New York All Lines Adjuster Exam 2023 with Complete Solutions

DP - valuation - ANSWER-DP-1 - ACV building & contents DP-2/3 - RCV building & ACV contents DP - limit for fair rental value - ANSWER-20% of A DP - coverages (A-E) - ANSWER-A - dwelling B - other structures C - personal property D - fair rental value E - additional living expense DP - limit for additional living expenses - ANSWER-DP-1 - NONE DP-2/3 - 20% of A DP - Property removed is covered for ___ days. - ANSWER-DP-1 - 5 days DP-2 - 30 days DP - limit for trees/plants/shrubs - ANSWER-5% of A $500 per tree/shrub/plant DP - fire department service charge - ANSWER-$500 DP - extended coverages - ANSWER-windstorm, civil commotion, smoke, hail, aircraft, vehicles, volcanic eruption, explosion, riot DP - broad perils - ANSWER-burglary damage, ice/snow weight, glass, accidental discharge of water/steam, falling objects, freezing, electrical, collapse, tearing apart/bulging/cracking DP-3 perils covered (dwelling & contents) - ANSWER-dwelling - open contents - broad (DP-2 perils) Explain the difference between DP & HO policies. - ANSWER-DP does not automatically cover theft or include liability coverage. DP - Explain the difference between limited/broad theft endorsement. - ANSWER-limited - on premises only broad - on & off premises HO-2 perils (dwelling & contents) - ANSWER-dwelling - named/broad contents - named/broad HO-3 perils (dwelling & contents) - ANSWER-dwelling - open contents - named/broad HO-4 perils (dwelling & contents) - ANSWER-dwelling - NO COVERAGE contents - named/broad HO-5 perils (dwelling & contents) - ANSWER-dwelling - open contents - open HO-6 perils (dwelling & contents) - ANSWER-dwelling - LIMITED named/broad contents - named/broad HO-8 perils (dwelling & contents) - ANSWER-dwelling - named/basic & extended contents - named/basic & extended HO - valuation - ANSWER-RCV dwelling ACV content (unless endorsed) EXCEPT HO-8 - ACV dwelling & contents HO - coverages (A-F) - ANSWER-A - dwelling B - other structures - 10% of A C - personal property - 50% of A D - loss of use - 30% of A E - medical payments F - liability HO - limit for personal property in self-storage - ANSWER-10% of C HO - money limit - ANSWER-$200 HO - securities limit - ANSWER-$1,500 HO - watercraft limit (including trailers) - ANSWER-$1,500 HO - trailers limit (except watercraft trailers) - ANSWER-$1,500 - ON PREMISES ONLY HO - THEFT of jewelry/furs limit - ANSWER-$1,500 HO - THEFT of firearms limit - ANSWER-$2,500 HO - THEFT of silverware limit - ANSWER-$2,500 HO - business personal property on premises limit - ANSWER-$2,500 HO - business personal property off premises limit - ANSWER-$1,500 HO - electronic vehicle equipment limit - ANSWER-$1,500 HO - tapes/discs in vehicle limit - ANSWER-$250 HO - standard deductible - ANSWER-$500 HO - trees/shrubs/plants limit - ANSWER-5% of A $500 per tree/shrub/plant HO - Property removed is covered for ___ days. - ANSWER-30 HO - credit card forgery limit - ANSWER-$500 HO - gravemarkers limit - ANSWER-$5,000 HO - landlord's furnishings limit - ANSWER-$2,500 (EXCLUDES THEFT) HO - liability minimum limit - ANSWER-$100,000 HO - minimum medical payments limit - ANSWER-$1,000 HO - Medical payments claim must be filed within ___. - ANSWER-3 years HO - lost wages supplemental payment - ANSWER-$250/day HO - limit for damage to property of others - ANSWER-$1,000 HO - All tremors within ___ are one earthquake. - ANSWER-72 hours HO - sewer backup limit - ANSWER-$5,000 (with special $250 deductible) Texas HO - coverages (A-D) - ANSWER-A - dwelling/other structures B - personal property C - personal liability D - medical payments Farm - coverages (A-J) - ANSWER-A - private dwellings B - private other structures C - household personal property D - loss of use E - scheduled farm property F - unscheduled farm property G - barns/silos/outbuildings H - BI/PD liability I - personal/adveritising injury J - medical payments Farm - limit for business personal property on premises - ANSWER-$2,500 Farm - limit for business personal property off premises - ANSWER-$500 Farm - THEFT of jewelry/furs limit - ANSWER-$2,500 Farm - THEFT of firearms limit - ANSWER-$3,000 Farm - livestock blanket limit