New York auto exam 17-66 study
All of the following are reasons that an adjuster should keep very detailed log
notes, EXCEPT: - (correct Answer) - To produce notes that will support a fraudulent
denial of claims. .
The adjuster's log notes are used to determine negligent parties, to assist in
detecting fraud, to become a part of the claims file, and to be used in future
proceedings. The log notes are not intended to produce a fraudulent record to deny
a claim.
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: - (correct Answer) - A
large loss has occurred
George Wilson has a personal auto policy. Select the coverage that would apply when
a deer leaps onto Mr. Wilson's car and causes extensive damage. - (correct Answer)
- Comprehensive (other than collision).
Contact with a bird or animal is considered to be an "other than collision" loss.
What is the purpose of the New York automobile inspection requirement? - (correct
Answer) - To determine prior damage to the vehicle .
The purpose of the New York automobile inspection requirement is to determine if
there was prior damage to the vehicle at the time coverage was put into effect.
The law recognizes two types of waivers. They are: - (correct Answer) -
Express/implied.
They are express and implied. An express waiver occurs when the insurer or its
representative knowingly gives up a known right under the insurance contract.
Perhaps the right to request an appraisal of the damaged property is an example. By
comparison, an implied waiver may be the result from some act of neglect on the
part of the adjuster.
In New York, how often may the Superintendent examine insurers doing business in
the state? - (correct Answer) - As often as he/she deems necessary.
Duplicate recovery under New York No-Fault coverage is not permitted. If the
employee is covered under the employer's auto policy what might be done to the
employee's personal auto insurance coverage: - (correct Answer) - PP 05 92 will
exclude medical expenses from the basic economic loss coverage for no-fault
benefits. With commercial lines, endorsement CA 22 49 can be used. The premiums for
the basic economic loss (PIP) will be reduced accordingly.
What symbol is used for a hired auto in a commercial automobile policy? - (correct
Answer) - Symbol 8 is used to provide hired auto coverage in a commercial
automobile policy. It also includes leased, rented or borrowed.
A New York licensee subject to an administrative action in another jurisdiction or
governmental agency must report such action to the Superintendent within: -
(correct Answer) - The Superintendent must be notified within 30 days of the final
disposition of the matter.
Jim Johnson has an automobile policy with a combined single limit of $50,000. He
has an at-fault accident and incurs the following expenses: $30,000 bodily injury
judgment; $30,000 property damage judgment; $5,000 damage to traffic light; $6,000
attorney's fees for his defense; $300 in premiums for appeal bond; and $75 in bail
bond premiums for related traffic violations. What is the maximum amount his
insurance company will pay? - (correct Answer) - 56,375
The policy cannot pay more than its limit of liability. Under supplemental
coverages in the policy, the policy will pay the defense costs plus the cost of the
premiums on appeal bonds and bail bonds.
What is the meaning of "diminution of value?" - (correct Answer) - A reduction in
the value of a vehicle even after repairs have been made
All of the following are reasons that an adjuster should keep very detailed log
notes, EXCEPT: - (correct Answer) - To produce notes that will support a fraudulent
denial of claims. .
The adjuster's log notes are used to determine negligent parties, to assist in
detecting fraud, to become a part of the claims file, and to be used in future
proceedings. The log notes are not intended to produce a fraudulent record to deny
a claim.
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: - (correct Answer) - A
large loss has occurred
George Wilson has a personal auto policy. Select the coverage that would apply when
a deer leaps onto Mr. Wilson's car and causes extensive damage. - (correct Answer)
- Comprehensive (other than collision).
Contact with a bird or animal is considered to be an "other than collision" loss.
What is the purpose of the New York automobile inspection requirement? - (correct
Answer) - To determine prior damage to the vehicle .
The purpose of the New York automobile inspection requirement is to determine if
there was prior damage to the vehicle at the time coverage was put into effect.
The law recognizes two types of waivers. They are: - (correct Answer) -
Express/implied.
They are express and implied. An express waiver occurs when the insurer or its
representative knowingly gives up a known right under the insurance contract.
Perhaps the right to request an appraisal of the damaged property is an example. By
comparison, an implied waiver may be the result from some act of neglect on the
part of the adjuster.
In New York, how often may the Superintendent examine insurers doing business in
the state? - (correct Answer) - As often as he/she deems necessary.
Duplicate recovery under New York No-Fault coverage is not permitted. If the
employee is covered under the employer's auto policy what might be done to the
employee's personal auto insurance coverage: - (correct Answer) - PP 05 92 will
exclude medical expenses from the basic economic loss coverage for no-fault
benefits. With commercial lines, endorsement CA 22 49 can be used. The premiums for
the basic economic loss (PIP) will be reduced accordingly.
What symbol is used for a hired auto in a commercial automobile policy? - (correct
Answer) - Symbol 8 is used to provide hired auto coverage in a commercial
automobile policy. It also includes leased, rented or borrowed.
A New York licensee subject to an administrative action in another jurisdiction or
governmental agency must report such action to the Superintendent within: -
(correct Answer) - The Superintendent must be notified within 30 days of the final
disposition of the matter.
Jim Johnson has an automobile policy with a combined single limit of $50,000. He
has an at-fault accident and incurs the following expenses: $30,000 bodily injury
judgment; $30,000 property damage judgment; $5,000 damage to traffic light; $6,000
attorney's fees for his defense; $300 in premiums for appeal bond; and $75 in bail
bond premiums for related traffic violations. What is the maximum amount his
insurance company will pay? - (correct Answer) - 56,375
The policy cannot pay more than its limit of liability. Under supplemental
coverages in the policy, the policy will pay the defense costs plus the cost of the
premiums on appeal bonds and bail bonds.
What is the meaning of "diminution of value?" - (correct Answer) - A reduction in
the value of a vehicle even after repairs have been made
