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New York Fire Adjuster 17-64 Exam
Which of the following is a "general summary" of a policy?
A certificate of insurance
A written modification of an insurance policy is known as a(n):
Endorsement form
When the insurer pays the proportion that its policy limit bears to the limits
of all policies, this is known as:
Pro-rate share. When each insurer covering the risk pays the proportion
that their limit bears to the limits of all policies, this is known as "pro-rata
share".
The time period after the policy inception and before the policy expiration is
known as:
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The policy period.
Leland has two insurance policies covering his home. Indemnify Insurance
carries a $120,000 limit of liability on the home, while Binders Keepers, Inc.
carries a limit of $80,000. A fire breaks out in Leland's kitchen and causes
$40,000 in damage. Remember, when there are two or more policies
covering the same risk, the "other insurance clause", determines the
method used to calculate each company's share of the claim. Leland's
policy states that the pro-rata share method will be used. Which of the
following is the correct amount that will be paid by Indemnify Insurance?
$24,000.00. Using the pro-rata share method, where we divide Indemnify
Insurance's share of the loss by the total limit of both policies, multiplied by
the loss, leaves Indemnify paying 60% of the loss. 60% of the $40,000 loss,
is $24,000.
Libby completed an application for a new residential policy to cover her
home, stating that she does not use the dwelling for business purposes.
However, Libby has been conducting business operations from the home
and has hired several employees who work out of the home. She also has
several clients per day coming to the home for business purposes. When
Full Topic Coverage- New York Fire Adjuster 17-64 Exam Page New
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Adjuster 17-64 ExamReview Study Guide 2026 | Questions & Answers
17-64
1 of
Exam
9 Page 1
New York Fire Adjuster 17-64 Exam
Which of the following is a "general summary" of a policy?
A certificate of insurance
A written modification of an insurance policy is known as a(n):
Endorsement form
When the insurer pays the proportion that its policy limit bears to the limits
of all policies, this is known as:
Pro-rate share. When each insurer covering the risk pays the proportion
that their limit bears to the limits of all policies, this is known as "pro-rata
share".
The time period after the policy inception and before the policy expiration is
known as:
Full Topic Coverage- New York Fire Adjuster 17-64 Exam Page New
1FullYork
TopicFire
Coverage
Adjuster 17-64 ExamReview Study Guide 2026 | Questions & Answers
, Review Study Guide 2026 | Questions & AnswersNew York Fire AdjusterPage
17-64
2 of
Exam
9 Page 2
The policy period.
Leland has two insurance policies covering his home. Indemnify Insurance
carries a $120,000 limit of liability on the home, while Binders Keepers, Inc.
carries a limit of $80,000. A fire breaks out in Leland's kitchen and causes
$40,000 in damage. Remember, when there are two or more policies
covering the same risk, the "other insurance clause", determines the
method used to calculate each company's share of the claim. Leland's
policy states that the pro-rata share method will be used. Which of the
following is the correct amount that will be paid by Indemnify Insurance?
$24,000.00. Using the pro-rata share method, where we divide Indemnify
Insurance's share of the loss by the total limit of both policies, multiplied by
the loss, leaves Indemnify paying 60% of the loss. 60% of the $40,000 loss,
is $24,000.
Libby completed an application for a new residential policy to cover her
home, stating that she does not use the dwelling for business purposes.
However, Libby has been conducting business operations from the home
and has hired several employees who work out of the home. She also has
several clients per day coming to the home for business purposes. When
Full Topic Coverage- New York Fire Adjuster 17-64 Exam Page New
2FullYork
TopicFire
Coverage
Adjuster 17-64 ExamReview Study Guide 2026 | Questions & Answers
