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NY Independent General Insurance Adjuster Practice Examination with Complete Solutions |Guarantee Pass|185 Q&A

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NY Independent General Insurance Adjuster Practice Examination with Complete Solutions |Guarantee Pass|185 Q&A What does a misrepresentation involve that could void a policy? {{Correct Ans- informa... tion that may change the insurer's interest in issuing the policy if known at the time of the application All of the following are Unfair Claims Settlement Practices EXCEPT 1. misrepresentation of policy provisions. 2. failure to acknowledge pertinent communications. 3. failure to respond to a first notice of loss within 24 hours. 4. denial of claim without a reasonable investigation. {{Correct Ans- failure to respond to a first notice of loss within 24 hours. Which of the following characteristics of an insurance contract expresses the principle that the policyholder is returned to the approximate financial condition as before the loss? {{Correct Ans- Indemnity Compensatory damages are awarded {{Correct Ans- For actual loss suffered An insured with split liability limits of $400/500/400 is at fault in an automobile accident and the other vehicle sustains $15000 in property damages, as well as two passengers have bodily injury and are claiming $81500 each. What is the MOST insurance will pay to each occupant? {{Correct Ans- $400,000 Who does a public adjuster represent? 1. an adjustment bureau 2. the government 3. the insured 4. the insurer {{Correct Ans- the insured Which of the following is a duty of the insured after a loss? 1. Assigning risk to future loss 2. Investigating cause of loss 3. Minimizing further loss 4. Appraising value of loss {{Correct Ans- minimizing further loss What is the insurance adjuster's first step in an investigation? 1. Determine if a loss occurred 2. Determine the amount covered 3. Determine if the type of loss is covered in the contract 4. Determine if the loss occurred during the coverage period {{Correct Ans- determine if a loss occurred What allows insurance agents to issue payment on behalf of their company? {{Correct Ans- draft authority What is typically the first option available for the insured who disagrees with a loss settlement amount? 1. Appeal 2. Lawsuit 3. Arbitration 4. Grievance claim {{Correct Ans- arbitration Which party is required to provide proof of loss to establish entitlement? 1. The insurer 2. The insured 3. Selling agent 4. Law enforcement {{Correct Ans- the insured Jane takes her vehicle to the local garage to have new brakes installed. After completing the job, the mechanic takes the car out for a test drive. The mechanic runs a red light and hits another vehicle. The damage to Jane's car would be covered PRIMARILY by {{Correct Ans- the repair shop's Garage keepers Liability Policy. During the first 60 days an automobile policy is in force, when may an insurer cancel the policy? {{Correct Ans- by a statement of the specific reason [Show More]

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