Download New York N.Y Independent General Adjuster Series 17-70 Exam Review Questions with Answers and more Exams Insurance law in PDF only on Docsity!
St. John’s University
(New York, NY)
[Risk Management and Insurance Program.]
State Insurance Claims Adjusters Certification
New York, NY Claims Adjuster Exam
Course Title and Number: Claims Adjuster Exam Exam Title: Board Exam Exam Date: Exam 2024- 2025 Instructor: [Insert Instructor’s Name] Student Name: [Insert Student’s Name] Student ID: [Insert Student ID]
Examination
180 minutes
Instructions:
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State Insurance Claims Adjusters Certification 2024- New York N.Y Independent General Adjuster Series 17- Exam Review Questions with Answers and Explanations | 100% Pass Guaranteed | Graded A+ | Read All Instructions Carefully and Answer All the Questions Correctly Good Luck: - Which of the following perils is not covered under the Commercial Property Basic Cause of Loss form: Collapse (other than sinkhole collapse). Sprinkler leakage Explosion Sinkhole collapse - =Answer>> :Collapse (other than sinkhole collapse).. EXPLANATION: The Basic Form does not cover collapse except sinkhole collapse. How many years must a business be operational in New York before it can qualify as a self-insurer for workers compensation? Three years. Four years. Five years. Two years. - =Answer>> The correct answer is: Three years.. EXPLANATION: A company must be in business for at least three years before it can make application with the state to become a qualified self-insurer. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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EXPLANATION:
Farm property, including farm dwellings are not eligible under the dwelling policy. The barn is farm property and cannot be covered. Farm property forms must be used. Which of the following statements is correct regarding pollution caused by smoke released from an industrial operation covered under the Commercial Property Policy? Always covered A gradual release of pollution from industrial operations is not covered Covered on an "excess basis" Covered if caused by a covered cause of loss peril - =Answer>> The correct answer is: Covered if caused by a covered cause of loss peril. EXPLANATION: The Commercial Property Policy will not pay for loss or damage caused by or resulting from the discharge, dispersal, seepage, migration, release or escape of pollutants unless the discharge, dispersal, seepage, migration, release or escape was caused by a covered cause of loss.Therefore if a fire or explosion causes the release of pollution, the loss would be covered. The gradual release of smoke from normal agricultural and industrial operations is not a covered cause of loss. If an insured takes precautionary measures to protect property from flood damage such as creating a retaining wall of sand bags, how much coverage if any, will be provided by a flood policy? Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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$1,000 if the flood is imminent and the property is in danger of flooding. No coverage at all. $2,500 but only if the insured provides receipts prior to the flooding. None of the the responses listed are correct. - =Answer>> EXPLANATION: The policy will provide additional coverage up to $1,000 for preventative measures taken to prevent the property from an imminent flood loss. This $1,000 however will be subtracted from the policy limit covering any property that may be damaged by the imminent flood. A drug store has an ice cream counter and someone spills ice cream on the floor. Both the employee and the store manager are aware of the situation. The store can be held legally liable when: Someone falls while the store employee is mopping the floor. The floor has been moped but is still wet. No provisions for cleaning up have been made. All responses listed are correct. - =Answer>> EXPLANATION: All of the responses are correct. The store has a legal duty to protect invitees from sustaining injuries if possible. With long term care insurance, the ability to transfer from a bed to a chair is known as: A normal activity of daily living. An activity of assisted living. An abnormal activity. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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items are supplementary payments that apply IN ADDITION to the limit of liability. If an employee working for a corporation is injured in a job related incident and there is no workers compensation coverage in effect, who is liable for the ensuing claim? The corporation. The Uninsured Employers Fund. The state. The President, Secretary and Treasurer of the corporation. - =Answer>> The correct answer is: The President, Secretary and Treasurer of the corporation.. If a corporation has failed to secure workers compensation coverage, the President, Secretary and Treasurer of a corporation are personally liable for the medical care, compensation payments and penalties. Which of the following would NOT be found in the conditions section of a homeowners insurance policy? Subrogation rights Duties of the insured Insurance premium Mortgagee clause - =Answer>> The insurance premium is not shown in the conditions section of the homeowner policy. Which of the following is true regarding dealers physical damage coverage under a garage policy? It is a blanket limit for covered autos. