New York Adjusting License

The insured has suffered a severe storm and some of his trees, shrubs, and plants are heavily damaged by the wind. How much coverage could the insured expect to receive for his claim under his DP-3 Dwelling policy?

$0

What is the total limit for debris removal?

$1,000

The insured has suffered roof damage as a result of a tornado. He makes temporary repairs until permanent repairs can be made. He spends $1,500 for this work. How much, if any amount, will the DP-2 Dwelling policy pay on the repairs?

$1,500

Lucy has insured her one-family home under a standard HO-3 form with a Coverage A limit of $100,000. If she suffered a $100,000 loss to her covered dwelling, how much coverage would be provided under Coverage B for her unattached garage on the premises?

$10,000

Under a standardized DP-2 or DP-3 policy, what is the maximum that would be paid for additional living expenses if Coverage A was $60,000?

$12,000

Under the "Emergency Program" in all states except Alaska and Hawaii, the National Flood Insurance Program will insure a single-family residence for up to:

$35,000.

What is the limit for removal of any one tree?

$500

The "Refrigerated Property Coverage" endorsement provides up to ______ of coverage with a ______ deductible.

$500 / $100

Under a DP-3 form, how much coverage does it have to comply with laws causing an increase in costs due to new regulations.

10% of the Coverage A limit as additional insurance

Jason has his home covered by a Dwelling policy with Coverage C included. When he transports covered property temporarily off the premises, it is destroyed by fire. How much coverage does Jason have to cover his destroyed property?

10% of the Coverage C amount

Under a standardized Dwelling form, a loss by a covered peril for Improvements, Alterations and Additions is covered for up to:

10% of the Coverage C limit of liability

Under an HO-6 form, the additional coverage for damage to trees, shrubs and other plants is provided at:

10% of the Coverage C limit, or a maximum of $500 for any one tree, shrub, or other plant.

Before revoking or suspending a license, the Superintendent must first send a _________ to give the accused an opportunity for a hearing.

10-day advance notice

An insured has received actual cash value payment from the adjuster for a covered loss. At the time he is satisfied with the payment. He later changes his mind and wants the full replacement value. How many days does he have to submit the receipts to get the replacement cost payment under a HO-3 form?

180 days

Under a Dwelling Policy, what is the amount coverage for Coverage E: ALE

20% of coverage A amount

What is the amount of coverage for Coverage D: Fair Renter Value under Dwelling Policy

20% of coverage A amount

How long is Property Removed covered under DP-2 / 3

30 days

How long is Property Removed covered under DP-1

5 days

Hotels and motels may be classified as an "Other Residential Building" for eligibility under the National Flood Insurance Program (NFIP) if the normal occupancy of a guest is:

6 months or more

"Single earthquake"

72-hour period

A package policy that provides both property and liability insurance

A standardized Homeowners policy

In New York, a "defined violation" of insurance laws means:

A violation as defined by the New York insurance code

Which of the following flood zones show a "flood depth" instead of a "base flood elevation" on a FIRM?

AO

When covered property is destroyed beyond repair, nothing of value remains.

Actual Total Loss

DP - 2/3 Coverage E

Additional Living Expenses

The primary amount of insurance is Coverage A under:

All forms of Home Owners insurance expect HO-4 and HO-6

The definition of "collapse" as defined in the additional coverage of the Homeowners forms includes:

An abrupt falling down or caving in of the structure or a part of the structure.

The process of bringing a contract dispute before an objective third party for resolution:

Arbitration

A zones

Areas subject to flood during base flood, less severe than V zones

AO Zone

Areas subject to shallow flooding during base flood

X zones

Areas that are not expected to flood during base flood

100 year flood

Base flood

Covers: Fire Lighting Internal explosion

Basic form

The ACV settlement under a property insurance policy may be determined using "broad evidence rule", which means that the loss is valued:

By establishing the value of the property using any evidence a court finds relevant.

Second party

Carrier

Agent uses misrepresentation in order to get insured to purchase more expensive policy with the same carrier.

Churning

Amount carried / Should have carried (amount of loss)

Coinsurance formula

Multiple causes or perils that are independent of other perils. Neither of the perils were related, and could not have caused the loss alone, but combined to create the loss.

Concurrent Cause Doctrinarian

Duties of the insurer and insured in case of a loss is found where?

Conditions

In a contract, something of value exchanged between the parties is referred to as:

Consideration

When the cost of repair exceeds the value of the property

Constructive Total Loss

DP-1/2/3 Coverage C

Contents

What do the following 4 elements belong to: Capacity to contract A legal purpose An offer and acceptance Consideration

Contract (CLOC)

Written by one party with stronger bargaining power.

Contract of Adhesion

If the "other insurance" clause in a policy specifies that more than one policy will share equally in the loss until the lowest policy limit is exhausted and continue in that fashion until all policy limits are exhausted. This is known as:

Contribution by equal shares

An insured suffers a partial fire loss to his residence. Under an HO-3 policy what insuring agreement is available to pay for temporary, alternate living quarters?

Coverage D

Homeowners policies provide personal liability coverage that follows an insured anywhere in the world under:

Coverage E

All of the following statements regarding the standardized "Limited Water Back-up and Sump Discharge or Overflow Coverage" endorsement ARE TRUE, EXCEPT:

Coverage applies even in situations where the insured was negligent.

