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NEW YORK INDEPENDENT GENERAL ADJUSTER EXAM SIMULATOR - SERIES 17-70 QUESTIONS AND ANSWERS 2024
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NEW YORK INDEPENDENT GENERAL ADJUSTER EXAM SIMULATOR - SERIES 17-70 QUESTIONS AND ANSWERS 2024
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NEW YORK INDEPENDENT GENERAL ADJUSTEREXAM SIMULATOR - SERIES 17-70
In the commercial general liability form, the contractual exclusion does not apply
to which of the following types of contracts?
Answer Choices: Select the Correct Answer
Hold harmless agreements
Written sidetrack agreements
Lease of premises agreements
The exclusion does not apply to any of the responses - ANSWERS-The contractual
exclusion does not apply to any of the responses.
A standard ISO homeowner policy is best described as a:
Answer Choices: Select the Correct Answer
Property policy that offers optional liability insurance.
Package policy that provides property and liability insurance.
Personal insurance policy for anyone who owns property.
Personal insurance contract between the insured and the agent. - ANSWERS-
Package policy that provides property and liability insurance. is correct.
EXPLANATION:
The Homeowner policy provides both property and liability coverage.
,Under the commercial auto policy providing physical damage, which of the
following offers the broadest coverage?
Answer Choices: Select the Correct Answer
Comprehensive.
Specified cause of loss.
Named perils.
Broad named perils. - ANSWERS-Your answer: Comprehensive. is correct.
EXPLANATION:
Comprehensive coverage would be the broadest because it covers anything that
is not defined as collision. The specified cause of loss is a named peril form and
thus, is more limited.
When is the "difference in conditions" clause used?
Gaps in flood coverage
Gaps in earthquake coverage
Some perils like "war" might be excluded
All responses listed are correct. - ANSWERS-Your answer: All responses listed are
correct. is correct.
EXPLANATION:
Difference in conditions insurance is written to cover certain perils that may
otherwise be excluded by the homeowner policy, commercial insurance forms or
a commercial package policy. An example would be flood and earthquake
insurance usually with large deductibles.
,In cases of comparative negligence, the proportional share of each party in the
entire liability will be based on:
Relative degree of fault.
Last clear chance rule.
Intervening cause.
Contributory negligence. - ANSWERS-Relative degree of fault. is correct.
EXPLANATION:
With comparative negligence, liability will be based on the relative degree of fault
or responsibility. The law allows an injured party to collect from another party for
a loss, even when the injured party contributed to his or her own loss. Damages
are reduced to the extent of the injured party's negligence.
Jones Manufacturing produces a product for resale. They sell all of the items
during the 2014 calendar year. During the year 2014 they are insured by ABC
Insurance Company. In 2015 they change coverage to XYZ Insurance Company.
Late in 2015, a consumer is injured because of a defect in the insured's product.
Who is responsible for the claim?
The consumer under "Let the Buyer Beware" doctrine.
The ABC Insurance Company as Jones' liability carrier.
The XYZ Insurance Company as Jones' liability carrier.
, A pro-rata agreement will have to be reached between the ABC and XYZ insurance
companies. - ANSWERS-The correct answer is: The XYZ Insurance Company as
Jones' liability carrier..
EXPLANATION:
Though the faulty product was actually manufactured during the time that ABC
was the insurer, the damages did not occur until XYZ had taken over the liability
coverage. The entity responsibility for a liability or injury claim is the carrier
providing coverage at the time of the injury.
An insured is covered under an HO-3 form. If the insured hits his own house and
also damages the garage and the attached fence with his vehicle, what coverage
would apply?
The house and garage only
The fence only
Nothing because the insured's vehicle caused the damage
The house, garage and the fence - ANSWERS-The correct answer is: The house,
garage and the fence.
EXPLANATION:
All of the items are covered under the HO-3 if the insured damages his own
property with his vehicle. This is also true of the HO-5 form. These two forms
provide open peril coverage and do not exclude this kind of loss.
The maximum seating capacity and total floor space for a fine dining restaurant
covered under a BOP is?
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