New York State Auto Damage And Theft General Adjuster Test Exam (Series 10- 70) 2024/2025

New York State Auto Damage And Theft General Adjuster Test Exam (Series 10- 70) 2024/2025 12/1 - even numbered yrs - CORRECT ANSWER-On what date does an adjuster's license need to be renewed? $1,000 - CORRECT ANSWER-What is the amount of bond that must be posted to obtain and adjuster's license? Not until hearing held - CORRECT ANSWER-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 ANSWER-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 ANSWER-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 ins regulatory official i.e. Super of Ins d. only court of law after proper hearing To provide some form of compulsory insurance - CORRECT ANSWER-What is the reason for the NY financial responsibility law? Is a mandatory coverage - CORRECT ANSWER-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 ANSWER-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 ANSWER-All admitted auto insurers selling auto insurance in NY Covers the employer when the employee is using their vehicle on company business. - CORRECT ANSWER-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 ANSWER-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 ANSWER-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 ANSWER-What type of liability does an employer assume through their employees? a. primary b. contingent c. vicarious d. no fault The insuring agreement - CORRECT ANSWER-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 ANSWER-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 ANSWER-Something that has value in the eyes of the law in which a promise receives something in return for a promise Aleatory - CORRECT ANSWER-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 ANSWER-What constitutes an act of terrorism Losses over $5,000,000 - CORRECT ANSWER-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 Act of terrorism & covered under Terrorism Risk Act of 2002, act must be committed by? - CORRECT ANSWER-Individual(s) acting on behalf of any foreign person or interest in an effort to coerce the civilian pop. of USA A friend helping insured lay carpet - CORRECT ANSWER-Who would be covered under homeowner med payments? a. friend helping insured lay carpet b. foreign exchange student living w/ insured c. tenant of insured's residence d. son of insured bitten by family dog