NY Independent General Adjuster Exam Questions and Correct Answers Latest Update (Graded A+)
2 types of insures offer insurance plans - Answers 1. commercial insurance companies
2. health and managed care service providers
claims- health insurance - Answers vary from one type of product to the next
reimbursement vs valued - Answers reimbursement: contracts base the amount of benefit on the loss
that is actually incurred
Valued contracts pay a stipulated sum as set forth in the contract, w/o regard for actual expenses
Normal reinstatement period - Answers 3 years from the date of lapse
insurer does not notify the insured of its decisions within how many days of the date of application for
reinstatement, the policy is automatically reinstated - Answers 45 days
free-look period (lets policyowners return the policy to the insurer within a limited time and receive a
full refund of all premiums and fee paid) begins when? - Answers 10 days- when the policy is delivered
to the policyowner
probationary period in health insurance - Answers exclude coverage if illness-related losses only,
accident-related losses are covered
probationary period in health insurance exist for how long - Answers its a limited time after a policy is
first issued, while the elimination period is imposed from the moment the policy is issued
guaranteed renewable policy - medical expense/long-term care - Answers the insurer guarantees that,
during the guaranteed renewable period, it will cancel the policy, through it does have the right to
increase premiums
dwelling 1 - Answers Fire, lighting and internal explosion and v&mm
Optional extended windstorm, explosion, riot, aircraft vehicle smoke volcanic eruption
principal sum - Answers the benefit payable for accidental death
capital sum - Answers the benefit payable in the event of accidental dismemberment
hospitalization - Answers not required to be eligible for critical illness benefit payments
blanket insurance - Answers covers participants only when they are actively participating in the covered
activity
dental indemnity plan - Answers freedom to choose any dentist or dental care provider
,prepaid dental plan - Answers functions much like a health maintenance organization (HMO), which also
operate on a prepayment-for-service model
Skeletal system - Answers comprised of bones as well as the tendons, ligaments and cartilage that
connect them
soft tissue injuries - Answers occur when muscles, ligaments or tendons are damaged, typically from a
sprain, strain or overuse of part of the body
nervous system - Answers includes the brain, spinal cord sensory organs, and all of the nerves that
connect these organs with the rest of the body
traumatic brain injury - Answers the function of the brain is disrupted by a blow to the head, while an
acquired brain injury is caused by conditions such as strokes, aneurysms, meningitis, brain tumors or
anoxia
Tachycardia, atherosclerosis and coronary - Answers thrombosis are medical conditions that affect the
heart
Magnetic resonance imaging (MRI) - Answers a test procedure that uses a strong magnetic field and
radio waves to take detailed pictures of organs, soft tissues, bones, and other structures inside the body
computerized tomograph - Answers diagnostic imaging test that combines x-ray images with the aid of a
computer to generate cross-sectional views and sometimes three-dimensional images of the body
internal structure
Electromyogaphy (EMG) - Answers diagnostic procedure that is used to evaluate the bodys nerve and
muscle function, while an electrocardiogram (EKG or CG) is medical test that records the hearts
electrical activity and checks for any problems
electronencephalograph - Answers is medical test that measure the electrical activity of a persons brain
parties protected by a property and casualty - Answers insurance policy include the first named insured,
named insureds, insureds, additional insureds and secured creditors
Policy Period - Answers property and casualty insurance policies usually provide coverage only during a
specific time period
territory provision - Answers specifies that coverage applies to losses within the US and its possessions,
Puerto Rico, and Canada
policy max - Answers amount an insurer will pay for a covered loss of property. the limit should reflect
the insurable value of the covered property, whether based on its replacement cost, actual cash value or
other valuation basis
coinsurance provision - Answers in many property insurance policies encourages insureds to purchase
policy limits that adequately reflect the insurable value of their property
, liability insurance - Answers pays claims when an insured is found to be legally responsible for paying
damages due to the insureds negligence
property - Answers real and personal
real property - Answers consists of land, structures and attachments to land
personal property - Answers generally consists of anything that is not land, structures and attachments
to land
speculative- insured - Answers a person must suffer financial harm from a loss that the insurance covers
risk of financial harm - Answers arising from the loss gives the person an insurable interest in the risk
Insurable Interest - Answers must exist at the time of a loss in order for the insured to make a claim on
the loss
Contract of Indemnity - Answers property and casualty policies
property insurance policy - Answers valuation provision that states how the insurer and the insured will
determine the value of the insured property
common valuation provision - Answers will have the insurer pay a claim for loss property on the basis of
the property replacement cost, ACV, functional replacement cost, market value, stated amount or
agreed value
HO policies - Answers provide comprehensive insurance coverage for property and liability, while
dwelling policies cover only basic property insurance with additional coverage available through
endorsement
Dwelling policy - Answers often used to cover residence that does not qualify for HO insurance or to
cover a residence at less cost than HO
Dwelling policy Basic DP1 - Answers provides limited property coverage
- fire, lighting and internal explosion
Dwelling policy broad DP 2 - Answers provides named peril named coverage for DP1 peril as well as
seven additional Peril
- fire, lighting, internal explosion
-
Dwelling policy open DP 3 - Answers open perils coverage for the dwelling and other structure. it covers
person property coverage on a named perils basis similar to the DP2
Dwelling coverage - Answers Coverage A: Dwelling
