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NEW YORK INDEPENDENT GENERAL ADJUSTER
EXAM SIMULATOR - SERIES 17-70 ACTUAL VERIFIED
EXAM QUESTIONS AND CORRECT DETAILED
ANSWERS LATEST UPDATE THIS YEAR.pdf||NEWEST
EXAM!!!
Which of the following is correct in order for the additional
coverage of "collapse" to be available under special BOP?
The collapse must be such that the building can not be
used as intended
The remaining part of the structure standing must be
demolished
The remaining part of the structure must be judged
unsound to rebuild on
The building must be leaning, settling or in danger of
collapsing - Answer-The correct answer is: The collapse
must be such that the building can not be used as
intended.
EXPLANATION:
The definition of collapse in the policy is the "abrupt falling
down or caving in of the structure or part of the structure"
and it must render the building as unusable as intended.
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Which of the following would not be eligible for coverage
under a livestock floater?
Poultry
Cattle
Sheep
Swine - Answer-EXPLANATION:
Poultry is not eligible property under the livestock floater.
The insured owns a motorhome that is not covered by the
insured's Personal Auto policy. This vehicle can be added
to the policy by using which of the following
endorsements?
Miscellaneous Type Vehicle endorsement
Special Type Vehicle endorsement
Recreational Vehicle endorsement
Motorhome endorsement - Answer-The correct answer is:
Miscellaneous Type Vehicle endorsement.
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EXPLANATION:
The Miscellaneous Type Vehicle endorsement can be
used to cover motorhomes, motorcycles, etc.
Insurers must maintain a complaint record for _________
after all elements of the complaint are resolved and the file
is closed.
five years
three calendar years
one year
six calendar years - Answer-The correct answer is: six
calendar years.
EXPLANATION:
Insurers are required to maintain complaint records for six
calendar years.
A BOP policy has a $500,000 occurrence limit for liability
and a $1,000,000 aggregate limit. If claims for $600,000
and $400,000 have been filed in two separate incidents,
how much coverage remains, if any, for any future claims
submitted during the policy term?
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Answer Choices:
$500,000
-0-
$100,000
$1,000,000 - Answer-The correct answer is: $100,000.
EXPLANATION:
The most the policy will pay for any one single occurrence
is $500,000. So that amount would be payable for the first
loss. Once paid that amount must be subtracted from the
Aggregate limit (the most available for all claims in the
policy year) leaving $500,000 remaining in the aggregate.
The second claim is within the occurrence limit and since
there is enough left in the aggregate, the entire $400,000
is payable. After subtracting the $400,000 loss from the
remaining aggregate, $100,000 is left to pay any and all
future claims for the remainder of the policy term.
Which of the following would NOT be found in the
conditions section of a homeowners insurance policy?
Subrogation rights
NEW YORK INDEPENDENT GENERAL ADJUSTER
EXAM SIMULATOR - SERIES 17-70 ACTUAL VERIFIED
EXAM QUESTIONS AND CORRECT DETAILED
ANSWERS LATEST UPDATE THIS YEAR.pdf||NEWEST
EXAM!!!
Which of the following is correct in order for the additional
coverage of "collapse" to be available under special BOP?
The collapse must be such that the building can not be
used as intended
The remaining part of the structure standing must be
demolished
The remaining part of the structure must be judged
unsound to rebuild on
The building must be leaning, settling or in danger of
collapsing - Answer-The correct answer is: The collapse
must be such that the building can not be used as
intended.
EXPLANATION:
The definition of collapse in the policy is the "abrupt falling
down or caving in of the structure or part of the structure"
and it must render the building as unusable as intended.
,2|Page
Which of the following would not be eligible for coverage
under a livestock floater?
Poultry
Cattle
Sheep
Swine - Answer-EXPLANATION:
Poultry is not eligible property under the livestock floater.
The insured owns a motorhome that is not covered by the
insured's Personal Auto policy. This vehicle can be added
to the policy by using which of the following
endorsements?
Miscellaneous Type Vehicle endorsement
Special Type Vehicle endorsement
Recreational Vehicle endorsement
Motorhome endorsement - Answer-The correct answer is:
Miscellaneous Type Vehicle endorsement.
,3|Page
EXPLANATION:
The Miscellaneous Type Vehicle endorsement can be
used to cover motorhomes, motorcycles, etc.
Insurers must maintain a complaint record for _________
after all elements of the complaint are resolved and the file
is closed.
five years
three calendar years
one year
six calendar years - Answer-The correct answer is: six
calendar years.
EXPLANATION:
Insurers are required to maintain complaint records for six
calendar years.
A BOP policy has a $500,000 occurrence limit for liability
and a $1,000,000 aggregate limit. If claims for $600,000
and $400,000 have been filed in two separate incidents,
how much coverage remains, if any, for any future claims
submitted during the policy term?
, 4|Page
Answer Choices:
$500,000
-0-
$100,000
$1,000,000 - Answer-The correct answer is: $100,000.
EXPLANATION:
The most the policy will pay for any one single occurrence
is $500,000. So that amount would be payable for the first
loss. Once paid that amount must be subtracted from the
Aggregate limit (the most available for all claims in the
policy year) leaving $500,000 remaining in the aggregate.
The second claim is within the occurrence limit and since
there is enough left in the aggregate, the entire $400,000
is payable. After subtracting the $400,000 loss from the
remaining aggregate, $100,000 is left to pay any and all
future claims for the remainder of the policy term.
Which of the following would NOT be found in the
conditions section of a homeowners insurance policy?
Subrogation rights
