IL Public Adjuster study guide
IL Public Adjuster · Work through your exam, one topic at a time.
The Illinois Public Adjuster Exam is the licensing assessment tied to the credential that lets a professional represent policyholders - rather than insurers - when a first-party property claim is prepared, presented, and negotiated. It is aimed at people who intend to work for policyholders on a fee or percentage basis after a fire, storm, water, or other property loss: former contractors, restoration specialists, insurance producers moving into claims advocacy, and independent claims consultants. The IL Public Adjuster study guide has 4 sections and about 1,461 words.
01Illinois Insurance Laws, Rules, and Regulations Pertaining to Public Adjusters
A public adjuster is a person who, for compensation, acts on behalf of an insured - never the insurer - to prepare, present, negotiate, or settle a first-party property claim. Illinois licenses these individuals under the Public Adjusters Law (215 ILCS 5/1501 et seq.) and the rules at 50 Ill.
417 words, about 2 min02Insurance Principles and Concepts
Insurance rests on indemnity: after a loss the insured should be restored to roughly the pre-loss financial position - no profit, no penalty. Insurable interest is required in property insurance at the time of loss (in life insurance, at inception).
369 words, about 2 min03Property and Casualty Insurance Basics
The homeowners program drives most public adjuster work: HO-3 (open-peril dwelling, named-peril contents), HO-2 (broad named perils), HO-5 (open peril on both dwelling and contents), HO-4 renters, HO-6 condo/co-op, and HO-8 for older homes (functional replacement cost). Coverages are A dwelling, B other structures, C personal property, D loss of use, E personal liability, and F medical payments.
347 words, about 2 min04Claims Adjusting Practices and Ethical Responsibilities
Report promptly, acknowledge, investigate, document. The core sequence is notice, investigation (recorded statement, photographs, scene inspection), damage assessment (scope, quantities, pricing, depreciation), coverage analysis, proof of loss, payment, and salvage or subrogation follow-up.
328 words, about 2 min