New York Adjuster Exam | 50 Questions with 100% Correct Answers | Latest Update 2024 | Verified

Offering any return of premium, valuable consideration or inducement when purchasing an insurance policy is an example of: - I. Illegal Inducement II. Rebating Under a watercraft or yacht policy how claims are settled: - Actual cash value When may an insured sue an insurance company? - Not until the insured has complied with all policy provisions and within the time limit specified in the state laws What is the definition of a non-resident agent? - Someone licensed in their state and obtains a license in another state to solicit insurance business in that state. is correct. The court awards a judgment against the insured for $300,000 plus $10,000 of accrued interest and the legal fees amount to an additional $35,000. Our insured has a $300,000 liability limit on the policy. How much will be paid by the policy? - The correct answer is: $345,000. Explanation: The $10,000 of accrued pre judgment interest and the $35,000 cost of the defense are all payable as additional coverage on the policy. These amounts have no affect on the limit of liability available in a judgment against the insured. So the entire amount of $345,000 is payable in this case. The minimum coverage required in New York for uninsured motorists bodily injury is: - The correct answer is: $25,000 per person, $50,000 per accident. . Explanation: New York state law established the minimum coverage limits of $25,000 per person, $50,000 per accident and up to $50,000 per person, and $100,000 per accident for death