per animal - ANSWER-$2,000/head $1,000/half head Farm - Basic form includes ___ & ___ damage to livestock. - ANSWER-earthquake/flood Farm - Broad form adds what livestock coverages? (5) - ANSWER-electrocution attacks by dogs/wild animals drowning accidents while loading/unloading accidental shooting Farm - Mobile agricultural machinery equipment covers what perils? - ANSWER-open Farm - Mobile agricultural equipment can be covered on blanket basis, except for ___ & ___ which must be scheduled. - ANSWER-combines cotton pickers Farm - Custom farming with receipts over ___ is EXCLUDED. - ANSWER-$5,000 Flood - policy term - ANSWER-one year Flood - waiting period - ANSWER-30 days (except for loan closing) Flood - Building & contents have separate ___. - ANSWER-deductibles Flood - emergency program limits (residential & commercial) - ANSWER-residential: dwelling $35,000/contents $10,000 commercial: dwelling $100,000/contents $100,000 Flood - regular program limits (residential & commercial) - ANSWER-residential: dwelling $250,000/contents $100,000 commercial: dwelling $500,000/contents $500,000 Flood - standard deductible (emergency & regular) - ANSWER-emergency - $2,000 regular - $1,000 Flood - limit for loss avoidance measures - ANSWER-$1,000 Flood - Property removed is covered for $___ for ___ days. - ANSWER-$1,000 45 days Flood - limit for loss of use - ANSWER-NO COVERAGE Flood - limit for increased cost of compliance with flood ordinance/law - ANSWER-$30,000 Personal Inland Marine - perils covered - ANSWER-open peril Personal Inland Marine - coverage territory - ANSWER-worldwide (except for fine arts) The personal property floater is commonly written for insureds without ___. - ANSWER-a HO policy The personal effects floater provides coverage only when insured is ___. - ANSWER-traveling The personal effects floater EXCLUDES ___. (5) - ANSWER-passports tickets money contacts artificial limbs Personal Inland Marine - standard deductible - ANSWER-NONE Personal Inland Marine - fine arts coverage territory - ANSWER-US US territories/possessions Puerto Rico Canada Explain the difference between excess & umbrella policies. - ANSWER-excess - higher limits umbrella - higher limits AND broadened coverage Umbrella - The aggregate limit does not apply to ___ losses. - ANSWER-commercial auto PAP - eligibility - ANSWER-FOUR wheels owned or leased for more than 6 months not over 10,000 GVW no business use (incidental/farming/ranching OK) PAP - rating factors - ANSWER-garaging territory use age/sex/marital status driving record year/make/model of vehicle PAP - For liability, additional vehicles must be insured within ___ . Replacement vehicles are ___. - ANSWER-14 days insured automatically PAP - For physical damage, addition vehicles must be added within ___ days if physical damage is on policy. If not, it must be added within ___ days (coverage provided with ___ deductible. - ANSWER-14 4 $500 PAP - lost wages supplemental payment - ANSWER-$200/day Insurance follows the ___. - ANSWER-vehicle The PAP EXCLUDES damage to property ___ by or ___ by insured. - ANSWER-owned transported PAP - Medical payments must be reported within ___. - ANSWER-3 years standard UMPD deductible - ANSWER-$250 PAP provides coverage for damage to non-owned auto covered on ___ basis. - ANSWER-excess PAP - limit for transportation expenses - ANSWER-$20/day up to $600 PAP - waiting period for transportation expenses - ANSWER-theft - 48 hours all other losses - 24 hours PAP - coverages (A-D) - ANSWER-A - liability B - medical payments C - UM/UIM D - physical damage PAP - limit for non-owned trailers - ANSWER-$1,500 PAP - Assigned risk must provide coverage for ___ years. - ANSWER-3 PAP - Extended Non-owned Liability covers ___. - ANSWER-excess for company car PAP - Limited Mexico Coverage endorsement covers within ___ miles of border on ___ basis. - ANSWER-25 excess PAP - Named Non-owned provides coverage for ___. - ANSWER-rented/borrowed vehicles for those who don't have a personal auto Commerical Property - coverages (A-C) - ANSWER-A - building B - business personal property C - property of others in care/custody/control Commerical Property - limit for personal property of others in care/custody/control - ANSWER-$2,500 Commerical Property - BPP covered within ___ feet of premises. - ANSWER-100 Commerical Property - Property removed covered for ___ days. - ANSWER-30 Commerical Property - fire department service charge - ANSWER-$1,000 Commerical Property - Pollutant clean-up & removal limit is ___ but must be reported within ___ days. - ANSWER-$10,000 180 Commerical Property - limit for electronic data - ANSWER-$2,500 Commerical Property - Newly acquired building limit is ___. Newly aquired BPP limit is ___. Coverage is provided for ___ days. - ANSWER-$250,000 $100,000 30 Commerical Property - limit for property off premises - ANSWER-$10,000 Commerical Property - limit for trees/plants/shrubs - ANSWER-$1,000 $250 per tree/shrub/plant Commerical Property - limit for non-owned detached trailers - ANSWER-$5,000 Commerical Property - outdoor signs limit - ANSWER-$2,500 Commerical Property - mold limit - ANSWER-$15,000 Commerical Property - standard deductible - ANSWER-$500 Commerical Property - valuation - ANSWER-ACV Commerical Property - Building cannot be vacant for ___ days. - ANSWER-60 Commerical Property - For multiple units, ___% must be occupied to avoid vacancy. - ANSWER-31 Builders Risk requires ___% coinsurance. - ANSWER-100 Builders Risk coverage ends ___ days after construction is completed. - ANSWER-90 Builders Risk - limit for property in care/custody/control - ANSWER-$5,000 Commerical Property - Sinkhole collapse covered by ___ forms. - ANSWER-basic, broad & special Commerical Property - Deposit premium is __% of estimated annual premium. - ANSWER-75 Commerical Property - waiting period for business income - ANSWER-72 hours Commerical Property - waiting period for extra expense - ANSWER-NONE Commerical Property - Extended business income extends ___ days from ___. - ANSWER-60 date business resumes Commerical Property - If access to premises is prohibited by order of civil authority, business income is provided for ___. - ANSWER-4 weeks Commerical Property - business income coverage options (4) - ANSWER-coinsurance maximum period of idemnity monthly limit of idemnity agreed value (for new businesses) Commerical Property - types of contingent businesses (3) - ANSWER-contributing locations (supplies) recipient locations (received insured's products) leader locations (draw business to insured) Commerical Property - Difference in conditions covers ___ & ___. - ANSWER-earthquake/flood Commerical Property - Earthquake tremors/volcanic eruptions with ___ are one earthquake/eruption. - ANSWER-168 hours Commerical Property - Insurer must be notified of sprinkler shut off longer than ___. - ANSWER-48 hours Commerical Property - Leasehold interest endorsement protects ___ for ___. - ANSWER-tenant/cancellation of favorable lease due to building damage Commerical Property - Flood endorsement coverage is ___ to NFIP & adds coverage for ___. - ANSWER-excess/mudSLIDES Business Income - Insured's income loss determined by ___ statement. - ANSWER-profit & loss Equipment Breakdown focuses on loss ___. - ANSWER-prevention Equipment Breakdown - Coverage on red-tagged equipment suspended ___. - ANSWER-immediately Equipment Breakdown - valuation - ANSWER-RCV Equipment Breakdown - For RCV, equipment must be repaired/replaced within ___. - ANSWER-24 months Equipment Breakdown covers property belonging to ___ & ___. - ANSWER-insured others in care/custody/control Equipment Breakdown limits includes equipment and ___. - ANSWER-all that could be damaged when equipment fails (building, contents, property of others, etc.) Equipment Breakdown - expediting expense limit - ANSWER-$25,000 Equipment Breakdown - green updates limit - ANSWER-25% of loss up to $100,000 Equipment Breakdown - Newly acquired equipment is automatically covered for ___ days. - ANSWER-90 Equipment Breakdown - lost wages supplemental payment - ANSWER-$100/day Equipment Breakdown EXCLUDES accidents to equipment while being ___. - ANSWER-tested CGL - coverages (A-C) - ANSWER-A - BI & PD B - personal & advertising injury C - medical payments CGL - Claims made form's basic extended reporting period is automatically included for ___ days. - ANSWER-60 CGL - Claims made form's supplement reporting