NY INDEPENDENT GENERAL ADJUSTER SERIES
17-70 STUDY EXAMS GUIDE UPDATED
QUESTIONS AND ANSWERS SURE A+
✔✔If an insured is responsible for damaging a client's million dollar shipment of
products, would this coverage be covered by the commercial umbrella liability coverage
under BI and PD coverage? - ✔✔Yes.
✔✔A homeowner with personal property insured for $60,000 had a fire which destroyed
everything. The total value of the personal property at the time of the loss was only
$50,000. What principle would be violated if her insurer paid her more than $50,000? -
✔✔Principle of Indemnity.
✔✔What is the appropriate manner in which to sign a "release of all claims?" - ✔✔Must
use full legal name.
✔✔Jane becomes injured in an auto accident caused when she took her eyes off the
road to send a text message on her cell phone. This is an example of a: - ✔✔Morale
Hazard.
✔✔The deductible on the Equipment Breakdown form can be stated in what 3 ways? -
✔✔Fixed Dollar Amount, Time Deductible, and Percentage of Loss.
,✔✔A car has had the front sheet metal replaced. The fender-to-door gap is wider on the
passenger side than on the driver side and the hood appears out of alignment.
Technician A says that only the hood latch is misaligned. Technician B says the front
structure of the vehicle is not dimensionally correct. Who is right? - ✔✔Technician B
only.
✔✔A tenant leases space in a building. The tenant's space is damaged by fire. When
will the commercial Property Policy pay for the damage? - ✔✔When the owner of the
building submits proof of loss for the damage.
✔✔Dwelling forms provide what amount of coverage for grave markers and
mausoleums? - ✔✔Nothing. Homeowners form provide a limit of $5,000.
✔✔Does a flat deductible apply to basic scheduled dental plans? - ✔✔No.
✔✔With crop insurance policies, the coverage period is usually: - ✔✔Limited to the
growing period for the particular crop being insured.
✔✔What does an employer's non-ownership coverage under the BAP cover? -
✔✔Covers the employer when the employee is using their vehicle on company
business.
✔✔To collect under uninsured motorist coverage in New York, the insured must prove: -
✔✔There was a hit and run driver and physical contact made.
✔✔The health insurance provision that permits the insurer to pay limited death benefits
to a relative of the insured is known as: - ✔✔Facility of Payment.
✔✔What is Demurrage? - ✔✔Compensation for the delaying of a vessel carrying
freight.
✔✔How would two insurance companies pay a claim under the "Contribution by Equal
Shares" clause? - ✔✔Each would pay the same until its limits are exhausted.
✔✔What does Coverage G under the Farm Forms cover? - ✔✔Barns, Silos, and
Fences.
✔✔MIG welding on a rocker panel creates a heat- affected area. What concerns should
a technician be aware of when performing this procedure? - ✔✔Destruction of the
factory coating on the interior of the panel.
, ✔✔A licensee must report to the Superintendent of Insurance any administrative action
taken against the licensee in another jurisdiction or by another governmental agency in
this state within _____ of the final disposition of the matter. - ✔✔30 Days.
✔✔Is damage to a covered auto while being used as part of a car pool covered under
the PD coverage of a PAP? - ✔✔Yes.
✔✔Does the National Flood Insurance Program provide coverage for losses caused by
water-main breakage? - ✔✔No.
✔✔Which of the following is not required to obtain an adjuster license in New York? A
licensed NY attorney, adjuster of maritime losses, or CEO? - ✔✔None.
✔✔How many years must a business be operational in New York before it can qualify
as a self-insurer for workers compensation? - ✔✔3 Years.
✔✔What coverage does the Difference in Conditions form provide? - ✔✔Gaps left by
other property insurance forms.
✔✔What would most likely be the effect of an insured's breach of warranty? - ✔✔The
insurer might void the entire policy.
✔✔Can coverage on a Commercial Property Insurance plan be written on a
replacement cost basis for building, personal property of the insured and property of
others? - ✔✔Yes.
✔✔The disability income rider which protects against the erosion of purchasing power
for fixed disability benefits is known as the: - ✔✔Cost of Living Adjustment rider (COLA)
✔✔Which type of Crop Insurance Policy covers the entire farm instead of an individual
crop? - ✔✔Adjusted Gross Revenue (AGR)
✔✔Under the CGL Policy, tangible property other than "your property" or "your work"
that cannot be used or is less useful due to your faulty work or your work not completed
on time is called: - ✔✔Impaired Property.
✔✔What type of coverage would a heating and cooling contractor need when work has
been done on a newly renovated building but not yet accepted by the owner? -
✔✔Installation Floater.
✔✔In a standard workers compensation policy, when would employer's liability
coverage apply? - ✔✔For employee-injury claims that are outside the scope of the
workers compensation law.
