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NEW YORK AUTO EXAM 17-66 STUDY
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NEW YORK AUTO EXAM 17-66 STUDY
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NEW YORK AUTO EXAM 17-66 STUDYAll of the following are reasons that an adjuster should keep very detailed log notes,
EXCEPT: - Answers- To produce notes that will support a fraudulent denial of claims. .
The adjuster's log notes are used to determine negligent parties, to assist in detecting
fraud, to become a part of the claims file, and to be used in future proceedings. The log
notes are not intended to produce a fraudulent record to deny a claim.
When a homeowners policy has been in effect for 60 days in New York, an insurer can
cancel at anytime for any of the following reasons, EXCEPT: - Answers- A large loss
has occurred
George Wilson has a personal auto policy. Select the coverage that would apply when a
deer leaps onto Mr. Wilson's car and causes extensive damage. - Answers-
Comprehensive (other than collision).
Contact with a bird or animal is considered to be an "other than collision" loss.
What is the purpose of the New York automobile inspection requirement? - Answers- To
determine prior damage to the vehicle .
The purpose of the New York automobile inspection requirement is to determine if there
was prior damage to the vehicle at the time coverage was put into effect.
The law recognizes two types of waivers. They are: - Answers- Express/implied.
They are express and implied. An express waiver occurs when the insurer or its
representative knowingly gives up a known right under the insurance contract. Perhaps
the right to request an appraisal of the damaged property is an example. By
comparison, an implied waiver may be the result from some act of neglect on the part of
the adjuster.
In New York, how often may the Superintendent examine insurers doing business in the
state? - Answers- As often as he/she deems necessary.
Duplicate recovery under New York No-Fault coverage is not permitted. If the employee
is covered under the employer's auto policy what might be done to the employee's
personal auto insurance coverage: - Answers- PP 05 92 will exclude medical expenses
from the basic economic loss coverage for no-fault benefits. With commercial lines,
endorsement CA 22 49 can be used. The premiums for the basic economic loss (PIP)
will be reduced accordingly.
What symbol is used for a hired auto in a commercial automobile policy? - Answers-
Symbol 8 is used to provide hired auto coverage in a commercial automobile policy. It
also includes leased, rented or borrowed.
, A New York licensee subject to an administrative action in another jurisdiction or
governmental agency must report such action to the Superintendent within: - Answers-
The Superintendent must be notified within 30 days of the final disposition of the matter.
Jim Johnson has an automobile policy with a combined single limit of $50,000. He has
an at-fault accident and incurs the following expenses: $30,000 bodily injury judgment;
$30,000 property damage judgment; $5,000 damage to traffic light; $6,000 attorney's
fees for his defense; $300 in premiums for appeal bond; and $75 in bail bond premiums
for related traffic violations. What is the maximum amount his insurance company will
pay? - Answers- 56,375
The policy cannot pay more than its limit of liability. Under supplemental coverages in
the policy, the policy will pay the defense costs plus the cost of the premiums on appeal
bonds and bail bonds.
What is the meaning of "diminution of value?" - Answers- A reduction in the value of a
vehicle even after repairs have been made
Driver 1 and Driver 2 are in an accident. Driver 2 has the following damages:
Property Damage - $1,000
Rental Car Expense - $500
Emergency Room Expense - $400
Lost Wages - $300
The extent of the bodily injury will not be known for six months. How should the adjuster
on this claim pay damages for Driver 2? - Answers- Pay the property damage and
rental car expense and settle the bodily injury at a later time..
EXPLANATION:
In this case the adjuster should pay for the parts of the claim where he can easily
determine its value. He should seek a partial release for these items. He can then settle
the bodily injury claim and get a release at a later time.
Which of the following is not a commercial auto endorsement? - Answers- Change
Other Driver. .
EXPLANATION:
Other available endorsements include: "changes in commercial auto coverage,"
"medical payments," "uninsured motorist," "underinsured motorists," and "additional
insured-lessor."
If a person is qualified to receive benefits from the Motor Vehicle Accident
Indemnification Corporation and are injured by a "hit and run" driver, how many days do
they have to file a claim? - Answers- 90 days.
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