New York auto exam 17-66/update 2024/already A

In New York, insurers must maintain records pertaining to claims, rating, underwriting, marketing and other pertinent information for a period of: - The law requires that these records be maintained for inspection and/or review for at least six years. Which of the following relieves the financial burden on the claimant by making certain payments to the claimant even before the claim is negotiated? - Advance Payment. EXPLANATION: Most adjusters are given the authority to make advance payments when liability is clear. This relieves the financial burden on the claimant when funds are needed immediately. The remainder of the claim is negotiated and settled at a later date In the insurance industry, which of the following terms refers to continuous or repeated exposure to conditions that may result in bodily injury or property damage neither expected nor intended? - An occurrence. EXPLANATION: The definition of "occurrence" includes accident which is bodily injury and/or property damage that is sudden and unforeseen. If, during a legal proceeding, the court determines that the facts brought forth, together with the applicable law, fail to make a prima facie case, the court may, without consideration by the jury, administer: - A directed verdict. . EXPLANATION: Lacking establishment of a prima facie case, the court may enter a directed verdict for either the plaintiff or the defendant. Which of the following is NOT a correct statement in determining the cost of a "comparable automobile" when a physical damage loss has a occurred? - The cost of a comparable automobile as determined by a computerized automobile valuation service that produces statistically valid fair market values within the United States market. . EXPLANATION: The computerized method must use values that are fair market values in the local market areas and does not include markets in other parts of the United States. In New York, the limit under the Homeowner policy for credit card, electronic fund transfer card or access device, forgery and counterfeit money additional coverage is: -️️$1,000. EXPLANATION: In NY the limit of insurance under the credit card, electronic fund transfer card or access device, forgery and counterfeit money additional coverage was increased from $500 to $1,000. Under the Motor Carrier Act of 1980, a vehicle hauling excess oil, explosives or nitrous gases is required to carry a minimum liability limit of: -️️$5,000,000. EXPLANATION: Although oil haulers are only required to carry $1,000,000, the key word here is "excess oil" and when followed up with "explosives" makes this freight hazardous requiring the $5,000,000 limit. In New York, the insurer is required to provide claim forms to the insured within _____ of being notified of the loss. - 5 da