New York Adjuster Exam Questions and Answers Graded A+.

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% A Building and Personal Property Coverage form provides coverage for all of the following types of property, EXCEPT: Growing crops and lawns. The insured sets a fire to his home and is found to be guilty of arson. There is a lien on the burned property by a mortgage company in the amount of $150,000. The property is insured for $300,000 and is a total loss. The personal property of the insured, covered separately by a Homeowners policy for $150,000, is also a total loss. How will this claim most likely be paid? The mortgagee is paid $150,000. The Terrorism Risk Insurance Act and all of its extensions and reauthorizations is actually an agreement between: Between the Federal Government and the insurance companies. The first effort to provide insurance for land transportation risks involved an extension of ocean marine coverage known as the: "Warehouse to warehouse" clause. Which of the following is not a duty of an insurer in case of a loss? Separate the damaged property from the undamaged property and protect the property from further loss An insured owns a set of six drawing pens designed and used by Benjamin Franklin. Each pen is worth $1,000 alone, but the set is worth $12,000. One pen is destroyed by a covered peril. Under the pair or set clause the insurance company will pay a maximum of which of the following amounts? $7,000 Traditionally, the most common type of crop insurance sold prior to the creation of the MultiPeril Crop Insurance Program was: Coverage for hail damage. An adjuster's report that contains all the facts, evidence and disposition of the claim and is considered to be the final report is known as the: Full report. The New York Superintendent of Insurance may refuse to renew, suspend or revoke a license as a result of which of the following? I. A violation of any provision of the New York Insurance Code. II. A licensee making a material misstatement in application for license. III. A licensee being found guilty of fraud or dishonest practices. I, II and III No insurer may issue checks or drafts or partial settlement of a loss or claim that is still being negotiated that: Releases the insurer from additional liability. The insured owns a two family dwelling and is covered under a Homeowner policy. One of the units is rented. The insured also maintains a small incidental business in the structure. In case of a covered loss, which of the following would NOT be paid under Coverage D - Loss of Use? Loss of income from the incidental business. The adjuster bond required in New York is payable to: The state of New York. An earthquake and landslide has occurred and soon after a house insured on an unendorsed HO-3 is damaged by fire and then an explosion. What would be covered in this scenario? Only the resulting fire and explosion damage would be covered If any person engages in activities in violation of the Federal Insurance Fraud and False Statements regulation, he or she may be subject to which of the following? A civil penalty of not more than $50,000. 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 requirement for the Superintendent to grant this waiver? Kelly is not required to submit evidence of restitution to the people of the state of New York. The Earthquake Endorsement will provide coverage to the dwelling and/or personal property with the deductible stated as: 5% of the limit that applies to all Section I coverages In order to avoid problems with underinsurance and overinsurance, a business which has fluctuating inventory values during the year should consider coverage written on: The value reporting form. The term "undamaged stock", as defined in an Equipment Breakdown policy, applies to which of the following situations? Refers to the reduction in the value of the stock as a result of damage to other stock.. In order to receive full replacement cost recovery on a covered loss under a BOP, the named insured must maintain insurance limits equal to at least what percentage of the covered property's full replacement value? 80% of the property value Under the Multi-Peril Crop Insurance program, the policy providing the lowest amount of protection available is: A Catastrophe Policy. The Dwelling endorsement for Broad Theft Coverage excludes losses to dwellings that have been vacant for more than _____ days immediately prior to the loss. 30 days How is personal property of a dwelling covered under a farm policy? ACV When an insured suffers a property loss, he or she is obligated by the terms of the policy to do all of the following, EXCEPT: The insured is not obligated to employ a 'public adjuster" to assist in the claim against the insurance company. It is an option on the part of the insured. In lieu of suspending or revoking a New York adjuster license for a violation of insurance laws, the Superintendent may order the licensee to pay a monetary penalty of up to: $500 for each offense up to an aggregate penalty of $2,500. The Terrorism Risk Insurance Program Reauthorization Act of 2015 covers all of the following, EXCEPT: Crop Insurance An insurance policy is a contract. If any part of the policy language is ambiguous, the court will generally rule: In favor of the insured If you have the Agreed Value Option on your policy and it is not renewed, at expiration your policy reverts: Back to the coinsurance clause