New York Adjuster Exam Latest
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Answers Graded Perfect Score
A policy may be canceled for nonpayment of premium at any time upon - Answer -15 days written
notice
A policy may be nonrenwed only for certain reasons specified by law; the insurer must provide notice at
least 45 days but no more than ______ days before the policy expiration date. - Answer -60 days
Act of Terrorism - Answer -Must result in more than $5 million; must be perpetrated with the
United States as a result of foreign or domestic terrorism.
Acts of War Exclusion - Answer -TRIA further stipulates that no act may be certified as an act of
terrorism if the act is committed as part of the course of a war declared by Congress.
Actual Cash Value (ACV) - Answer -The cost of replacement minus depreciation.
Actual or Direct Cause - Answer -Without the breach of duty, the person would not have suffered
an injury.
Admitted/Authorized - Answer -When an insurance company has received a certificate of
authority, they are considered to be "admitted" companies that are authorized to conduct business in
the state.
All three Dwelling forms states that there is no coverage for vandalism or malicious mischief if the
dwelling has been vacant for more than - Answer -60 days
Appraisal Clause - Answer -This property insurance provision allows either the insured or the
insurance company to demand a binding appraisal of the loss.
Arbitration Clause - Answer -The process of bringing a contract dispute before an objective third
party for resolution.
Beach of Duty - Answer -A person or entity breaches the duty of care by failing to take reasonable
care in fulfilling the duty.
Binder - Answer -Legal agreement that provides temporary evidence of insurance coverage until a
policy can be issued.
Blanket Basis - Answer -one limit that applies to both building and contents, but the coverage
usually applies, or "blankets" more than one location.
, Bonding Requirement - Answer -No independent adjuster license will be issued or renewed in New
York unless a bond in the amount of $1,000 is filed with the superintendent.
Burglary - Answer -entering a building unlawfully with intent to commit a felony or to steal
valuable property.
C.L.O.C. - Answer -Competent Parties/Capacity to Contract; Legal Purpose; Offer and Acceptance;
Consideration
Coinsurance Clause - Answer -A provision that states that the insurer and the insured will share
the losses covered by the policy in a proportion agreed upon in advance usually at least 80%.
Collapse - Answer -Included on the DP-2 and DP-3 forms only and applies on to an "abrupt
collapse".
Comparative Negligence - Answer -allows the plaintiff to collect some damages, but it will be
reduced by the amount by which the plaintiff contributed to his own injury.
Concurrent Cause Doctrine - Answer -Applies to a claim with multiple causes or perils that are
independent of each other.
Contract - Answer -An agreement between two or more parties that is enforceable by law.
Contributory Negligence - Answer -A common law defense against negligence that states of an
individual contributes to his or her own loss in any way, then another cannot be held liable for the loss.
Coverage A - Answer -Dwelling
Coverage A - Answer -Dwelling
Coverage A -Dwelling - Answer -Full replacement cost coverage but only if the insured carries
insurance equal to 80%
Coverage A -Dwelling Building - Answer -The insured sets the amount of coverage based on the
replacement cost of the dwelling for DP-2 and DP-3 forms. The DP-1 pays all losses on an actual cash
value basis.
Coverage B - Answer -Other Structures
Coverage B - Answer -Other Structures
Coverage B - Other Structures - Answer -10% of coverage A for 1-2 family dwellings and 5% of
coverage A for 3-4 family dwellings.
Coverage B: Other Structures - Answer -10% of Coverage A; does not cover any structure rented or
held for rental to any person not a tenant of the dwelling, unless it is used solely as a private garage.
Coverage C - Answer -Personal Property
Coverage C - Answer -Personal Property
Update Questions with
Answers Graded Perfect Score
A policy may be canceled for nonpayment of premium at any time upon - Answer -15 days written
notice
A policy may be nonrenwed only for certain reasons specified by law; the insurer must provide notice at
least 45 days but no more than ______ days before the policy expiration date. - Answer -60 days
Act of Terrorism - Answer -Must result in more than $5 million; must be perpetrated with the
United States as a result of foreign or domestic terrorism.
Acts of War Exclusion - Answer -TRIA further stipulates that no act may be certified as an act of
terrorism if the act is committed as part of the course of a war declared by Congress.
Actual Cash Value (ACV) - Answer -The cost of replacement minus depreciation.
Actual or Direct Cause - Answer -Without the breach of duty, the person would not have suffered
an injury.
Admitted/Authorized - Answer -When an insurance company has received a certificate of
authority, they are considered to be "admitted" companies that are authorized to conduct business in
the state.
All three Dwelling forms states that there is no coverage for vandalism or malicious mischief if the
dwelling has been vacant for more than - Answer -60 days
Appraisal Clause - Answer -This property insurance provision allows either the insured or the
insurance company to demand a binding appraisal of the loss.
Arbitration Clause - Answer -The process of bringing a contract dispute before an objective third
party for resolution.
Beach of Duty - Answer -A person or entity breaches the duty of care by failing to take reasonable
care in fulfilling the duty.
Binder - Answer -Legal agreement that provides temporary evidence of insurance coverage until a
policy can be issued.
Blanket Basis - Answer -one limit that applies to both building and contents, but the coverage
usually applies, or "blankets" more than one location.
, Bonding Requirement - Answer -No independent adjuster license will be issued or renewed in New
York unless a bond in the amount of $1,000 is filed with the superintendent.
Burglary - Answer -entering a building unlawfully with intent to commit a felony or to steal
valuable property.
C.L.O.C. - Answer -Competent Parties/Capacity to Contract; Legal Purpose; Offer and Acceptance;
Consideration
Coinsurance Clause - Answer -A provision that states that the insurer and the insured will share
the losses covered by the policy in a proportion agreed upon in advance usually at least 80%.
Collapse - Answer -Included on the DP-2 and DP-3 forms only and applies on to an "abrupt
collapse".
Comparative Negligence - Answer -allows the plaintiff to collect some damages, but it will be
reduced by the amount by which the plaintiff contributed to his own injury.
Concurrent Cause Doctrine - Answer -Applies to a claim with multiple causes or perils that are
independent of each other.
Contract - Answer -An agreement between two or more parties that is enforceable by law.
Contributory Negligence - Answer -A common law defense against negligence that states of an
individual contributes to his or her own loss in any way, then another cannot be held liable for the loss.
Coverage A - Answer -Dwelling
Coverage A - Answer -Dwelling
Coverage A -Dwelling - Answer -Full replacement cost coverage but only if the insured carries
insurance equal to 80%
Coverage A -Dwelling Building - Answer -The insured sets the amount of coverage based on the
replacement cost of the dwelling for DP-2 and DP-3 forms. The DP-1 pays all losses on an actual cash
value basis.
Coverage B - Answer -Other Structures
Coverage B - Answer -Other Structures
Coverage B - Other Structures - Answer -10% of coverage A for 1-2 family dwellings and 5% of
coverage A for 3-4 family dwellings.
Coverage B: Other Structures - Answer -10% of Coverage A; does not cover any structure rented or
held for rental to any person not a tenant of the dwelling, unless it is used solely as a private garage.
Coverage C - Answer -Personal Property
Coverage C - Answer -Personal Property