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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It extends coverage to customers' autos. It is an annual maximum limit for comprehensive and collision losses. It is a maximum limit per auto. - =Answer>> It is a blanket limit for covered autos. EXPLANATION: The dealer's physical damage limit would be done on a blanket limit basis. This would apply to comprehensive and collision losses to the auto inventory of the dealer. This is done because it is simply not practical to schedule each dealer owned vehicle for physical damage. This is generally accomplished by the use of a monthly reporting form. Which of the following would not be considered an occupational disease? Black lung. Mesothelioma. Pulmonary fibrosis. Bending over to pick up a box and hurting your back. - =Answer>> Bending over to pick up a box and hurting your back. is correct. EXPLANATION: Bending over to pick up a box and causing an injury is a work related injury and not a disease. Which of the following is correct in order for the additional coverage of "collapse" to be available under special BOP? The collapse must be such that the building can not be used as intended Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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The Miscellaneous Type Vehicle endorsement can be used to cover motorhomes, motorcycles, etc. Insurers must maintain a complaint record for _________ after all elements of the complaint are resolved and the file is closed. five years three calendar years one year six calendar years - =Answer>> The correct answer is: six calendar years. EXPLANATION: Insurers are required to maintain complaint records for six calendar years. A BOP policy has a $500,000 occurrence limit for liability and a $1,000,000 aggregate limit. If claims for $600,000 and $400,000 have been filed in two separate incidents, how much coverage remains, if any, for any future claims submitted during the policy term? Answer Choices: $500, -0- $100, $1,000,000 - =Answer>> The correct answer is: $100,000. EXPLANATION: Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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The most the policy will pay for any one single occurrence is $500,000. So that amount would be payable for the first loss. Once paid that amount must be subtracted from the Aggregate limit (the most available for all claims in the policy year) leaving $500,000 remaining in the aggregate. The second claim is within the occurrence limit and since there is enough left in the aggregate, the entire $400,000 is payable. After subtracting the $400,000 loss from the remaining aggregate, $100,000 is left to pay any and all future claims for the remainder of the policy term. All of the following are uniform mandatory policy provisions, except the: entire contract provision. grace period provision. reinstatement provision. cancellation provision. - =Answer>> The correct answer is: cancellation provision.. EXPLANATION: The cancellation provision is an optional provision giving insurers the ability to determine how the renewability of a health policy will be renewed. With an Equipment Breakdown policy, the loss settlement is: ACV all of the time Replacement cost all of the time Replacement cost if the repair or replacement is made within 18 months Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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A claim for actual damages must be made before the retroactive date. The occurrence causing the injury or damage must take place during the policy period. First notice of the claim must be made during the policy period. The injury must take place before the policy period. - =Answer>> EXPLANATION: The occurrence causing the injury must take place during the policy period. The insured carries an Equipment Breakdown policy with a limit of $300,000. A boiler has exploded and caused extensive damage to the building and its contents. As a result of the explosion a fire ensues causing $100,000 in damages. How much will the Equipment Breakdown policy pay for the fire damage? $50, $25, $100, $0 - =Answer>> EXPLANATION: The Equipment Breakdown policy excludes fire damage. The loss would be covered under a commercial property form. Which of the following is not a consideration when underwriting an aircraft hull policy? Qualifications and experience of the pilot Age and gender of the pilot Size of the aircraft Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Type and age of the aircraft - =Answer>> EXPLANATION: When underwriting an aircraft hull policy the age or gender of the pilot is not a consideration. Surety bonds deal with which of the following? The performance by another party of an obligation or undertaking. On-premises Employee Dishonesty The theft of a third party's goods by an employee. Loss as a result of an inventory shortage. - =Answer>> The performance by another party of an obligation or undertaking. is correct. EXPLANATION: Surety bonds are issued to guarantee the obligee for the performance of the principal under the bond. Who are the three parties to the "appraisal clause"? Answer Choices: Select the Correct Answer The insured, the insurer, and the appraiser The two appraisers and the Insurer The two appraisers and the umpire