NEW YORK INDEPENDENT FIRE ADJUSTER EXAM SIMULATOR - SERIES 17-64 Questions and Answers | Graded A+

Mason has suffered a $42,000 loss to his commercial building due to fire. The building is covered under the Building & Personal Property coverage form and had been vacant for 74 days. The insurer would have paid the entire loss if the building had been occupied, but what will they pay because the insured building was considered vacant? $28,980. $42,000. $6,300. $35,700. - For a loss that would otherwise be covered for the full amount, a reduction of 15% is taken off the claims payment because the building was considered vacant. 15% of $42,000 is $6,300. If $6,300 is subtracted from $42,000, the insured would receive $35,700. The Superintendent of Insurance may issue a _____ temporary permit to an individual to adjust claims while an adjuster's application is pending. 6-month 30-day 1-year 120-day - 120 day Under the Federal Insurance Fraud and False Statements Act, if someone is prohibited from doing business in a state, approval to resume transacting business must be granted by: Submitting a 1033 waiver form and having it approved by an insurance regulatory official in his or her state