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Exam (elaborations)

NY Independent General Adjuster Exam Questions With Answers

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Institution 17-70 - NY Independent General Adjuster
Course 17-70 - NY Independent General Adjuster
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NY Independent General Adjuster Exam Questions With Answers

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NY Independent General Adjuster Exam
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Questions With Answers
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Underwriting - CORRECT ANSWERS(S)✔✔Team that assesses
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applications for insurability and to assign premium rates
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Actuarial Departments - CORRECT ANSWERS(S)✔✔Team that
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analyzes data to help estimate future losses and to produce rate
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tables
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Lloyd's Association - CORRECT ANSWERS(S)✔✔An association of
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individuals and companies that provide insurance to customers
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with complex, unique, and very large risks
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Insurable Risk (6 criteria) - CORRECT ANSWERS(S)✔✔1. pure
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2. not catastrophic
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3. shared by large group of people
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4. must be measurable
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5. definite DOL/FOL/TOL
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6. accidental
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,Five basic elements of a valid contract - CORRECT
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ANSWERS(S)✔✔1. offer
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2. acceptance
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3. consideration
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4. competent parties
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5. legal purpose
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Errors & Omissions (E&O) Insurance - CORRECT
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ANSWERS(S)✔✔insurance coverage, purchased by insurance
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producers, that covers losses resulting from the producer
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rendering (or not rendering) professional service
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Concurrent Causation - CORRECT ANSWERS(S)✔✔A basic
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insurance principle that requires insurers to cover a loss
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involving multiple perils if at least one was a covered peril
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No Benefit to Bailee Provision - CORRECT ANSWERS(S)✔✔A
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standard policy condition that makes clear that there is no
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coverage for outside parties who are bailees
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- A bailee is someone who holds (but does not own) another
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party's personal property
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, Vicarious Liability - CORRECT ANSWERS(S)✔✔Liability resulting
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from a person's legal responsibility for another person's actions
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- example: parents deemed responsible for damage cause by
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their children
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Farm Personal Property Coverage Form - CORRECT
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ANSWERS(S)✔✔includes two built-in coverages: Coverage E—
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scheduled farm personal property; and Coverage F—unscheduled
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farm personal property.
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HO Personal Property sublimit: portable electronic equipment
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powered by a motor vehicle - CORRECT ANSWERS(S)✔✔$1,500
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Dwelling Policy Basic Form (DP 1) - CORRECT
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ANSWERS(S)✔✔Only covers the perils of fire, lightning, and
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internal explosion
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Value Reporting Form (CP 13 10) - CORRECT ANSWERS(S)✔✔A
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commercial property insurance policy endorsement that is useful
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to insureds with less predictable or widely fluctuating property
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values
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