New York Auto Adjuster Prep Questions and Answers |
100% Pass
The insured has moved into a dwelling that was being build and was covered by the
"Dwelling Under Construction" endorsement. How long does the insured have to
report his / her occupancy to the insurance company? - ANSWER 30 days
When a New York Homeowners policy is still in the 60-day underwriting period, the
insurer may cancel it for any reason by providing a ______ notice. - ANSWER 30
day
Personal property that is covered under the Personal Property Replacement Cost
Endorsement is damaged and a claim has been filed. The replacement cost of the
property at the time of the loss is $2,500. The full cost to repair the property is
$2,000. The Coverage C limit of the Homeowners policy is $8,000. No special limits
apply to this property and there is no limit applied to the type of property being
claimed. Which of the following is the amount that will be paid under the
endorsement? - ANSWER 2,000. The endorsement will pay the smallest amount of
the replacement cost at the time of the loss, the full repair cost, the Coverage C limit,
any applicable special limits, or the limit that applies to the type of property being
claimed.
The mandatory recoupment of the federal share through policyholder surcharges
under Terrorism Risk Insurance Program Reauthorization Act of 2015 was increased
from 133% to - ANSWER 140%
A Building and Personal Property Coverage form provides coverage for all of the
following types of property, EXCEPT: - ANSWER Growing crops and lawns.
The insured sets a fire to his home and is found to be guilty of arson. There is a lien
on the burned property by a mortgage company in the amount of $150,000. The
property is insured for $300,000 and is a total loss. The personal property of the
insured, covered separately by a Homeowners policy for $150,000, is also a total
loss. How will this claim most likely be paid? - ANSWER The mortgagee is paid
$150,000.
The Terrorism Risk Insurance Act and all of its extensions and reauthorizations is
actually an agreement between: - ANSWER Between the Federal Government and
the insurance companies.
The first effort to provide insurance for land transportation risks involved an
extension of ocean marine coverage known as the: - ANSWER "Warehouse to
warehouse" clause.
, Which of the following is not a duty of an insurer in case of a loss? - ANSWER
Separate the damaged property from the undamaged property and protect the
property from further loss
An insured owns a set of six drawing pens designed and used by Benjamin Franklin.
Each pen is worth $1,000 alone, but the set is worth $12,000. One pen is destroyed
by a covered peril. Under the pair or set clause the insurance company will pay a
maximum of which of the following amounts? - ANSWER $7,000
Traditionally, the most common type of crop insurance sold prior to the creation of
the Multi-Peril Crop Insurance Program was: - ANSWER Coverage for hail damage.
An adjuster's report that contains all the facts, evidence and disposition of the claim
and is considered to be the final report is known as the: - ANSWER Full report.
The New York Superintendent of Insurance may refuse to renew, suspend or revoke
a license as a result of which of the following?
I. A violation of any provision of the New York Insurance Code.
II. A licensee making a material misstatement in application for license.
III. A licensee being found guilty of fraud or dishonest practices. - ANSWER I, II and
III
No insurer may issue checks or drafts or partial settlement of a loss or claim that is
still being negotiated that: - ANSWER Releases the insurer from additional liability.
The insured owns a two family dwelling and is covered under a Homeowner policy.
One of the units is rented. The insured also maintains a small incidental business in
the structure. In case of a covered loss, which of the following would NOT be paid
under Coverage D - Loss of Use? - ANSWER Loss of income from the incidental
business.
The adjuster bond required in New York is payable to: - ANSWER The state of New
York.
An earthquake and landslide has occurred and soon after a house insured on an
unendorsed HO-3 is damaged by fire and then an explosion. What would be covered
in this scenario? - ANSWER Only the resulting fire and explosion damage would be
covered
If any person engages in activities in violation of the Federal Insurance Fraud and
False Statements regulation, he or she may be subject to which of the following? -
ANSWER A civil penalty of not more than $50,000.
Kelly would like to obtain an Independent Adjuster license in New York, however,
she has been convicted of a felony involving dishonesty or breach of trust. Kelly
plans to submit a 1033 Waiver from the Department of Financial Services so that she
can begin looking for a job. Which of the following is NOT a requirement for the
Superintendent to grant this waiver? - ANSWER Kelly is not required to submit
evidence of restitution to the people of the state of New York.
100% Pass
The insured has moved into a dwelling that was being build and was covered by the
"Dwelling Under Construction" endorsement. How long does the insured have to
report his / her occupancy to the insurance company? - ANSWER 30 days
When a New York Homeowners policy is still in the 60-day underwriting period, the
insurer may cancel it for any reason by providing a ______ notice. - ANSWER 30
day
Personal property that is covered under the Personal Property Replacement Cost
Endorsement is damaged and a claim has been filed. The replacement cost of the
property at the time of the loss is $2,500. The full cost to repair the property is
$2,000. The Coverage C limit of the Homeowners policy is $8,000. No special limits
apply to this property and there is no limit applied to the type of property being
claimed. Which of the following is the amount that will be paid under the
endorsement? - ANSWER 2,000. The endorsement will pay the smallest amount of
the replacement cost at the time of the loss, the full repair cost, the Coverage C limit,
any applicable special limits, or the limit that applies to the type of property being
claimed.
The mandatory recoupment of the federal share through policyholder surcharges
under Terrorism Risk Insurance Program Reauthorization Act of 2015 was increased
from 133% to - ANSWER 140%
A Building and Personal Property Coverage form provides coverage for all of the
following types of property, EXCEPT: - ANSWER Growing crops and lawns.
The insured sets a fire to his home and is found to be guilty of arson. There is a lien
on the burned property by a mortgage company in the amount of $150,000. The
property is insured for $300,000 and is a total loss. The personal property of the
insured, covered separately by a Homeowners policy for $150,000, is also a total
loss. How will this claim most likely be paid? - ANSWER The mortgagee is paid
$150,000.
The Terrorism Risk Insurance Act and all of its extensions and reauthorizations is
actually an agreement between: - ANSWER Between the Federal Government and
the insurance companies.
The first effort to provide insurance for land transportation risks involved an
extension of ocean marine coverage known as the: - ANSWER "Warehouse to
warehouse" clause.
, Which of the following is not a duty of an insurer in case of a loss? - ANSWER
Separate the damaged property from the undamaged property and protect the
property from further loss
An insured owns a set of six drawing pens designed and used by Benjamin Franklin.
Each pen is worth $1,000 alone, but the set is worth $12,000. One pen is destroyed
by a covered peril. Under the pair or set clause the insurance company will pay a
maximum of which of the following amounts? - ANSWER $7,000
Traditionally, the most common type of crop insurance sold prior to the creation of
the Multi-Peril Crop Insurance Program was: - ANSWER Coverage for hail damage.
An adjuster's report that contains all the facts, evidence and disposition of the claim
and is considered to be the final report is known as the: - ANSWER Full report.
The New York Superintendent of Insurance may refuse to renew, suspend or revoke
a license as a result of which of the following?
I. A violation of any provision of the New York Insurance Code.
II. A licensee making a material misstatement in application for license.
III. A licensee being found guilty of fraud or dishonest practices. - ANSWER I, II and
III
No insurer may issue checks or drafts or partial settlement of a loss or claim that is
still being negotiated that: - ANSWER Releases the insurer from additional liability.
The insured owns a two family dwelling and is covered under a Homeowner policy.
One of the units is rented. The insured also maintains a small incidental business in
the structure. In case of a covered loss, which of the following would NOT be paid
under Coverage D - Loss of Use? - ANSWER Loss of income from the incidental
business.
The adjuster bond required in New York is payable to: - ANSWER The state of New
York.
An earthquake and landslide has occurred and soon after a house insured on an
unendorsed HO-3 is damaged by fire and then an explosion. What would be covered
in this scenario? - ANSWER Only the resulting fire and explosion damage would be
covered
If any person engages in activities in violation of the Federal Insurance Fraud and
False Statements regulation, he or she may be subject to which of the following? -
ANSWER A civil penalty of not more than $50,000.
Kelly would like to obtain an Independent Adjuster license in New York, however,
she has been convicted of a felony involving dishonesty or breach of trust. Kelly
plans to submit a 1033 Waiver from the Department of Financial Services so that she
can begin looking for a job. Which of the following is NOT a requirement for the
Superintendent to grant this waiver? - ANSWER Kelly is not required to submit
evidence of restitution to the people of the state of New York.
