New York Adjuster Exam Questions and Answers Graded A+

The insured has moved into a dwelling that was being build and was covered by the "Dwelling Under Construction" endorsement. How long does the insured have to report his / her occupancy to the insurance company? 30 days When a New York Homeowners policy is still in the 60-day underwriting period, the insurer may cancel it for any reason by providing a ______ notice. 30 day Personal property that is covered under the Personal Property Replacement Cost Endorsement is damaged and a claim has been filed. The replacement cost of the property at the time of the loss is $2,500. The full cost to repair the property is $2,000. The Coverage C limit of the Homeowners policy is $8,000. No special limits apply to this property and there is no limit applied to the type of property being claimed. Which of the following is the amount that will be paid under the endorsement? 2,000. The endorsement will pay the smallest amount of the replacement cost at the time of the loss, the full repair cost, the Coverage C limit, any applicable special limits, or the limit that applies to the type of property being claimed. The mandatory recoupment of the federal share through policyholder surcharges under Terrorism Risk Insurance Program Reauthorization Act of 2015 was increased from 133% to 140%