New York License
Independent Adjuster
A person, firm or corporation that, for compensation, acts on behalf of an insurer in investigating and adjusting claims arising under policies issued by an insurer and who performs any duties required by the insurer that are incidental to those claims is known as a/an
Only the damage caused by the explosion
A steam boiler insured under an Equipment Breakdown Policy explodes and causes severe damage to the building and the contents. If a fire ensues as result of the explosion, what coverage will the policy pay
Replacement cost basis
An insured has purchased a Business Owners Policy. He insures both the real and personal property. Assuming no endorsements apply, will property losses by adjusted on a ACV basis or on a replacement cost basis
After a waiting period of 72 hours the policy would pay for loss of income of up to 3 weeks
An insured is covered under the Businessowner's Policy a fire has occurred to a business a block away and the civil authorities have blocked off the stfree. The insured's customers cannot gain entrance to his business location. What coverages would apply to the insured's loss of income
No benefit to Bailee
An insured's TV set is damaged while at a repair shop. The interest of the repair shop is not covered because of which of the following
60 consecutive days
Commercial Glass Coverage is suspended if, at the time of loss, the building has been vacant for more than
Coinsurance clause
Commercial Property Insurance usually imposes a penalty if, at the time of loss, the insured failed to maintain a minimum amount of coverage. This penalty may apply because of the
Percentage of the maximum possible loss
Crop insurance policy limits are usually written as a
$250 per day
If an insured has to take time off work to help assist in the investigation of a claim, the policy will pay for actual loss of earnings up to
8%
If building coverage is provided under the BOP, the coverage will automatically increase each renewal by what percentage
180 Days
In case of a loss, how many days notice does the insured have after notification of a claim to submit the claim to the underwriters of the ocean marine coverage
Relative degree of fault
In cases of comparative negligence, the proportional share of each party in the entire liability will be based on
Contains language attesting that a statement is true and is signed by the intervewee
In claims adjusting which of the following describes a "sworn statement"
All of the responses are correct
In ocean marine, what is covered by protection and indemnity coverage
5 yrs
Insurers conducting business in New York must be examined at least once every
6 calendar years
Insurers must maintain a complaint record for ____after all elements of the complaint are resolved and the file is closed
The water damage
Isaac owns a home with an older furnace in need of repair. He leaves his home for a month to avoid the cold weather. He returns to find that the furnace had stopped working. Water pipes have frozen and burst and his property has been damaged. Since the water ran for almost a month, his water bill is extremely high. What will the adjuster pay
Indirect Loss
Loss of rental income on an apartment house building caused by an insured peril is best described as
$10,000
Mary has insured her one-family home under the HO-3 form with a limit of $100K. What limit is she automatically entitled to for her unattached garage on the premises
Private stock and mutual companies
Most crop insurance in the US is written by
$250,000
Mr. Owens owns 50% of a building that is worth $600,000 and is insured for $500,000. What is the maximum that Mr. Owens can collect in case of a total loss to the building
45 days because the insured filed a first claim against the policy
No insurer may increase the premium of a homeowner's insurance policy which has been in effect more than
$16,000 per call
Telemarketers who transmit prerecorded messages to consumers who have not agreed to accept such messages will be fined up to
The policy pays replacement only if the repairs are made within 24 month of the incident
The Equipment Breakdown Policy(formerly called boiler and machinery) provides for replacement cost coverage in case of a covered claim. Under what conditions would the insurer only pay ACV in case of a loss
Similar coverage is sold by private insurers and the federal government
The Federal Crop Insurance Act of 1980 changed the role of the FCIC in providing crop insurance and established the Multi-Peril Crop Insurance (MPCI) program. Under the MPCI program
$500 per offense
The New York Insurance Code provides for a "general penalty" the general penalty is
The hearing must be held within 10 days after the date the notice has been served
The Superintendent of Insurance believes a persona has committed a violation or is engaging in a practice that could become a violation. The Superintendent believes a hearing is necessary.
Assume the relicensing is approved
The Superintendent of Insurance may approved the employment, appointment or participation of any person whose license has been revoked. Karen Jones had her license revoked and filed an application for relicensing and has waited over 120 days without a response from the Insurance Department.
