New York Adjuster Exam Questions and Answers Already Passed

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New York Adjuster Exam Questions and Answers Already Passed Offering any return of premium, valuable consideration or inducement when purchasing an insurance policy is an example of: ✔✔I. Illeg... al Inducement II. Rebating Under a watercraft or yacht policy how claims are settled: ✔✔Actual cash value When may an insured sue an insurance company? ✔✔Not until the insured has complied with all policy provisions and within the time limit specified in the state laws What is the definition of a non-resident agent? ✔✔Someone licensed in their state and obtains a license in another state to solicit insurance business in that state. is correct. 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? ✔✔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: ✔✔The correct answer is: $25,000 per person, $50,000 per accident. . 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. If an insured wishes to cover the mobile home while it is being transported from one location to another would: ✔✔Purchase the Mobile Home Transportation Coverage Endorsement on the homeowner policy The workers compensation policy language is written by the: ✔✔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: ✔✔A large loss has occurred Under the underinsured motorist limit, how much will be paid on a claim providing the insured can prove his or her claim for damages? ✔✔The difference between the negligent driver's coverage and the insured's underinsured motorist coverage Who signs the declarations page on most property and casualty policies? ✔✔An Authorized Representative of the Insurer Which of the following commercial crime insuring agreements would cover theft of currency? ✔✔Employee Theft. Once the adjuster is appointed by the insurer to represent the insurer, the adjuster has the power to do all of the following, EXCEPT: ✔✔Bind additional coverage. The giving up of a known right is known as: ✔✔Waiver What is the definition of custom farming? ✔✔Farming for Others. Explanation: Custom farming is farming for others for a fee under a contract or agreement. A special endorsement is required if the receipts are in excess of $5,000 per year. An insured has an occurrence-type CGL policy with a $100,000 aggregate limit and a $25,000 per occurrence limit. The insured had one occurrence settled for $35,000 and a second occurrence, which took place during the same policy period, was settled for $20,000. If a third occurrence took place in this same term, what is the maximum amount the insurer would be obligated to pay as damages? ✔✔Explanation: [Show More]

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