The explosion of a furnace that the insured owns, inside the covered dwelling

DP-1 basic form peril of "internal explosion" covers this loss

Dwelling Policy: automatically includes the EC perils, V&MM coverage, and the broad form perils:

DP-2

Where are the following found: Name and address of insured Policy term Limits of liability Premium Deductibles

Declarations page

DP-1/2/3 Coverage B

Detached structures

DP-1/2/3 Coverage A

Dwelling

Multiple causes or perils that are dependent on other perils. The covered perils instigate the excluded perils that caused the loss.

Efficient Proximate Cause Doctrine

Owner or tenant occupied dwellings 1 to 4 residential dwellings Dwellings owned by corporations or other businesses

Eligibility requirements for a dwelling policy

DP-1/2/3 Coverage D

Fair Renter Value

A deductible does not apply to what in a standard HO policy

Fire Department Service Charge.

type of "voluntary loss" taken to save the property from further loss

General Average Loss

The primary amount of insurance is Coverage C under:

HO-4 and HO-6

Premeditated plan to deliberately create a claim for a settlement

Hard Fraud

An insured carries a Personal Property Replacement Cost endorsement attached to his Homeowners policy and he has suffered a $2,000 loss to covered personal property. He submits a claim for actual cash value (ACV) at the time of the loss and notifies the insurer that he intends to make a claim for replacement cost later. The insurer will pay the replacement cost claim later if which of the following two conditions are met?

If the cost to repair or replace is more than $500 and the insured has already had the property repaired or replaced

First party

Insured

What defines: What is covered under policy Risk assumed nature of coverage

Insuring Agreement

A separate limit listed "per type of property" on an insurance policy, is known as:

Insuring on a specific basis

All of the following are EXCLUDED under the Earthquake Endorsement to a Homeowners policy, EXCEPT:

Land shock waves.

Estoppel

Legal doctrine that prevents a party from contradicting its own previous actions

All of the following items are given a "special limit of liability" under Coverage C of the Homeowners policies, EXCEPT:

Motorized land vehicles.

Broad form: Named or Open Peril?

Named Peril

List of perils covered. If it is not listed then it is not covered.

Named peril

Coverage D - Loss of Use on the Homeowners forms provides coverage for "Civil Authority Prohibits Use" for:

No more than two weeks

The Scheduled Personal Property endorsement to a Homeowners form covers personal property:

On an open peril basis

Covers all risk other than the ones specified in the policy

Open peril

The insured is covered under a standard HO-5 policy. What coverage does the insured have for personal property?

Open perils

Third party

Party that has been damaged by first party

Limit of Company A / Limit of all carriers (loss)

Pro rata formula

When the insurer pays the proportion that its policy limit bears to the limits of all policies, this is known as:

Pro-rata share

Agent fails to disclose all details of policy

Sliding

Fraud that was unplanned, but insured was presented with opportunity to exaggerate a legitimate claim.

Soft Fraud

Exclusions of what: Flood Earthquake Mold Power outage off insureds premises

Special Form

A 100-year flood is an example of what kind of risk?

Static Risk

Which of the following sections of an insurance policy contains language to assist an insurance company in managing moral and morale hazards?

The Exclusions.

The New York Superintendent of Insurance has decided to resign from the position, effective immediately. How will the vacancy be filled?

The Governor will designate a Deputy Superintendent to perform the job until a replacement is found by the Governor and approved by the state senate.

The Mobile Home endorsement may be attached to which of the following Homeowners forms?

The HO-2 or HO-3 only.

Which of the following statements is TRUE regarding the peril of theft under the Homeowners policies?

The HO-8 form specifies a limit of $1,000 for theft.

Which of the following statements is TRUE regarding the Homeowners "additional coverage" known as Landlord's Furnishings?

The coverage is not additional insurance and does not increase the limits of the policy

The "additional coverages" of the Homeowners forms pay for all of the following losses, EXCEPT:

The sudden cracking of a hot water heating system within the insured dwelling.

If an insured is covered under an HO-2 policy, damage caused by wind to his/her personal property would be covered if:

The wind created an opening in the structure, allowing the wind to damage the personal property inside.

Section I coverages vary greatly between the different HO forms.

True

The "other coverage" for collapse is included on the DP-2 and DP-3 forms but not the DP-1.

True

Theft is excluded under the DP-3 unless endorsed with the theft endorsement.

True

Agent uses misrepresentation in order to get insured to switch from one carrier to the agents carrier

Twisting

Without occupants

Unoccupied

Void of contents

Vacant

Intentional Relinquishment of a known right

Waivier

Statements made by insured that turned out to be untrue and would void the policy

Warranties

Which of the following terms describes a statement that is guaranteed to be the truth throughout the duration of the policy?

Warranty

An insured has her dwelling covered by an HO-3 form, with a $500,000 limit of liability for Coverage A. A fire breaks out and the dwelling is a total loss. The entire $500,000 limit is used to cover the direct physical damage to the dwelling. However, there is a large amount of debris from the burned structure covering the insured's property that will need to be removed. In this situation, how will the cost of the debris removal be paid?

When the entire Coverage A limit is used to cover the direct physical damage to the dwelling, an additional 5% of the Coverage A limit will be added to cover debris removal.

V zones

areas closest to the shoreline and subject to flooding and erosion during the base flood

Mudslide

earth movements

Mudflow

rivers of muddy water