period costs ___% of expiring premium & claims can be reported ___. - ANSWER-200% indefinitely CGL - What is the purpose of the laser beam endorsement? - ANSWER-excludes a particular operation or location CGL - Coverage for products made in coverage territory is worldwide if ___. - ANSWER-suit is brought in coverage territory CGL - Products claims occur where? - ANSWER-off insured's premises CGL - Legal liability for products claims based on ___. (3) - ANSWER-breach of warranty strict liability negligence CGL - When do operations become completed operations? - ANSWER-all operations at location are complete portion/all of work put to intended use CGL EXCLUDES property in the care/custody/control except for the perils of ___. - ANSWER-fire, smoke & explosion CGL - Mobile equipment covered except if ___. - ANSWER-subject to financial responsibility laws CGL - Impaired property is claim for ___ due to faulty product/work of insured. - ANSWER-loss of use CGL - Medical payments claims must be made within ___ of accident. - ANSWER-one year CGL - limit for damage to premises rented to you - ANSWER-$50,000 CGL - lost wages supplemental payment - ANSWER-$250/day CGL - cyber liability coverages - ANSWER-A - website publishing B - network security C - restoration of data D - cyber extortion E - business income/extra expense CGL - Insured's books must be available to insurer for ___. - ANSWER-3 years CGL - There are separate aggregate limits for ___ & ___. - ANSWER-1. products/completed operations 2. premises/operations, personal/advertising, medical payments, damage to premises rented to you CGL - Explain the difference between pollution liability coverage extension & coverage form. - ANSWER-form covers clean-up/extension does not CGL - Owners & contractors protective liability is primarily purchased by ___ contractors. - ANSWER-independent CGL - Owners & contractors protective liability is excess to ___. - ANSWER-subcontractor's coverage CGL - Owners & contractors protective liability covers insured and ___. - ANSWER-owner of property Loading by ___ is covered by CGL. Loading by ___ is covered by auto. - ANSWER-hand/dolly/mobile equipment mechanical device attached to auto BOP - perils covered - ANSWER-open BOP - valuation - ANSWER-RCV BOP - business income limit - ANSWER-actual loss sustained for 12 months BOP - eligibility - ANSWER-less than 35,000 square feet less than $6,000,000 gross sales BOP - office eligibility - ANSWER-less than 100,000 square feet less than 6 stories BOP - restaurant eligibility - ANSWER-limited cooking/fast food casual dining (liquor sales not above 50%) fine dining (liquor sales not above 75%) BOP - motel eligibility - ANSWER-no square footage limit less than $6,000,000 gross sales less than 3 stories not seasonal no bar BOP - convenience store/gas station eligibility - ANSWER-over 3,000 square feet no car wash BOP - Contractors with payroll above ___ are not eligible for BOP. - ANSWER-$300,000 BOP - Contractors that work at heights over ___ stories are not eligible for BOP. - ANSWER-3 BOP EXCLUDES seepage/leakage of water over ___ days. - ANSWER-14 BOP - true/false: BPP automatically includes property in care/custody/control. - ANSWER-true BOP - limit for exterior signs - ANSWER-$1,000 BOP - Building coverage automatically increases by ___ yearly to account for inflation. - ANSWER-8% BOP - BPP limit increases by ___ for stock fluctuation if insured carries ___ coinsurance. - ANSWER-25% 100% BOP - debris removal limit - ANSWER-$25,000 BOP - Property removed covered for ___ days. - ANSWER-30 BOP - fire department service charge - ANSWER-$2,500 BOP - waiting period for business income - ANSWER-72 hours BOP - Pollution clean-up limit is ___ but must be reported within __ days. - ANSWER-$10,000 180 BOP - limit for fire extinguisher recharge - ANSWER-$5,000 BOP - limit for electronic data - ANSWER-$10,000 BOP - limit for business income/dependent properties - ANSWER-$5,000 BOP - limit for counterfeit money - ANSWER-$1,000 BOP - limit for forgery - ANSWER-$2,500 BOP - limit for ordinance/law - ANSWER-$10,000 BOP - Newly acquired building limit is ___, and newly aquired BPP limit is ___. Coverage is provided for ___ days. - ANSWER-$250,000