NY Insurance Adjuster Exam
Terms in this set (34)
Under the farm forms, the maximum amount payable for a loss to a satellite dish is:
The correct answer is: $1,000..
The State Insurance Fund provides workers compensation coverage for which of the following?
The fund is for both those employers unable to obtain coverage and those purchasing coverage in the competitive market.
Part I of the Workers Compensation Employer Liability Insurance Policy describes
The insurer's duty to pay promptly, when due, the benefits required of the employer by the workers compensation statute
Vision care insurance policies most often cover:
The cost of lenses and frames. .
John Smith has just made his last car payment which concludes his contract. The finance company, for reasons not immediately apparent, has the car repossessed. If Mr. Smith brings a suit, the court will allow Mr. Smith to retake possession of the car pending the court's final ruling as to ownership if Mr. Smith provides the court a:
A replevin bond guarantees that if property is in the possession of party A is determined to belong to party B and the court orders its return to party B, party A will do so. Party A would first have to obtain an attachment bond, also required by the court, in case the property was wrongfully repossessed.
What is the purpose of the "other insurance clause"?
To avoid over payment of a claim.
Typically, how are defense costs handled under an aviation policy?
Handled as a supplementary payment.
Which of the following watercraft losses are excluded under a homeowner policy? I. Theft off the residence premises II. Windstorm damage while the insured's boat is docked at the marina III. Fading of the canvas tarp which covers a boat IV. Earthquake damage
The correct answer is: I, II, III, and IV.
Replacement cost coverage is best defined as:
Replacement without deduction for depreciation..
All of the following are excluded from garage policy liability coverage, EXCEPT:
Injury or damage arising out of a motorboat the named insured keeps stored in the back of his repair garage..
In New York no suit or action against the insurer for the recovery of any claim will be sustainable in any court of law unless all of the requirements of the policy have been complied with, unless commenced within ______ months next after inception of the loss.
In cases of comparative negligence, the proportional share of each party in the entire liability will be based on:
Relative degree of fault
significant purpose of a reporting form under the dealer's physical damage coverage under the garage policy?
To deal with changing values of autos held for sale. .
What is the limit that will be paid for the fire department service charge in the BOP form?
The Personal Auto Policy, under Supplementary Payments:
Will pay the insured up to $200 per day for loss of earnings due to testifying at a trial concerning an accident caused by the insured.
Which of the following is not paid under personal auto medical payments?
Pain and suffering.
Who are the three parties to the "appraisal clause"?
The two appraisers and the umpire.
The insured is covered under a BOP for $200,000 on his building. The risk is completely destroyed by fire. It will cost $225,000 to replace the building. The cost to remove the debris is $25,000. How much, if any, will the company pay for this loss?
The company will pay the $200,000 plus another $25,000 for the debris removal. The policy provides an extra limit of $25,000 where the cost to rebuild or replace the building exhausts the limits of coverage.
After receiving an inquiry from the Insurance Department regarding a claim, an insurer must respond within:
10 business days
What does the term "comparative negligence" refer to?
The percentage of fault is shared by each driver in an accident in which both contribute to causing the accident..
Sam's home located in a rural area is insured under a DP-2 dwelling form with a $500 deductible. He experiences a fire at his home and has to call the local volunteer fire department to extinguish the fire. He receives a bill from the fire department in the amount of $800. How much of the bill from the fire department will his policy pay?
The policy will provide $500 to pay for fire department charges incurred when the fire department is called to save or protect covered property from a peril insured against. This coverage is additional insurance and no deductible applies.
The insured has sustained a loss of income loss from a covered peril under his Businessowners Policy. What deductible applies to loss of income coverage?
A 72 hour waiting period before the policy pays.
All of the following can be gathered from an air sampling test, EXCEPT:
Skin exposure to toxic chemicals..
Basic personal injury protection pays for necessary medical, dental, hospital, and rehabilitation expenses up to
100% (subject to a maximum limit).
For the insured dwelling and other detached structures, the DP-3 provides:
Open peril coverage.
an application for marine insurance, a yacht owner states that the yacht will only be sailed on inland waters. If the insured subsequently sails the yacht on the seas, coverage may be denied because the insured has breached:
Garagekeeper's coverage excludes all of the following losses, EXCEPT:
Loss to a high-value stereo system permanently installed in a covered auto. .
Garagekeeper's coverage is added to the garage liability policy. Its only purpose is to provide physical damage coverage to customers' vehicles left at the garage site. It basically covers collision and comprehensive type claims. The garage is acting as a bailee and by law, is required to exercise more than reasonable care. Theft by employees can only be covered by a fidelity bond.
When no beneficiary exists and the principal sum would otherwise go to the insured's estate, the insurance company can pay up to $1,000 to any relative, by blood or marriage, who appears equitably entitled to the money under the:
Facility of payment clause. .
The insured has suffered roof damage as a result of a tornado. He makes temporary repairs until permanent repairs can be made. He spends $1,500 for this work. How much, if any, will the DP-2 dwelling policy pay?
On what date must an adjuster license be renewed?
December 31 - even numbered years.
In New York, continuing education requirements for agents must be satisfied:
The personal liability section of a Homeowners Policy covers which of the following?
Bodily injury or property damage caused by the personal activities of an insured..
Which of the following statements is false concerning "no-fault" auto insurance?
Negligence must be proved. .
In the newest edition of the Commercial Property form, which of the following is now considered part of the building?
YOU MIGHT ALSO LIKE...
Series 7 Top-Off Exam Preparation | Knopman Marks Guide
Practice Test #5
Property and Casualty Exam Louisiana Insurance Agent Test Review
Practice Exam #2
OTHER SETS BY THIS CREATOR
Parts of a speech
NY Adjuster Fire
NY Insurance Adjuster
eSecuritel NY Insurance Adjuster's License
THIS SET IS OFTEN IN FOLDERS WITH...
NY Adjuster - Insurance Concepts and Principles
New York Insurance Adjuster License Chapter 4
New York Insurance Adjustor License Chapter 5
Insurance adjuster licencing