All the responses are correct
The TRIA Act has been extended and is due to expire on 12-31-2020. The Act is now referred to as the Terrorism Risk Insurance Extension Act of 2015(TRIEA). Under TRIEA, several additional lines of insurance coverage are now excluded. Which of the following lines of insurance are still covered
Prevention of loss
The focus of the Equipment Breakdown Coverage is
Actual Cash Value
The general property flood coverage form fro commercial property will settle claims on the basis of
$225,000
The insured is covered under a BOP for $200K on his building. The risk is completely destroyed by fire. It will cost $225K to replace the building. The cost to remove the debris is $25K. How much, if any, will the company pay for the los
On a pro-rata basis between the 2 locations
The insured is moving to a new location. Coverage for contents provided under a Homeowner Policy would be
Pay the ACV of the ring
The insured's diamond ring valued at $10,000 has been destroyed in a fire. She is insured by a HO-3 policy. What is the responsibility of the insurance company with respect to this loss
DP-3
The most comprehensive coverage proficed by the Dwelling Property program is found in the
DP-3
The most comprehensive coverage provided by the Dwelling Property program is found in the
HO-8 form is the least of all HO
The plumbing Mrs. Jones' home suddenly burst and the ceilings were damaged by water. All of the following Homeowners forms would cover the loss, except
To pay for repairs or replacement in a timely manner
The purpose of expediting expenses under the Equipment Breakdown Policy
$500
The unfair claim settlement laws and regulations in New York provide that a violation in each instance will be treated as a separate violation. A fine in the amount of____will be imposed against the insurance company for each violation
Send the claimant a reservation of rights letter
There are certain steps a claim representative takes in the evaluation of a liability claim. Which of the following is NOT normally a first option
$2000
Under Coverage F- Unscheduled Farm Personal Property, the most that will be paid for a "head" of livestock(an adult animal, one year of age or older)
Actual Cash Value
Under a watercraft or yacht policy how claims are settled
The policy deductible does not apply
What deductible applies to Additional Coverage-Fire Department Service Charge
The automatic increase endorsement
What endorsement may be used on the dwelling policy to keep values current with the replacement cost of the buildings
Prepare an appraisal of the loss
Which of the following is not a duty of an adjuster in a property loss
DP-1 WC SHAVVER
Wind, civil, smoke, hail, aircraft, volcano, vehicles, explosion, riot
60 days
Without a vacancy permit, vandalism is not covered under Commercial Property if the building has been vacant for how many consecutive days prior to a loss
Renters
The H0-4 provides not coverage on the dwelling and broad peril coverage on
Leasehold Interest Coverage
Which of the following coverages is NOT provided by the Business Income Coverage Form
$1,500
A Homeowners Form has a $50K, personal property limit. Disregarding any deductibles, what is the most the insured can collect if a boat valued at $1,500 is stolen from the premises
30 days
A New York licensee subject to an administrative action in another jurisdiction or governmental agency must report such action to the Superintendent within
Tornado
All of the following are exclusions under a DP-2, dwelling form, except
Acts of riot and civil commotion
All of the following events are considered acts of terrorism, except,
HO-8 covers the same named perils as the HO-2
All of the following statements about HO- are correct, except
It can include Ocean Marine and Aviation Insurance
All of the following statements regarding the Commercial Package Policy are correct, except
Included in a policy event though not specifically stated
An implied warranty
The policy will pay the loss less the deductible. Cov B applies to any part of the world
An insured's wife is wearing a diamond ring while on vacation in Europe. The ring valued at $1500 is stolen. What coverage would apply under the Homeowner Policy
DP-2, 3 Big Affect
Burglary, L&W, Glass, Water discharge, falling object, freezing, electrical, collapse, tearing apart
Actual Cash Value
How are household personal property claims settled under the farm policy
Attach the Named Perils form
How do you change the property causes of loss from risks of direct physical loss to named perils coverage under the BOP
ACV Basis
How is personal property of a dwelling covered under a farm policy
Coverage is written on a open peril basis
How is property covered under an unendorsed BOP form
The coverage could be denied
If an insured fails to comply with the immediate notice of claim requirement, which of the following could happen
Send the insured a reservation of rights
If an insured fails to report a claim in a timely fashion the adjuster will usually
A warranty
In a application for marine insurance, a yacht owner states that the yacht will only be sailed on inland waters. If the insured subsequently sails the yacht on the seas, coverage may be denied because the insured has breached
A non-related tenant living in the insured residence
In a homeowner policy the term "insured" would include all of the following
Cause of loss forms
Listed exclusions for the Commercial Property policy are found in what section of the policy. Property...