The two appraisers and the insured - =Answer>> EXPLANATION: The three parties are the two appraisers and the umpire. Which of the following would be covered under a Business Auto Symbol number 7? Answer Choices: Select the Correct Answer Hired auto only Non owned auto Specifically described auto only Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Though multiple parties may be involved in a lawsuit, the opposing sides are referred to as: Answer Choices: Select the Correct Answer Insured and claimant Complaintant and defendant Plaintiff and defendant Counsel and co-counsel - =Answer>> EXPLANATION: The opposing sides are called the plaintiff and defendant. What is required in order for seasonal increase coverage to apply under the BOP? The insured must purchase the coverage by endorsement The limit of insurance must be at least equal 100% of the average personal property values for the previous 12 months Submit average inventory values for the previous three years The BOP does not provide automatic seasonal increase in coverage - =Answer>> The limit of insurance must be at least equal 100% of the average personal property values for the previous 12 months. EXPLANATION: The limit of insurance for business personal property must at least equal 100% of the average business personal property values for the previous 12 months. Which of the following professional liability policies would cover a dishonest, fraudulent or criminal act of the manager of a LLC? Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Fiduciary Liability Malpractice Liability Errors and Omissions None of the policies cover these acts - =Answer>> None of the policies cover these acts. Which of the following is not required to obtain an adjuster license in New York? A licensed New York attorney An average adjuster of maritime losses An officer, director or regular salaried employee of an authorized insured None of these individuals is required to be licensed - =Answer>> None of these individuals is required to be licensed. Which of the following best describes "no release or walk- away" release? A form of advanced payment to the claimant. A structured settlement. The bills are paid and no attempt to obtain a separate release is made. The insurer agrees to waive its right to subrogation against a third party who caused the damage. - =Answer>> he bills are paid and no attempt to obtain a separate release is made. is correct. EXPLANATION: The bills presented are paid with no attempt to obtain a separate release, although the wording on the draft or check may also serve as a form of release. After a certain Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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An indirect loss is the temporary loss of use caused by a direct property loss. A kitchen fire is a direct loss. If that loss is severe enough to make the house unfit to be used, the insured will need to temporarily find an alternative place to live in until repairs to the house are completed. The cost of that temporary replacement - the hotel charge - is the indirect loss. If an insured carries Coverage C under a dwelling form, how much coverage applies on a worldwide basis? 10% of the Coverage C limit 20% of the Coverage C limit 40% of the Coverage C limit 50% of the Coverage C limit - =Answer>> 10% of the Coverage C limit is correct. EXPLANATION: Whereas homeowners forms provide the FULL limit of personal property coverage anywhere in the world, dwelling forms cover only 10% of the personal property limit on a worldwide basis. The remainder of the personal property is covered only while on the designated premises. Insurers can refuse to renew a health insurance policy for all of the following reasons, EXCEPT: Answer Choices: Select the Correct Answer nonpayment of premium. deterioration of the insured's health status. fraud or misrepresentation of a material fact in the policy application. discontinuance of a class of policies. - =Answer>> deterioration of the insured's health status. is correct. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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EXPLANATION:
When deterioration of health occurs, insureds have every expectation to anticipate claims to be paid within the coverage parameters of the policy. An insurer whose place of incorporation is Toronto, Canada would be identified as a/an: Answer Choices: Select the Correct Answer Alien insurer. Non-admitted insurer. Foreign insurer. Domestic insurer. - =Answer>> Alien insurer. is correct. EXPLANATION: Insurance companies located outside the borders of the United States are known as alien insurance companies. An act of terrorism under the Terrorism Risk Insurance Act (TRIA) is defined as: All of the responses listed are correct. Any act certified by the Secretary of Treasury, in concurrence with the Secretary of State and the Attorney General. To be a violent act or an act that is dangerous to human life. To be a violent act or an act that is dangerous to property or infrastructure. - =Answer>> All of the responses listed are correct.. EXPLANATION: All of the responses are correct and are considered to be terrorism as defined by the Act. Note: The Act was again extended in 2015 and is due to expire on December 31,2020. Please check the outline from the testing vendor in Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
