NY INDEPENDENT GENERAL ADJUSTER EXAM - SERIES 17-70 Questions and Correct Answers 2024/2025

NY INDEPENDENT GENERAL ADJUSTER EXAM - SERIES 17-70 Questions and Correct Answers 2024 Dram Shop Liability refers to: - Answer -Liquor Law Liability. The insured has suffered a covered loss under his DP-3 dwelling form. He fails to protect the property from further loss. The additional loss that occurs as a result of his inactions may be denied because of what clause in the policy? - Answer -Neglect. To be eligible for the New York assigned risk auto plan a person must: - Answer -Hold a valid driver's license. Any insurance adjuster whose license has been revoked for cause will not be entitled to apply for any other insurance license in New York until at least: - Answer -One Year. A typical benefit design for a long term care policy does not include a: - Answer -Conditionally or optionally renewability feature. In New York the workers compensation program is administered by the Workers Compensation Board which establishes guidelines for the program. Notice of injury or death to a worker is required to be submitted to the employer within what period of time? - Answer -30 Days. A common carrier is not held liable for the loss of a shipper's goods when the loss results from: - Answer -An Act of God. If one is found guilty of federal insurance fraud, who can permit the guilty individual to return to the insurance business? - Answer -Only an insurance regulatory official. When is a passenger first covered under an aircraft policy? - Answer -When Entering the Aircraft. If an insured takes precautionary measures to protect property from flood damage such as creating a retaining wall of sand bags, how much coverage if any, will be provided by a flood policy? - Answer - $1,000 if the flood is imminent and the property is in danger of flooding. Which Commercial Forms would cover sinkhole collapse? - Answer -Basic, Broad, and Special. ______ is a movement allowed by certain joints of the skeleton that decreases the angle between two adjoining bones. - Answer -Flexion The listing of the perils covered is found in which part of a homeowner policy? - Answer -Insuring Agreement.If a dog owned by a customer is injured in the parking lot of a store, is that considered bodily injury under liability coverage? - Answer -No. The dog is property and would be consider property damage. The Superintendent of Insurance may approve the employment, appointment or participation of any person whose license has been revoked. Karen Jones had her license revoked and filed an application for relicensing and has waited over 120 days without a response from the Insurance Department. What should or can she do? - Answer -Assume the relicensing is approved. Mr. Vickers was in a hurry to catch a plane. He parks his car in the parking garage at the airport and leaves the keys in the ignition. When he returns he finds that his car has been stolen. Later the car was discovered with severe collision damage. The airport carries Garagekeeper's Legal Liability coverage and Mr. Vickers carries Liability and Comprehensive coverage on his auto. What coverage would apply? - Answer -Mr. Vickers comprehensive coverage. An automobile is polluting the environment. What engine component could be the primary cause? - Answer -Catalytic Converter Malfunction. Under the dwelling policy, DP2 or D3, what is the maximum amount of Coverage A that would be paid for additional living expenses? - Answer -20% Workers compensation policies also include employer's liability coverage. If any employer fails to maintain the equipment and an employee is injured, would it be covered under this coverage? - Answer - Yes. Fidelity bonds are typically written to be effective for a: - Answer -Continuous term without an expiration date. One purpose of a deductible is to: - Answer -Eliminate small claims. If the insured has failed to pay the premium for a worker compensation policy issued in New York, how many days notice of cancellation must be sent to the insured? - Answer -A 10 day notice. A ship owner wanting coverage in case crew members bring liability suits for injuries sustained while working would purchase: - Answer -Protection and Indemnity Under workers compensation in New York, which of the following does not raise the premium based on it being a proportion of the charged premium? - Answer -Premium Discount. What is an example of a moral hazard? - Answer -Embezzlement If an insured is responsible for damaging a client's million dollar shipment of products, would this coverage be covered by the commercial umbrella liability coverage under BI and PD coverage? - Answer - Yes.A homeowner with personal property insured for $60,000 had a fire which destroyed everything. The total value of the personal property at the time of the loss was only $50,000. What principle would be violated if her insurer paid her more than $50,000? - Answer -Principle of Indemnity. What is the appropriate manner in which to sign a "release of all claims?" - Answer -Must use full legal