2
New York auto exam 17-66 questions with verified detailed
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answers
In New York, insurers must maintain records pertaining to claims, rating, underwriting,
|| || || || || || || || || || || ||
marketing and other pertinent information for a period of: - ✔✔The law requires that these
|| || || || || || || || || || || || || || ||
records be maintained for inspection and/or review for at least six years.
|| || || || || || || || || || ||
Which of the following relieves the financial burden on the claimant by making certain
|| || || || || || || || || || || || || ||
payments to the claimant even before the claim is negotiated? - ✔✔Advance Payment.
|| || || || || || || || || || || ||
EXPLANATION:
Most adjusters are given the authority to make advance payments when liability is clear.
|| || || || || || || || || || || || || ||
This relieves the financial burden on the claimant when funds are needed immediately. The
|| || || || || || || || || || || || ||
remainder of the claim is negotiated and settled at a later date
|| || || || || || || || || || || ||
In the insurance industry, which of the following terms refers to continuous or repeated
|| || || || || || || || || || || || || ||
exposure to conditions that may result in bodily injury or property damage neither expected
|| || || || || || || || || || || || || ||
nor intended? - ✔✔An occurrence.
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EXPLANATION:
The definition of "occurrence" includes accident which is bodily injury and/or property
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damage that is sudden and unforeseen. || || || || ||
If, during a legal proceeding, the court determines that the facts brought forth, together
|| || || || || || || || || || || || || ||
with the applicable law, fail to make a prima facie case, the court may, without
|| || || || || || || || || || || || || || ||
consideration by the jury, administer: - ✔✔A directed verdict. . || || || || || || || || ||
EXPLANATION:
, 2
Lacking establishment of a prima facie case, the court may enter a directed verdict for either
|| || || || || || || || || || || || || || ||
the plaintiff or the defendant.
|| || || || ||
Which of the following is NOT a correct statement in determining the cost of a "comparable
|| || || || || || || || || || || || || || || ||
automobile" when a physical damage loss has a occurred? - ✔✔The cost of a comparable
|| || || || || || || || || || || || || || ||
automobile as determined by a computerized automobile valuation service that produces
|| || || || || || || || || || ||
statistically valid fair market values within the United States market. .
|| || || || || || || || || ||
EXPLANATION:
The computerized method must use values that are fair market values in the local market
|| || || || || || || || || || || || || || ||
areas and does not include markets in other parts of the United States.
|| || || || || || || || || || || ||
In New York, the limit under the Homeowner policy for credit card, electronic fund transfer
|| || || || || || || || || || || || || ||
card or access device, forgery and counterfeit money additional coverage is: - ✔✔$1,000.
|| || || || || || || || || || || || ||
EXPLANATION:
In NY the limit of insurance under the credit card, electronic fund transfer card or access
|| || || || || || || || || || || || || || || ||
device, forgery and counterfeit money additional coverage was increased from $500 to
|| || || || || || || || || || || ||
$1,000.
Under the Motor Carrier Act of 1980, a vehicle hauling excess oil, explosives or nitrous
|| || || || || || || || || || || || || || ||
gases is required to carry a minimum liability limit of: - ✔✔$5,000,000.
|| || || || || || || || || || ||
EXPLANATION:
Although oil haulers are only required to carry $1,000,000, the key word here is "excess oil"
|| || || || || || || || || || || || || || || ||
and when followed up with "explosives" makes this freight hazardous requiring the
|| || || || || || || || || || || ||
$5,000,000 limit. ||
New York auto exam 17-66 questions with verified detailed
|| || || || || || || || ||
answers
In New York, insurers must maintain records pertaining to claims, rating, underwriting,
|| || || || || || || || || || || ||
marketing and other pertinent information for a period of: - ✔✔The law requires that these
|| || || || || || || || || || || || || || ||
records be maintained for inspection and/or review for at least six years.
|| || || || || || || || || || ||
Which of the following relieves the financial burden on the claimant by making certain
|| || || || || || || || || || || || || ||
payments to the claimant even before the claim is negotiated? - ✔✔Advance Payment.
|| || || || || || || || || || || ||
EXPLANATION:
Most adjusters are given the authority to make advance payments when liability is clear.
|| || || || || || || || || || || || || ||
This relieves the financial burden on the claimant when funds are needed immediately. The
|| || || || || || || || || || || || ||
remainder of the claim is negotiated and settled at a later date
|| || || || || || || || || || || ||
In the insurance industry, which of the following terms refers to continuous or repeated
|| || || || || || || || || || || || || ||
exposure to conditions that may result in bodily injury or property damage neither expected
|| || || || || || || || || || || || || ||
nor intended? - ✔✔An occurrence.
|| || || ||
EXPLANATION:
The definition of "occurrence" includes accident which is bodily injury and/or property
|| || || || || || || || || || || ||
damage that is sudden and unforeseen. || || || || ||
If, during a legal proceeding, the court determines that the facts brought forth, together
|| || || || || || || || || || || || || ||
with the applicable law, fail to make a prima facie case, the court may, without
|| || || || || || || || || || || || || || ||
consideration by the jury, administer: - ✔✔A directed verdict. . || || || || || || || || ||
EXPLANATION:
, 2
Lacking establishment of a prima facie case, the court may enter a directed verdict for either
|| || || || || || || || || || || || || || ||
the plaintiff or the defendant.
|| || || || ||
Which of the following is NOT a correct statement in determining the cost of a "comparable
|| || || || || || || || || || || || || || || ||
automobile" when a physical damage loss has a occurred? - ✔✔The cost of a comparable
|| || || || || || || || || || || || || || ||
automobile as determined by a computerized automobile valuation service that produces
|| || || || || || || || || || ||
statistically valid fair market values within the United States market. .
|| || || || || || || || || ||
EXPLANATION:
The computerized method must use values that are fair market values in the local market
|| || || || || || || || || || || || || || ||
areas and does not include markets in other parts of the United States.
|| || || || || || || || || || || ||
In New York, the limit under the Homeowner policy for credit card, electronic fund transfer
|| || || || || || || || || || || || || ||
card or access device, forgery and counterfeit money additional coverage is: - ✔✔$1,000.
|| || || || || || || || || || || || ||
EXPLANATION:
In NY the limit of insurance under the credit card, electronic fund transfer card or access
|| || || || || || || || || || || || || || || ||
device, forgery and counterfeit money additional coverage was increased from $500 to
|| || || || || || || || || || || ||
$1,000.
Under the Motor Carrier Act of 1980, a vehicle hauling excess oil, explosives or nitrous
|| || || || || || || || || || || || || || ||
gases is required to carry a minimum liability limit of: - ✔✔$5,000,000.
|| || || || || || || || || || ||
EXPLANATION:
Although oil haulers are only required to carry $1,000,000, the key word here is "excess oil"
|| || || || || || || || || || || || || || || ||
and when followed up with "explosives" makes this freight hazardous requiring the
|| || || || || || || || || || || ||
$5,000,000 limit. ||
