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NEW YORK ADJUSTER EXAM ACTUAL
WITH 300 REAL EXAM QUESTIONS AND
CORRECT ANSWERS (100% CORRECT
VERIFIED ANSWERS) NY ADJUSTER EXAM
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Kelly would like to obtain an Independent Adjuster license in New York, however, she has been convicted of a felony involving dishonesty or breach of trust. Kelly plans to submit a 1033 Waiver from the Department of Financial Services so that she can begin looking for a job. Which of the following is NOT a requirement for the Superintendent to grant this waiver? - ANSWER-Kelly is not required to submit evidence of restitution to the people of the state of New York.
Under the New York Cyber Security Regulation, each covered entity must maintain documentation supporting certification of compliance with the regulation
for: - ANSWER-5 years
The court awards a judgment against the insured for $300,000 plus $10,000 of accrued interest and the legal fees amount to an additional $35,000. Our insured has a $300,000 liability limit on the policy. How much will be paid by the policy? -
ANSWER-The correct answer is: $345,000.
Explanation:
The $10,000 of accrued pre judgment interest and the $35,000 cost of the defense are all payable as additional coverage on the policy. These amounts have no affect on the limit of liability available in a judgment against the insured. So the entire amount of $345,000 is payable in this case.
The minimum coverage required in New York for uninsured motorists bodily injury is: - ANSWER-The correct answer is: $25,000 per person, $50,000 per accident. . 1 / 4
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Explanation:
New York state law established the minimum coverage limits of $25,000 per person, $50,000 per accident and up to $50,000 per person, and $100,000 per accident for death.
The New York Superintendent of Insurance may refuse to renew, suspend or revoke a license as a result of which of the following?
- A violation of any provision of the New York Insurance Code.
II. A licensee making a material misstatement in application for license.III. A licensee being found guilty of fraud or dishonest practices. - ANSWER-I, II and III
If an insured wishes to cover the mobile home while it is being transported from
one location to another would: - ANSWER-Purchase the Mobile Home
Transportation Coverage Endorsement on the homeowner policy
The workers compensation policy language is written by the: - ANSWER-National
Council on Compensation Insurance (NCCI)
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: - ANSWER-A
large loss has occurred
If any person engages in activities in violation of the Federal Insurance Fraud and False Statements regulation, he or she may be subject to which of the following? - ANSWER-A civil penalty of not more than $50,000.
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pg. 3 The Earthquake Endorsement will provide coverage to the dwelling and/or
personal property with the deductible stated as: - ANSWER-5% of the limit that
applies to all Section I coverages
The insured has moved into a dwelling that was being build and was covered by the "Dwelling Under Construction" endorsement. How long does the insured have to report his / her occupancy to the insurance company? - ANSWER-30 days
When a New York Homeowners policy is still in the 60-day underwriting period, the insurer may cancel it for any reason by providing a ______ notice. - ANSWER-30 day
Personal property that is covered under the Personal Property Replacement Cost Endorsement is damaged and a claim has been filed. The replacement cost of the property at the time of the loss is $2,500. The full cost to repair the property is $2,000. The Coverage C limit of the Homeowners policy is $8,000. No special limits apply to this property and there is no limit applied to the type of property being claimed. Which of the following is the amount that will be paid under the endorsement? - ANSWER-2,000. The endorsement will pay the smallest amount of the replacement cost at the time of the loss, the full repair cost, the Coverage C limit, any applicable special limits, or the limit that applies to the type of property being claimed.
The mandatory recoupment of the federal share through policyholder surcharges under Terrorism Risk Insurance Program Reauthorization Act of 2015 was increased from 133% to - ANSWER-140%
A Building and Personal Property Coverage form provides coverage for all of the
following types of property, EXCEPT: - ANSWER-Growing crops and lawns.
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pg. 4 The insured sets a fire to his home and is found to be guilty of arson. There is a lien on the burned property by a mortgage company in the amount of $150,000.The property is insured for $300,000 and is a total loss. The personal property of the insured, covered separately by a Homeowners policy for $150,000, is also a total loss. How will this claim most likely be paid? - ANSWER-The mortgagee is paid $150,000.
The Terrorism Risk Insurance Act and all of its extensions and reauthorizations is
actually an agreement between: - ANSWER-Between the Federal Government and
the insurance companies.
The first effort to provide insurance for land transportation risks involved an
extension of ocean marine coverage known as the: - ANSWER-"Warehouse to
warehouse" clause.
Which of the following is not a duty of an insurer in case of a loss? - ANSWER- Separate the damaged property from the undamaged property and protect the property from further loss
An insured owns a set of six drawing pens designed and used by Benjamin Franklin. Each pen is worth $1,000 alone, but the set is worth $12,000. One pen is destroyed by a covered peril. Under the pair or set clause the insurance company will pay a maximum of which of the following amounts? - ANSWER- $7,000
Traditionally, the most common type of crop insurance sold prior to the creation of
the Multi-Peril Crop Insurance Program was: - ANSWER-Coverage for hail
damage.
An adjuster's report that contains all the facts, evidence and disposition of the
claim and is considered to be the final report is known as the: - ANSWER-Full
report.
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