New York auto exam 17-66 with answers
|\ |\ |\ |\ |\ |\
In New York, insurers must maintain records pertaining to
|\ |\ |\ |\ |\ |\ |\ |\ |\
claims, rating, underwriting, marketing and other
|\ |\ |\ |\ |\ |\
pertinent information for a period of: - CORRECT|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔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: - CORRECT |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔A directed verdict. . |\ |\ |\ |\
EXPLANATION:
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? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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:
|\ |\ |\ |\ |\ |\
In New York, insurers must maintain records pertaining to
|\ |\ |\ |\ |\ |\ |\ |\ |\
claims, rating, underwriting, marketing and other
|\ |\ |\ |\ |\ |\
pertinent information for a period of: - CORRECT|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔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: - CORRECT |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔A directed verdict. . |\ |\ |\ |\
EXPLANATION:
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? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔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:
