NY INDEPENDENT GENERAL ADJUSTER EXAM - SERIES
1770/ACTUAL COMPLETE REAL EXAM QUESTIONS AND
CORRECT ANSWERS (VERIFIED ANSWERS )100%/GRADE A+
ASSURED !!
Which type of Crop Insurance Policy covers the entire farm
instead of an individual crop? - ANSWER-Adjusted Gross
Revenue (AGR)
Which dwelling forms provide broad perils coverage for
personal property? - ANSWER-DP2 and DP3.
destroyed everything. The total value of the personal property
at the time of the loss was only $50,000. What principle would
be violated if her insurer paid her more than $50,000? -
ANSWER-Principle of Indemnity.
What is the appropriate manner in which to sign a "release of
all claims?" - ANSWER-Must use full legal name.
In ocean marine insurance, what is the purpose of the IVEL
clause? - ANSWER-To provide excess hull and collision liability
coverage.
,An employee suffered a severe injury while operating a piece of
machinery known to be in need of repair. Unfamiliar with the
workers compensation law, the spouse sued the employer,
claiming loss of consortium. What coverage if any in a standard
workers compensation policy would respond to this lawsuit? -
ANSWER-Employer's Liability Coverage.
What is Drive Other Car Coverage? - ANSWER-Provides
coverage for the owner of a business that does not own an
auto.
Attempting to settle claims on the basis of an application which
was altered without notice to, or knowledge or consent of, the
insured is an example of: - ANSWER-An unfair claims practice
act.
How is property covered under an unendorsed BOP form? -
ANSWER-Open
Peril.
What 2 additional coverages can be found on the DP2 and DP3
that are not found on the DP1? - ANSWER-Collapse and
Lawns/Plants/Trees/Shrubs
,If an insurer requires an application for reinstatement and it
takes no action on that application for ____, the policy is: -
ANSWER-45 days/reinstated.
In a bond that has been in place and renewed for several years
with the same carrier, under the "loss sustained under previous
insurance condition" which would respond to a claim that was
just discovered but which actually happened two years ago? -
ANSWER-The current bond.
An insurer is required to acknowledge receipt of notice of a
claim within: - ANSWER-15 working days.
What is the limit under the Businessowners Policy for pollution
clean up? - ANSWER-A maximum of $10,000.
How are losses evaluated for payment under the Watercraft and
Yacht policies? - ANSWER-Actual cash value at the time of the
loss.
Henry is the first named insured on a $1 million umbrella
liability policy. His wife, Dorothy, is also an insured. Both Henry
and Dorothy were sued for $1 million in separate, unrelated
suits by separate third parties. Both insureds lost their suits on
, the same day. In this possible but rare situation, if the umbrella
policy is applicable and the self-insured retention is not
applicable: - ANSWER-Henry will not receive more protection
than Dorothy and the policy could pay a total of the $2 million
amount for the two awards, subject to the "aggregate limit". .
The requirements of the Employment Retirement Income
Security Act compel employers to cover their professional
liability exposure for honest errors and omissions regarding
employee benefit plans by purchasing: - ANSWER-Fiduciary
Liability.
How long is payroll coverage limited to in case of a business
income loss under the BOP? - ANSWER-60 days.
Is coverage under the Terrorism Risk Insurance Act
mandatory? – ANSWER-No.
The most comprehensive coverage provided by the Dwelling
Property program is found in the: - ANSWER-DP3.
An insurance policy is issued as a policy having two unequal
parts, the liability assumed by the insurer and the premium
paid by the insured. Therefore, an insurance policy is referred
to as: - ANSWER-An aleatory contract.
1770/ACTUAL COMPLETE REAL EXAM QUESTIONS AND
CORRECT ANSWERS (VERIFIED ANSWERS )100%/GRADE A+
ASSURED !!
Which type of Crop Insurance Policy covers the entire farm
instead of an individual crop? - ANSWER-Adjusted Gross
Revenue (AGR)
Which dwelling forms provide broad perils coverage for
personal property? - ANSWER-DP2 and DP3.
destroyed everything. The total value of the personal property
at the time of the loss was only $50,000. What principle would
be violated if her insurer paid her more than $50,000? -
ANSWER-Principle of Indemnity.
What is the appropriate manner in which to sign a "release of
all claims?" - ANSWER-Must use full legal name.
In ocean marine insurance, what is the purpose of the IVEL
clause? - ANSWER-To provide excess hull and collision liability
coverage.
,An employee suffered a severe injury while operating a piece of
machinery known to be in need of repair. Unfamiliar with the
workers compensation law, the spouse sued the employer,
claiming loss of consortium. What coverage if any in a standard
workers compensation policy would respond to this lawsuit? -
ANSWER-Employer's Liability Coverage.
What is Drive Other Car Coverage? - ANSWER-Provides
coverage for the owner of a business that does not own an
auto.
Attempting to settle claims on the basis of an application which
was altered without notice to, or knowledge or consent of, the
insured is an example of: - ANSWER-An unfair claims practice
act.
How is property covered under an unendorsed BOP form? -
ANSWER-Open
Peril.
What 2 additional coverages can be found on the DP2 and DP3
that are not found on the DP1? - ANSWER-Collapse and
Lawns/Plants/Trees/Shrubs
,If an insurer requires an application for reinstatement and it
takes no action on that application for ____, the policy is: -
ANSWER-45 days/reinstated.
In a bond that has been in place and renewed for several years
with the same carrier, under the "loss sustained under previous
insurance condition" which would respond to a claim that was
just discovered but which actually happened two years ago? -
ANSWER-The current bond.
An insurer is required to acknowledge receipt of notice of a
claim within: - ANSWER-15 working days.
What is the limit under the Businessowners Policy for pollution
clean up? - ANSWER-A maximum of $10,000.
How are losses evaluated for payment under the Watercraft and
Yacht policies? - ANSWER-Actual cash value at the time of the
loss.
Henry is the first named insured on a $1 million umbrella
liability policy. His wife, Dorothy, is also an insured. Both Henry
and Dorothy were sued for $1 million in separate, unrelated
suits by separate third parties. Both insureds lost their suits on
, the same day. In this possible but rare situation, if the umbrella
policy is applicable and the self-insured retention is not
applicable: - ANSWER-Henry will not receive more protection
than Dorothy and the policy could pay a total of the $2 million
amount for the two awards, subject to the "aggregate limit". .
The requirements of the Employment Retirement Income
Security Act compel employers to cover their professional
liability exposure for honest errors and omissions regarding
employee benefit plans by purchasing: - ANSWER-Fiduciary
Liability.
How long is payroll coverage limited to in case of a business
income loss under the BOP? - ANSWER-60 days.
Is coverage under the Terrorism Risk Insurance Act
mandatory? – ANSWER-No.
The most comprehensive coverage provided by the Dwelling
Property program is found in the: - ANSWER-DP3.
An insurance policy is issued as a policy having two unequal
parts, the liability assumed by the insurer and the premium
paid by the insured. Therefore, an insurance policy is referred
to as: - ANSWER-An aleatory contract.
