NEW YORK INDEPENDENT GENERAL ADJUSTER EXAM
SIMULATOR - SERIES 17-70 | QUESTIONS AND ANSWERS| LATEST
EXAM
The insurance premium is not shown in the conditions section of the
homeowner policy. - CORRECT ANSWER - Which of the following would
NOT be found in the conditions section of a homeowners insurance policy?
Subrogation rights
Duties of the insured
Insurance premium
Mortgagee clause
It is a blanket limit for covered autos.
EXPLANATION:
The dealer's physical damage limit would be done on a blanket limit basis. This
would apply to comprehensive and collision losses to the auto inventory of the
dealer. This is done because it is simply not practical to schedule each dealer
owned vehicle for physical damage. This is generally accomplished by the use
of a monthly reporting form. - CORRECT ANSWER - Which of the following
is true regarding dealers physical damage coverage under a garage policy?
It is a blanket limit for covered autos.
It extends coverage to customers' autos.
It is an annual maximum limit for comprehensive and collision losses.
It is a maximum limit per auto.
Bending over to pick up a box and hurting your back. is correct.
EXPLANATION:
,Bending over to pick up a box and causing an injury is a work related injury and
not a disease. - CORRECT ANSWER - Which of the following would not be
considered an occupational disease?
Black lung.
Mesothelioma.
Pulmonary fibrosis.
Bending over to pick up a box and hurting your back.
The correct answer is: The collapse must be such that the building can not be
used as intended.
EXPLANATION:
The definition of collapse in the policy is the "abrupt falling down or caving in
of the structure or part of the structure" and it must render the building as
unusable as intended. - CORRECT ANSWER - Which of the following is
correct in order for the additional coverage of "collapse" to be available under
special BOP?
The collapse must be such that the building can not be used as intended
The remaining part of the structure standing must be demolished
The remaining part of the structure must be judged unsound to rebuild on
The building must be leaning, settling or in danger of collapsing
EXPLANATION:
Poultry is not eligible property under the livestock floater. - CORRECT
ANSWER - Which of the following would not be eligible for coverage under a
livestock floater?
Poultry
Cattle
,Sheep
Swine
The correct answer is: Miscellaneous Type Vehicle endorsement.
EXPLANATION:
The Miscellaneous Type Vehicle endorsement can be used to cover
motorhomes, motorcycles, etc. - CORRECT ANSWER - The insured owns a
motorhome that is not covered by the insured's Personal Auto policy. This
vehicle can be added to the policy by using which of the following
endorsements?
Miscellaneous Type Vehicle endorsement
Special Type Vehicle endorsement
Recreational Vehicle endorsement
Motorhome endorsement
The correct answer is: six calendar years.
EXPLANATION:
Insurers are required to maintain complaint records for six calendar years. -
CORRECT ANSWER - Insurers must maintain a complaint record for
_________ after all elements of the complaint are resolved and the file is
closed.
five years
three calendar years
one year
six calendar years
The correct answer is: $100,000.
, EXPLANATION:
The most the policy will pay for any one single occurrence is $500,000. So that
amount would be payable for the first loss. Once paid that amount must be
subtracted from the Aggregate limit (the most available for all claims in the
policy year) leaving $500,000 remaining in the aggregate. The second claim is
within the occurrence limit and since there is enough left in the aggregate, the
entire $400,000 is payable. After subtracting the $400,000 loss from the
remaining aggregate, $100,000 is left to pay any and all future claims for the
remainder of the policy term. - CORRECT ANSWER - A BOP policy has a
$500,000 occurrence limit for liability and a $1,000,000 aggregate limit. If
claims for $600,000 and $400,000 have been filed in two separate incidents,
how much coverage remains, if any, for any future claims submitted during the
policy term?
Answer Choices:
$500,000
-0-
$100,000
$1,000,000
The correct answer is: cancellation provision..
EXPLANATION:
The cancellation provision is an optional provision giving insurers the ability to
determine how the renewability of a health policy will be renewed. -
CORRECT ANSWER - All of the following are uniform mandatory policy
provisions, except the:
entire contract provision.
grace period provision.
