NEW YORK INDEPENDENT FIRE ADJUSTER EXAM SIMULATOR - SERIES 17-64 RATED A+

NEW YORK INDEPENDENT FIRE ADJUSTER EXAM SIMULATOR - SERIES 17-64 RATED A+ Mason has suffered a $42,000 loss to his commercial building due to fire. The building is covered under the Building & Personal Property coverage form and had been vacant for 74 days. The insurer would have paid the entire loss if the building had been occupied, but what will they pay because the insured building was considered vacant? $28,980. $42,000. $6,300. $35,700. For a loss that would otherwise be covered for the full amount, a reduction of 15% is taken off the claims payment because the building was considered vacant. 15% of $42,000 is $6,300. If $6,300 is subtracted from $42,000, the insured would receive $35,700. The Superintendent of Insurance may issue a _____ temporary permit to an individual to adjust claims while an adjuster's application is pending. 6-month 30-day 1-year 120-day 120 day Under the Federal Insurance Fraud and False Statements Act, if someone is prohibited from doing business in a state, approval to resume transacting business must be granted by: Submitting a 1033 waiver form and having it approved by an insurance regulatory official in his or her state. The State Attorney General. The United States Secretary of State. The United States Secretary of Treasury. Submitting a 1033 waiver form and having it approved by an insurance regulatory official in his or her state. The Dwelling endorsement for Broad Theft Coverage excludes losses to dwellings that have been vacant for more than _____ days immediately prior to the loss. 45 days. 60 days. 30 days. 90 days. 60 days The endorsement to the homeowner policy for water that backs up through a sewer or drain including mechanical breakdown of a sump pump contains which of the following? A separate stated limit of coverage A separate stated deductible for covered losses Both answers are correct Neither answer is correct Both answers are correct Every New York insurer must distribute copies of the cybersecurity regulation to all of the following, EXCEPT: Anyone supervising claims handling. Anyone directly responsible for the handling of claims. Anyone directly responsible for the settlement of claims. Anyone who may offer for sale, an insurance policy. Anyone who may offer for sale, an insurance policy. Manny is purchasing a Commercial Property policy with a Business Income form included. Manny can select from any of the following as a method to provide coverage, while avoiding the coinsurance requirement, EXCEPT: The maximum monthly limit of indemnity optional coverage. The maximum period of indemnity. The monthly limit of indemnity. Agreed value. The maximum monthly limit of indemnity optional coverage. (The maximum monthly limit of indemnity optional coverage does not exist. The other three answer choices are all methods of coverage under a Business Income form that permits an insured to avoid the coinsurance requirement.) The standardized Homeowners forms provide coverage for Vandalism & Malicious Mischief only if the structure has not been vacant for: 45 day immediately preceding the loss. 30 or more consecutive days when the loss occurs. 60 or more consecutive days when the loss occurs. 90 days immediately preceding the loss. 60 or more consecutive days when the loss occurs. What is covered by a SP-23 protection and indemnity policy? All of the responses are correct. Loss of life, injury and illness Collision liabilities including defense costs. Damage to docks, buoys and other structures. All of the responses are correct. All of the following is a function of the standard mortgage clause in a property insurance policy, EXCEPT: -Protects the rights (insurable interest) of the mortgagee, even if an insured intentionally causes a loss to the mortgaged property. -Guarantees that the mortgage payments will be made by an insurance policy, if the insured does not make the payments. -Allows the mortgagee to pay the premium if the insured refuses to do so. -Allows the mortgagee to submit a proof of loss if the insured refuses to do so. Guarantees that the mortgage payments will be made by an insurance policy, if the insured does not make the payments. The Terrorism Risk Insurance Program Reauthorization Act of 2015 excludes all of the following, EXCEPT: Commercial Auto Farmowners Commercial Property Flood Commercial Property The common policy conditions apply to which coverage parts of a Commercial Package Policy? All coverage parts of the policy. The property insurance coverages. The optional insurance coverages. The liability insurance coverages. All coverage parts of the policy. The $1,000 coverage for reasonable expenses incurred to remove property to another location to protect it from flood damage is available on flood insurance: For 45 days from the time it was removed. Subject to the program's deductible. For 90 days from the time it was removed. For 60 days from the time it was removed. For 45 days from the time it was removed. An insurer may cancel a New York Homeowners policy for non-payment of premium at any time, as long as the insurer provides the policyholder notice of: 45 days 15 days 30 days 10 days 15 days (most states req. 10) After a properly executed proof of loss statement has been received, a New York insurance company has how many days to advise the insured claimant of acceptance or denial of the claim? 30 calendar days 15 working days 30 working days 45 calendar days 30 working days Under the New York Cybersecurity Regulation, each covered entity must maintain documentation supporting certification of compliance with the regulation for: 3 years 1 year 5 years 7 years 5 years Under a standard ISO Identity Fraud Expense endorsement, what is the maximum amount that will be paid, PER DAY, for lost income? $250 $500 $200 $150 $200 Which of the following is NOT a reason to purchase a Dwelling policy instead of a Homeowners policy? -The limits of liability under a Dwelling policy are lower than under a Homeowners policy, permitting the insured to purchase coverage for a low-value dwelling. -The Dwelling policy does not require the dwelling to be owner-occupied (unless its a mobile home) and the Homeowners policy does required the covered dwelling to be owner-occupied. -The Dwelling policy provides higher limits of liability than the Homeowners policy. -Dwellings that may not meet the Homeowners policy's strict underwriting requirements can be insured under a Dwelling policy. -The Dwelling policy provides higher limits of liability than the Homeowners policy. An insured in New York cannot bring a lawsuit against his/her insurance company unless they (the insured) has complied with all of their required duties under the policy, and the lawsuit must be brought: -Within 36 months after the date of the loss. -Within 24 months after submitting a properly executed proof of loss. -Within 24 months after the date of the loss. -Within 12 months after submitting a properly executed proof of loss. -Within 24 months after the date of the loss. A business covered by a standard Businessowners policy is shut down due to the acts of a civil authority. Which of the following additional coverages would NOT be subject to a waiting period before coverage would apply? -Business Income. -Extra Expense. -Extended Business Income. -Business Income from Dependent Properties. Extra Expense 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 basis under which the Superintendent to grant this or deny the waiver? -Evidence of an offer of employment must be presented to the Superintendent. -A statement must be submitted to the Superintendent outlining the special circumstances of the felony that was committed to allow the Superintendent to determine if Kelly is trustworthy and competent to hold an adjuster's license in New York. -A pardon of criminal record from the governor, a Certificate of Relief from Disabilities, or a Certificate of Good Conduct. -A statement showing that Kelly made financial restitution to the people of the State of New York. A statement showing that Kelly made financial restitution to the people of the State of New York Coverage D - Loss of Use on a farm policy will include coverage for: I. Additional living expenses incurred by the resident family. II. Loss of rental income of the owner for tenants who cannot live there due to a covered loss. I only II only Both I and II Neither I nor II Both I and II In case of a loss, how many days notice does the insured have after notification of a claim to submit the claim to the underwriters of the ocean marine coverage? 180 days. 90 days. 60 days. 120 days. 180 days The "Medical Payments" section of the standard Yacht policy will provide coverage for all of the following, EXCEPT: An aquaplaning accident. A water skiing accident. A scuba diving accident when diving from the insured boat. A snorkeling accident. A scuba diving accident when diving from the insured boat