in meaning to "liability insurance".
A document prepared by the insurance company or
Certificate of insurance its agent that verifies the existence of an insurance
policy or policies.
A party seeking indemnification or other recovery
Claimant
under an insurance policy.
https://quizlet.com/1090644497/public-adjuster-illinois-exam-vocabulary-exam-questions-with-100-correct-answers-verified-updated-actual-exam-2025… 2/9
