NY General Adjuster Test (10-70) QUESTIONS & SOLUTIONS(GRADED A)
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Course
NY General Adjuster
Institution
NY General Adjuster
12/1 - even numbered yrs - ANSWER On what date does an adjuster's license need to be renewed?
$1,000 - ANSWER What is the amount of bond that must be posted to obtain and adjuster's license?
Not until hearing held - ANSWER When can the Superintendent of Insurance revoke an adjuster's license?...
NY General Adjuster
Test (10-70)
QUESTIONS &
SOLUTIONS(GRADED
A)
12/1 - even numbered yrs - ANSWER On what date does an adjuster's license need to be renewed?
$1,000 - ANSWER What is the amount of bond that must be posted to obtain and adjuster's license?
Not until hearing held - 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 - 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 - 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 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 - ANSWER What is the reason for the NY financial
responsibility law?
Is a mandatory coverage - 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 - 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? - ANSWER All admitted auto insurers selling auto insurance
in NY
Covers the employer when the employee is using their vehicle on company business. - 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 - 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 - 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 - ANSWER What type of liability does an employer assume through their employees? a.
primary b. contingent c. vicarious d. no fault
, The insuring agreement - 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 - 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 - ANSWER Something that has value in the eyes of the law in which a promise
receives something in return for a promise
Aleatory - 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 - ANSWER What constitutes an act of terrorism
Losses over $5,000,000 - 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
Dentist - ANSWER Which of the following would not be a prospect for errors and omissions insurance? a.
dentist b. insurance agents c. real estate agents d. lawyers
Credit Union - ANSWER Which of the following cannot be covered under a BOP?
a. credit union b. office buildings c. apartment buildings d. small gift shop
Messenger - ANSWER What do we call a person that takes a blank deposit to a bank as respects to crime
insurance?
a. custodian b. cashier c. messenger d. manager
One year - ANSWER Under the discovery condition loss sustained form, how long are losses covered
after the bond has expired?
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