Illinois For State Exam 2024/2025 Rated A+

peril {Ans: causes of loss}Furrier's Block {Ans: covers merchandise for sale and customer's property there for storage, cleaning, or repairing}Electronic Data Processing {Ans: 1. computer hardware that is specifically scheduled 2. data processing media (tape, cards) 3. extra expense due to a loss 4. business interruptions due to media damage}Special CPP {Ans: all causes of loss oare covered except: ordinance/law, earth movement, gov action, nuclear hazard, utility service, war, water damage, fungus}Terrorism Risk Insurance Act (TRIA) {Ans: Requires all commercial insurance companies to offer terrorism insurance to their commercial policyholders; shares the risk of loss with insurance industry. the gov will reimburse for portion of paid losses}subrogation {Ans: The process by which an insurer can, after it has paid a loss under the policy, recover the amount paid from any party (other than the insured) who caused the loss or is otherwise legally liable for the loss.}continuing education {Ans: 24 hours of CE + 3 hours of classroom ethics (CLASSROOM, SEMINAR, OR SELF STUDY)}equipment breakdown form {Ans: a one form peril form; that peril is the breakdown to covered equipment. Property damage will be paid as long as that property incurs direct