New York Adjuster Exam with verified detailed solutions
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Offering any return of premium, valuable consideration or inducement when purchasing an
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insurance policy is an example of: - ✔✔I. Illegal Inducement
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II. Rebating
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Under a watercraft or yacht policy how claims are settled: - ✔✔Actual cash value
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When may an insured sue an insurance company? - ✔✔Not until the insured has complied
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with all policy provisions and within the time limit specified in the state laws
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What is the definition of a non-resident agent? - ✔✔Someone licensed in their state and
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obtains a license in another state to solicit insurance business in that state. is correct.
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The court awards a judgment against the insured for $300,000 plus $10,000 of accrued
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interest and the legal fees amount to an additional $35,000. Our insured has a $300,000
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liability limit on the policy. How much will be paid by the policy? - ✔✔The correct answer
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is: $345,000.
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Explanation:
The $10,000 of accrued pre judgment interest and the $35,000 cost of the defense are all
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payable as additional coverage on the policy. These amounts have no affect on the limit of
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liability available in a judgment against the insured. So the entire amount of $345,000 is
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payable in this case. || || ||
The minimum coverage required in New York for uninsured motorists bodily injury is: -
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✔✔The correct answer is: $25,000 per person, $50,000 per accident. .
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Explanation:
New York state law established the minimum coverage limits of $25,000 per person, $50,000
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per accident and up to $50,000 per person, and $100,000 per accident for death.
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, If an insured wishes to cover the mobile home while it is being transported from one
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location to another would: - ✔✔Purchase the Mobile Home Transportation Coverage
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Endorsement on the homeowner policy || || || ||
The workers compensation policy language is written by the: - ✔✔National Council on
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Compensation Insurance (NCCI) || ||
When a homeowners policy has been in effect for 60 days in New York, an insurer can
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cancel at anytime for any of the following reasons, EXCEPT: - ✔✔A large loss has occurred
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Under the underinsured motorist limit, how much will be paid on a claim providing the
|| || || || || || || || || || || || || || ||
insured can prove his or her claim for damages? - ✔✔The difference between the negligent
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driver's coverage and the insured's underinsured motorist coverage
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Who signs the declarations page on most property and casualty policies? - ✔✔An
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Authorized Representative of the Insurer || || || ||
Which of the following commercial crime insuring agreements would cover theft of
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currency? - ✔✔Employee Theft. || || ||
Once the adjuster is appointed by the insurer to represent the insurer, the adjuster has the
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power to do all of the following, EXCEPT: - ✔✔Bind additional coverage.
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The giving up of a known right is known as: - ✔✔Waiver
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What is the definition of custom farming? - ✔✔Farming for Others.
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Explanation:
|| || || || || || ||
Offering any return of premium, valuable consideration or inducement when purchasing an
|| || || || || || || || || || ||
insurance policy is an example of: - ✔✔I. Illegal Inducement
|| || || || || || || || || ||
II. Rebating
||
Under a watercraft or yacht policy how claims are settled: - ✔✔Actual cash value
|| || || || || || || || || || || || ||
When may an insured sue an insurance company? - ✔✔Not until the insured has complied
|| || || || || || || || || || || || || || ||
with all policy provisions and within the time limit specified in the state laws
|| || || || || || || || || || || || ||
What is the definition of a non-resident agent? - ✔✔Someone licensed in their state and
|| || || || || || || || || || || || || || ||
obtains a license in another state to solicit insurance business in that state. is correct.
|| || || || || || || || || || || || || ||
The court awards a judgment against the insured for $300,000 plus $10,000 of accrued
|| || || || || || || || || || || || || ||
interest and the legal fees amount to an additional $35,000. Our insured has a $300,000
|| || || || || || || || || || || || || || ||
liability limit on the policy. How much will be paid by the policy? - ✔✔The correct answer
|| || || || || || || || || || || || || || || || ||
is: $345,000.
||
Explanation:
The $10,000 of accrued pre judgment interest and the $35,000 cost of the defense are all
|| || || || || || || || || || || || || || || ||
payable as additional coverage on the policy. These amounts have no affect on the limit of
|| || || || || || || || || || || || || || || ||
liability available in a judgment against the insured. So the entire amount of $345,000 is
|| || || || || || || || || || || || || || ||
payable in this case. || || ||
The minimum coverage required in New York for uninsured motorists bodily injury is: -
|| || || || || || || || || || || || || ||
✔✔The correct answer is: $25,000 per person, $50,000 per accident. .
|| || || || || || || || || ||
Explanation:
New York state law established the minimum coverage limits of $25,000 per person, $50,000
|| || || || || || || || || || || || ||
per accident and up to $50,000 per person, and $100,000 per accident for death.
|| || || || || || || || || || || || || ||
, If an insured wishes to cover the mobile home while it is being transported from one
|| || || || || || || || || || || || || || || ||
location to another would: - ✔✔Purchase the Mobile Home Transportation Coverage
|| || || || || || || || || || ||
Endorsement on the homeowner policy || || || ||
The workers compensation policy language is written by the: - ✔✔National Council on
|| || || || || || || || || || || || ||
Compensation Insurance (NCCI) || ||
When a homeowners policy has been in effect for 60 days in New York, an insurer can
|| || || || || || || || || || || || || || || || ||
cancel at anytime for any of the following reasons, EXCEPT: - ✔✔A large loss has occurred
|| || || || || || || || || || || || || || ||
Under the underinsured motorist limit, how much will be paid on a claim providing the
|| || || || || || || || || || || || || || ||
insured can prove his or her claim for damages? - ✔✔The difference between the negligent
|| || || || || || || || || || || || || || ||
driver's coverage and the insured's underinsured motorist coverage
|| || || || || || ||
Who signs the declarations page on most property and casualty policies? - ✔✔An
|| || || || || || || || || || || || ||
Authorized Representative of the Insurer || || || ||
Which of the following commercial crime insuring agreements would cover theft of
|| || || || || || || || || || || ||
currency? - ✔✔Employee Theft. || || ||
Once the adjuster is appointed by the insurer to represent the insurer, the adjuster has the
|| || || || || || || || || || || || || || || ||
power to do all of the following, EXCEPT: - ✔✔Bind additional coverage.
|| || || || || || || || || || ||
The giving up of a known right is known as: - ✔✔Waiver
|| || || || || || || || || || ||
What is the definition of custom farming? - ✔✔Farming for Others.
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Explanation:
