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NEW YORK INDEPENDENT FIRE ADJUSTER EXAM SIMULATOR - SERIES 17-64
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NEW YORK INDEPENDENT FIRE ADJUSTER EXAM SIMULATOR - SERIES 17-64
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NEW YORK INDEPENDENT FIRE ADJUSTER EXAMSIMULATOR - SERIES 17-64
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. - Answers- 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 - Answers- 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.
The State Attorney General.
The United States Secretary of State.
The United States Secretary of Treasury. - Answers- Submitting a 1033 waiver form
and having it approved by an insurance regulatory official in his or her state.
The Dwelling endorsement for Broad Theft Coverage excludes losses to dwellings that
have been vacant for more than _____ days immediately prior to the loss.
45 days.
60 days.
30 days.
90 days. - Answers- 60 days
The endorsement to the homeowner policy for water that backs up through a sewer or
drain including mechanical breakdown of a sump pump contains which of the following?
, A separate stated limit of coverage
A separate stated deductible for covered losses
Both answers are correct
Neither answer is correct - Answers- Both answers are correct
Every New York insurer must distribute copies of the cybersecurity regulation to all of
the following, EXCEPT:
Anyone supervising claims handling.
Anyone directly responsible for the handling of claims.
Anyone directly responsible for the settlement of claims.
Anyone who may offer for sale, an insurance policy. - Answers- Anyone who may offer
for sale, an insurance policy.
Manny is purchasing a Commercial Property policy with a Business Income form
included. Manny can select from any of the following as a method to provide coverage,
while avoiding the coinsurance requirement, EXCEPT:
The maximum monthly limit of indemnity optional coverage.
The maximum period of indemnity.
The monthly limit of indemnity.
Agreed value. - Answers- The maximum monthly limit of indemnity optional coverage.
(The maximum monthly limit of indemnity optional coverage does not exist. The other
three answer choices are all methods of coverage under a Business Income form that
permits an insured to avoid the coinsurance requirement.)
The standardized Homeowners forms provide coverage for Vandalism & Malicious
Mischief only if the structure has not been vacant for:
45 day immediately preceding the loss.
30 or more consecutive days when the loss occurs.
60 or more consecutive days when the loss occurs.
90 days immediately preceding the loss. - Answers- 60 or more consecutive days when
the loss occurs.
What is covered by a SP-23 protection and indemnity policy?
All of the responses are correct.
Loss of life, injury and illness
Collision liabilities including defense costs.
Damage to docks, buoys and other structures. - Answers- All of the responses are
correct.
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