NEW YORK ADJUSTER EXAMS 2024 WITH VERSION A,B &C WITH ACTUAL CORRECT QUESTIONS AND VERIFIED ANSWERS BY EXPERTS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS |ALREADY GRADED A+ |NEWEST |GUARANTEED PASS |LATEST UPDATE

1 | P a g e NEW YORK ADJUSTER EXAMS 2024 WITH VERSION A,B &C WITH ACTUAL CORRECT QUESTIONS AND VERIFIED ANSWERS BY EXPERTS |FREQUENTLY TESTED QUESTIONS AND SOLUTIONS |ALREADY GRADED A+ |NEWEST |GUARANTEED PASS |LATEST UPDATE VERSION A Insured chooses the limit based o n the actual cash value of the personal property. Coverage C: Personal Property available if a covered property loss to the dwelling or other structure makes the building uninhabitable and the insured cannot collect the rent he would have been able to rece ive if the loss had not occurred. Coverage D - Fair Rental Value pays for the additional living expenses the insured incurs after a covered loss, including reasonable motel, dining, laundry and transportation expenses. Coverage E - Additional Living Expens es Provides coverage for insureds who are tenants for improvements or alterations to the dwelling made at the tenant's expense. Up to 10% of the Coverage C limit is available for this expense. Improvements, Alterations, and Additions 10% of Coverage C Worl d-Wide Coverage Covers property against direct loss from any peril while being removed from a premises endangered by a covered peril and for up to 30 days while removed Property Removed Limit: 5% of Coverage A $500 maximum per plant 2 | P a g e **Excluded perils: Win d, Hail, Smoke ** Trees, Shrubs, and Other Plants Included on the DP -2 and DP -3 forms only and applies on to an "abrupt collapse". Collapse Acknowledges the insurance interest of the mortgagee by agreeing to notify the mortgagee 10 days before cancellation or nonrenewal takes effect. Mortgage Clause A policy condition providing that if a policy form is broadened at no additional premium, the broadened coverage automatically applies to all existing policies of the same type. Liberalization Clause 15 days writ ten notice A policy may be canceled for nonpayment of premium at any time upon 30 days notice If a policy has been in effect for less than 60 days and is not a renewal, it may be canceled for any reason upon 30 day notice If a policy has been in effect for 60 days or more or is a renewal, it may be canceled only for certain reasons specified by law and only upon 60 days 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. Basic Form; basic names peril form Broad Form; named peril form HO-1 HO-2 Special Form; most frequently used form to cover single family dwellings. Combination of named broad perils for coverage of personal proper ty and open peril coverage of the dwelling and other structures. HO-3 Contents Broad Form aka Tenants or Renters Form. Named broad perils. HO-4 3 | P a g e Comprehensive Form, provides open peril coverage for buildings and contents. HO-5 Condominium Unit -Owners Form. Property is covered by broad perils. HO-6 Modified Coverage provides basic peril coverage. Coverage for buildings and personal property (contents) on actual cash value. HO-8 Dwelling Coverage A Other Structures Coverage B Personal Property Coverage C 30 da ys Newly purchased primary residence personal property covered on a pro rata basis between locations for 10% or $1,000 Personal property at self -storage facilities is limited to $200 Money, bank notes, bullion, gold & silver $1,500 Securities, accounts, de eds, evidences of debt, letters of credit $1,500 Trailers & semi -trailers not used with watercraft $2,500 Theft of firearms Full replacement cost coverage but only if the insured carries insurance equal to 80% Coverage A -Dwelling 10% of coverage A for 1 -2 family dwellings and 5% of coverage A for 3 -4 family dwellings. Coverage B - Other Structures 4 | P a g e 50% of Coverage A for 1 -2 family dwellings, 30% for 3 family dwellings & 25% for 4 family dwellings. Coverage C: Personal Property Limit of $1,000 regardless of the amount of trees. No more than $500 will be paid for any one tree. Debris Removal Covered up to 5% of the Coverage A limit and subject to a maximum limit of $500 for any one tree, shrub, or plant. Trees, Shrubs & Other Plants A method of handling pure r isk, by spreading it over a large number of similar individuals. Insurance Insurers can calculate their probable losses and establish premium rates that are accurate enough to cover claims, pay operating expenses, and make a profit. Law of Large Numbers An insured who suffered a loss, should only be restored to the approximate financial condition that existed prior to the loss, no better and no worse. Principle of Indemnity A person must have a lawful, substantial, and economic interest in the life, health, property, or object being covered under the insurance contract. Insurance Interest The possibility that a loss might occur and is the reason that people buy insurance. Risk A situation where there is only the possibility of a loss, there is never the poss ibility of a profit or financial gain. Pure Risk A situation where either a profit or loss is possible. Speculative Risk Actual cause of a loss, for example, fire, windstorm or hail. Peril A condition that increases the possibility, of severity of a loss. Hazard A condition that increases the probability that a person will intentionally cause, create, or inflate a loss.