SIMULATOR - SERIES 17-70 | QUESTIONS AND ANSWERS| LATEST
EXAM
The insurance premium is not shown in the conditions section of the
homeowner policy. - CORRECT ANSWER - Which of the following would
NOT be found in the conditions section of a homeowners insurance policy?
Subrogation rights
Duties of the insured
Insurance premium
Mortgagee clause
It is a blanket limit for covered autos.
EXPLANATION:
The dealer's physical damage limit would be done on a blanket limit basis. This
would apply to comprehensive and collision losses to the auto inventory of the
dealer. This is done because it is simply not practical to schedule each dealer
owned vehicle for physical damage. This is generally accomplished by the use
of a monthly reporting form. - CORRECT ANSWER - Which of the following
is true regarding dealers physical damage coverage under a garage policy?
It is a blanket limit for covered autos.
It extends coverage to customers' autos.
It is an annual maximum limit for comprehensive and collision losses.
It is a maximum limit per auto.
Bending over to pick up a box and hurting your back. is correct.
EXPLANATION:
,Bending over to pick up a box and causing an injury is a work related injury and
not a disease. - CORRECT ANSWER - Which of the following would not be
considered an occupational disease?
Black lung.
Mesothelioma.
Pulmonary fibrosis.
Bending over to pick up a box and hurting your back.
The correct answer is: The collapse must be such that the building can not be
used as intended.
EXPLANATION:
The definition of collapse in the policy is the "abrupt falling down or caving in
of the structure or part of the structure" and it must render the building as
unusable as intended. - CORRECT ANSWER - Which of the following is
correct in order for the additional coverage of "collapse" to be available under
special BOP?
The collapse must be such that the building can not be used as intended
The remaining part of the structure standing must be demolished
The remaining part of the structure must be judged unsound to rebuild on
The building must be leaning, settling or in danger of collapsing
EXPLANATION:
Poultry is not eligible property under the livestock floater. - CORRECT
ANSWER - Which of the following would not be eligible for coverage under a
livestock floater?
Poultry
Cattle
,Sheep
Swine
The correct answer is: Miscellaneous Type Vehicle endorsement.
EXPLANATION:
The Miscellaneous Type Vehicle endorsement can be used to cover
motorhomes, motorcycles, etc. - CORRECT ANSWER - The insured owns a
motorhome that is not covered by the insured's Personal Auto policy. This
vehicle can be added to the policy by using which of the following
endorsements?
Miscellaneous Type Vehicle endorsement
Special Type Vehicle endorsement
Recreational Vehicle endorsement
Motorhome endorsement
The correct answer is: six calendar years.
EXPLANATION:
Insurers are required to maintain complaint records for six calendar years. -
CORRECT ANSWER - Insurers must maintain a complaint record for
_________ after all elements of the complaint are resolved and the file is
closed.
five years
three calendar years
one year
six calendar years
The correct answer is: $100,000.
, EXPLANATION:
The most the policy will pay for any one single occurrence is $500,000. So that
amount would be payable for the first loss. Once paid that amount must be
subtracted from the Aggregate limit (the most available for all claims in the
policy year) leaving $500,000 remaining in the aggregate. The second claim is
within the occurrence limit and since there is enough left in the aggregate, the
entire $400,000 is payable. After subtracting the $400,000 loss from the
remaining aggregate, $100,000 is left to pay any and all future claims for the
remainder of the policy term. - CORRECT ANSWER - A BOP policy has a
$500,000 occurrence limit for liability and a $1,000,000 aggregate limit. If
claims for $600,000 and $400,000 have been filed in two separate incidents,
how much coverage remains, if any, for any future claims submitted during the
policy term?
Answer Choices:
$500,000
-0-
$100,000
$1,000,000
The correct answer is: cancellation provision..
EXPLANATION:
The cancellation provision is an optional provision giving insurers the ability to
determine how the renewability of a health policy will be renewed. -
CORRECT ANSWER - All of the following are uniform mandatory policy
provisions, except the:
entire contract provision.
grace period provision.