The loss of the truck plus the extra tires and hubcaps would be considered in this claim These total $19,050 less than the deductible of $250 equals $18,800
Mr. York had his pickup stolen while it was parked in a "no parking" zone outside his office. The value of the truck is $18,500. In addition, tools valued at $200, extra tires and hubcaps for the truck valued at $550 and a tarp worth $50 were in the truck. Mr York has a collision deductible of $500 and a comprehensive deductible of $250. The insurance company will pay what amount
General Average Clause
On the way to Europe, heavy seas place a cargo ship in danger in sinking. The crew decides that if they dispose of the heavy equipment they are hauling the ship wont sink. They toss overboard 10 tractors owned by John Deere. The cartons of cotton balls owned by Eli Cotton are safe as is the whipped marshmallow cream being shipped for Kraft foods. When they get to Europe, Eli and Kraft are asked to share the loss that John Deere sustained. This is an example of
Both DP-2 and DP-3
Smoke damage to the insured premises caused by the sudden faulty operation of the insured's fireplace is covered under the
$35,000 SQFT
The BOP has limitations on the SQFT in regard to eligible risks. What is the maximum SQFT a building can contain and still be eligible for the policy
The equipment policy will be primary and the BOP will be excess if the separate policy does provide adequate limits of coverage
The insured is covered under a BOP policy.Contents coverage is included. If the insured buys a separate piece of machinery and insures it separately, how will the BOP policy respond to a loss to this machinery
Only if the insurance company is notified within 10 days of the emergency use
The insured is covered under a watercraft policy and asks the agent about a "lay-up" period credit to get a reduction in the premium. The dates of the lay-up period are specified in the policy. There is an emergency and the insured must use his boat in a life saving event. The boat is damaged and sinks. Under what circumstances would coverage apply
An insured farmer who unknowingly disparaged the crops grown by another farm
Under farmowners liability coverage, which of the following is covered under advertising injury coverage
$100 billion
Under the Tria Act (known as TRIEA-terrorism risk insurance extension act of 2015) the maximum limit for the Act for total claims under the ACT by either private insurers or the government is still limited to
The association agreement and bylaws
Under the commercial property condominium association form, coverage is based on
Its adds additional perils to the coverage
Under the dwelling policy, what is the purpose of adding the EC(extended coverage) endorsement
Poultry
Under the farm policy, which of the following is not considered livestock
Hold a hearing on the infraction
Upon discovering that an agent may have violated an insurance law, the state insurance department is required to take which of the following actions
A dwelling insured to 80% if replacement cost value
What is the exception to a flood insurance claim being paid on an ACV basis
The total price to replace the dwelling up to the dwelling limit, if proper coverage is in place
What is the maximum that will be paid under replacement cost coverage under the HO forms for dwellings
10%
What is the percentage that the insured can apply to coverage A of the DP-2 and DP-3 dwelling forms for Ordinance or law
Estoppel
What legal principle states that an insurer would be prohibited from denying a claim that one of its adjusters said was covered
At least 45 days advance notice of non-renewal must be sent to the insured
When an insurer intends to non-renew a homeowners policy in New York
A detached garage
When insurance is written on a dwelling form each of the following types of property would be insured under coverage A (dwelling coverage) except
To provide fluid limits of coverage for fluctuating values of property at risk
When is a value reporting best used
The Liberalization Clause
When the insurer makes a change that broadens coverage under an existing policy w/o additional premium, this is known as
Employee dishonesty
Which of the following coverages are not automatically included in the BOP
The Basic, Broad and Special Form
Which of the following dwelling forms provides coverage for loss rental income
HO-8
Which of the following homeowner forms provide the least amount of peril coverage
Overflow of inland or tidal water
Which of the following is covered by a flood policy
Provides open peril coverage on the buildings and their contents
Which of the following is true regarding the homeowners HO-5 form
Use of a rental vehicle
Which of the following losses may not be determined by an adjuster
Settle all partial losses to dwellings at replacement cost if insured 80% to value both I and II
Which of the following statements are correct 1-unendorsed DP-2 and DP3 settle all losses to personal property at ACV. II-unendorsed DP-2 and DP-3
Fire resultant water damage
Which of the following would be covered under the DP-1 dwelling form
Mudslides from recent heavy rain
Which of the following would not be covered by a flood insurance policy
Adjusted Gross Income
Which type of Crop Insurance Policy insures fthe entire acreage rather than an individual crop
