PLIllinoiseasy
Under the Illinois FAIR Plan, what is generally required before a homeowner becomes eligible to obtain coverage through the Plan?
AProof of residency in Chicago city limits
A demonstration that voluntary-market coverage is unavailable, typically through declinations
CA prior NFIP flood policy in force
DEnrollment in the Illinois Automobile Insurance Plan
Why this is the answer
The Illinois FAIR Plan is a residual market under 215 ILCS 5/Article XXXIII, so eligibility centers on inability to obtain coverage from licensed insurers in the voluntary market. Applicants typically document one or more declinations or non-renewals. The Plan is statewide (not limited to Chicago), is separate from federal flood insurance, and is unrelated to the assigned-risk auto plan under Article XXIII.
Studying for the Illinois Personal Lines exam?
This question comes from our PL bank. Take a free practice test — no signup.