NY General Adjuster Test (10-70) Q&A
12/1 - even numbered yrs Correct Ans - On what date does an
adjuster's license need to be renewed?
$1,000 Correct Ans - What is the amount of bond that must be posted
to obtain and adjuster's license?
Not until hearing held Correct Ans - When can the Superintendent of
Insurance revoke an adjuster's license?
a. anytime b. by sending a 30 day notice of the renovation c. not until a hearing
is held d. When proof of offense has been received
Example of unfair claim settlement act Correct Ans - Failing to
acknowledge within a reasonable time, communications w/ respect to claims
arising out of the insurer's policies
An ins regulatory official such as Superintendent of Insurance Correct Ans
- If found guilty of Fed Insurance fraud, who can permit a guilty individual
to return to the insurance business?
a. federal official b. no one since this is federal offense c.an ins regulatory
official i.e. Super of Ins d. only court of law after proper hearing
To provide some form of compulsory insurance Correct Ans - What is
the reason for the NY financial responsibility law?
Is a mandatory coverage Correct Ans - In NY must uninsured motorist
coverage: a. is optional b. mandatory c. doesn't require sign off for > limits d.
doesn't cover "hit & run" drivers
The insured's property damage coverage Correct Ans - Damage to a
rental car is paid in NY under which of the following coverages: a. insured's
physical damage b. property damage covg c. special endorsement d. must be
purchased from rental agency
Who must belong to the assigned risk plan? Correct Ans - All admitted
auto insurers selling auto insurance in NY
, Covers the employer when the employee is using their vehicle on company
business. Correct Ans - What does the employer's non-ownership
coverage cover?Covers the employer when the employee is using their vehicle
on company business.
Pain & Suffering Correct Ans - Which is not covered under worker's
comp coverage?
a. med expenses b. pain & suffering c. loss of wages d. funeral expenses
The court Correct Ans - Who makes a declaratory judgment as to the
merits of a claim?
a. claims adj b. insurer attorney c. court d. claimants attorney
Vicarious Correct Ans - What type of liability does an employer
assume through their employees? a. primary b. contingent c. vicarious d. no
fault
The insuring agreement Correct Ans - What part of the policy contains
the promises made by the insurance company to the insured? a. conditions
clause b. definitions c. exceptions to exclusions d. insuring agreement
At the time of the loss Correct Ans - In property & casualty insurance,
when must a person absolutely have an insurable interest? a. time of app
completion b. time of loss c. at any time d. insuring agreement
Definition of consideration Correct Ans - Something that has value in
the eyes of the law in which a promise receives something in return for a
promise
Aleatory Correct Ans - The promise by one party that is conditioned
on a fortuitous event and the values given by the parties are unequal is called?
a. executory b. aleatory c. speculation d. a static risk
Violent act that is dangerous to human life and property Correct Ans -
What constitutes an act of terrorism
Losses over $5,000,000 Correct Ans - How much property and
casualty los must be sustained to be considered an act of terrorism to be
covered by the Terrorism Risk Insurance Act of 2002
12/1 - even numbered yrs Correct Ans - On what date does an
adjuster's license need to be renewed?
$1,000 Correct Ans - What is the amount of bond that must be posted
to obtain and adjuster's license?
Not until hearing held Correct Ans - When can the Superintendent of
Insurance revoke an adjuster's license?
a. anytime b. by sending a 30 day notice of the renovation c. not until a hearing
is held d. When proof of offense has been received
Example of unfair claim settlement act Correct Ans - Failing to
acknowledge within a reasonable time, communications w/ respect to claims
arising out of the insurer's policies
An ins regulatory official such as Superintendent of Insurance Correct Ans
- If found guilty of Fed Insurance fraud, who can permit a guilty individual
to return to the insurance business?
a. federal official b. no one since this is federal offense c.an ins regulatory
official i.e. Super of Ins d. only court of law after proper hearing
To provide some form of compulsory insurance Correct Ans - What is
the reason for the NY financial responsibility law?
Is a mandatory coverage Correct Ans - In NY must uninsured motorist
coverage: a. is optional b. mandatory c. doesn't require sign off for > limits d.
doesn't cover "hit & run" drivers
The insured's property damage coverage Correct Ans - Damage to a
rental car is paid in NY under which of the following coverages: a. insured's
physical damage b. property damage covg c. special endorsement d. must be
purchased from rental agency
Who must belong to the assigned risk plan? Correct Ans - All admitted
auto insurers selling auto insurance in NY
, Covers the employer when the employee is using their vehicle on company
business. Correct Ans - What does the employer's non-ownership
coverage cover?Covers the employer when the employee is using their vehicle
on company business.
Pain & Suffering Correct Ans - Which is not covered under worker's
comp coverage?
a. med expenses b. pain & suffering c. loss of wages d. funeral expenses
The court Correct Ans - Who makes a declaratory judgment as to the
merits of a claim?
a. claims adj b. insurer attorney c. court d. claimants attorney
Vicarious Correct Ans - What type of liability does an employer
assume through their employees? a. primary b. contingent c. vicarious d. no
fault
The insuring agreement Correct Ans - What part of the policy contains
the promises made by the insurance company to the insured? a. conditions
clause b. definitions c. exceptions to exclusions d. insuring agreement
At the time of the loss Correct Ans - In property & casualty insurance,
when must a person absolutely have an insurable interest? a. time of app
completion b. time of loss c. at any time d. insuring agreement
Definition of consideration Correct Ans - Something that has value in
the eyes of the law in which a promise receives something in return for a
promise
Aleatory Correct Ans - The promise by one party that is conditioned
on a fortuitous event and the values given by the parties are unequal is called?
a. executory b. aleatory c. speculation d. a static risk
Violent act that is dangerous to human life and property Correct Ans -
What constitutes an act of terrorism
Losses over $5,000,000 Correct Ans - How much property and
casualty los must be sustained to be considered an act of terrorism to be
covered by the Terrorism Risk Insurance Act of 2002