17-70 STUDY EXAMS GUIDE UPDATED
QUESTIONS AND ANSWERS SURE A+
✔✔If an insured is responsible for damaging a client's million dollar shipment of
products, would this coverage be covered by the commercial umbrella liability coverage
under BI and PD coverage? - ✔✔Yes.
✔✔A homeowner with personal property insured for $60,000 had a fire which destroyed
everything. The total value of the personal property at the time of the loss was only
$50,000. What principle would be violated if her insurer paid her more than $50,000? -
✔✔Principle of Indemnity.
✔✔What is the appropriate manner in which to sign a "release of all claims?" - ✔✔Must
use full legal name.
✔✔Jane becomes injured in an auto accident caused when she took her eyes off the
road to send a text message on her cell phone. This is an example of a: - ✔✔Morale
Hazard.
✔✔The deductible on the Equipment Breakdown form can be stated in what 3 ways? -
✔✔Fixed Dollar Amount, Time Deductible, and Percentage of Loss.
,✔✔A car has had the front sheet metal replaced. The fender-to-door gap is wider on the
passenger side than on the driver side and the hood appears out of alignment.
Technician A says that only the hood latch is misaligned. Technician B says the front
structure of the vehicle is not dimensionally correct. Who is right? - ✔✔Technician B
only.
✔✔A tenant leases space in a building. The tenant's space is damaged by fire. When
will the commercial Property Policy pay for the damage? - ✔✔When the owner of the
building submits proof of loss for the damage.
✔✔Dwelling forms provide what amount of coverage for grave markers and
mausoleums? - ✔✔Nothing. Homeowners form provide a limit of $5,000.
✔✔Does a flat deductible apply to basic scheduled dental plans? - ✔✔No.
✔✔With crop insurance policies, the coverage period is usually: - ✔✔Limited to the
growing period for the particular crop being insured.
✔✔What does an employer's non-ownership coverage under the BAP cover? -
✔✔Covers the employer when the employee is using their vehicle on company
business.
✔✔To collect under uninsured motorist coverage in New York, the insured must prove: -
✔✔There was a hit and run driver and physical contact made.
✔✔The health insurance provision that permits the insurer to pay limited death benefits
to a relative of the insured is known as: - ✔✔Facility of Payment.
✔✔What is Demurrage? - ✔✔Compensation for the delaying of a vessel carrying
freight.
✔✔How would two insurance companies pay a claim under the "Contribution by Equal
Shares" clause? - ✔✔Each would pay the same until its limits are exhausted.
✔✔What does Coverage G under the Farm Forms cover? - ✔✔Barns, Silos, and
Fences.
✔✔MIG welding on a rocker panel creates a heat- affected area. What concerns should
a technician be aware of when performing this procedure? - ✔✔Destruction of the
factory coating on the interior of the panel.
, ✔✔A licensee must report to the Superintendent of Insurance any administrative action
taken against the licensee in another jurisdiction or by another governmental agency in
this state within _____ of the final disposition of the matter. - ✔✔30 Days.
✔✔Is damage to a covered auto while being used as part of a car pool covered under
the PD coverage of a PAP? - ✔✔Yes.
✔✔Does the National Flood Insurance Program provide coverage for losses caused by
water-main breakage? - ✔✔No.
✔✔Which of the following is not required to obtain an adjuster license in New York? A
licensed NY attorney, adjuster of maritime losses, or CEO? - ✔✔None.
✔✔How many years must a business be operational in New York before it can qualify
as a self-insurer for workers compensation? - ✔✔3 Years.
✔✔What coverage does the Difference in Conditions form provide? - ✔✔Gaps left by
other property insurance forms.
✔✔What would most likely be the effect of an insured's breach of warranty? - ✔✔The
insurer might void the entire policy.
✔✔Can coverage on a Commercial Property Insurance plan be written on a
replacement cost basis for building, personal property of the insured and property of
others? - ✔✔Yes.
✔✔The disability income rider which protects against the erosion of purchasing power
for fixed disability benefits is known as the: - ✔✔Cost of Living Adjustment rider (COLA)
✔✔Which type of Crop Insurance Policy covers the entire farm instead of an individual
crop? - ✔✔Adjusted Gross Revenue (AGR)
✔✔Under the CGL Policy, tangible property other than "your property" or "your work"
that cannot be used or is less useful due to your faulty work or your work not completed
on time is called: - ✔✔Impaired Property.
✔✔What type of coverage would a heating and cooling contractor need when work has
been done on a newly renovated building but not yet accepted by the owner? -
✔✔Installation Floater.
✔✔In a standard workers compensation policy, when would employer's liability
coverage apply? - ✔✔For employee-injury claims that are outside the scope of the
workers compensation law.
