New york adjuster terms - Study guides, Class notes & Summaries

New York Adjuster Exam Questions and Answers Already Passed Offering any return of premium, valuable consideration or inducement when purchasing an insurance policy is an example of: I. Illegal Inducement II. Rebating Under a watercraft or yacht policy how claims are settled: Actual cash value When may an insured sue an insurance company? Not until the insured has complied with all policy provisions and within the time limit specified in the state laws What is the definition of a non-residen...

Jim Smith is involved in a collision claim and is no longer able to use the vehicle to go to work. This "loss of use" is referred to as a: Direct loss Indirect loss Loss evaluation Consequential loss - ANSWER-Consequential loss When the rear of the vehicle is damaged and there is a gap between the trunk lid and the quarter panel, what else on the vehicle should the appraiser check? The center pillar The trunk floor The quarter panels The frame rails - ANSWER-The frame rail...

state farm Questions and Answers Graded A+ which of the following refers to being restored to the financial condition you were in before a loss? indemnification mark incurred 8000$ damage to his car in an accident. he received 8000$ from his insurance company and 4000$ from the other driver. by receiving a profit from the loss, Mark is in violation of.. principle of indemnity the transfer of risk from one party to another is called insurance the principle of indemnity is...

Who Should be Licensed (2101(k)(1)) - answer1. The term "insurance producer" does not include: An officer, director or employee of a licensed insurer, fraternal benefit society or health maintenance organization or of a licensed insurance producer, provided that the officer, director or employee does not receive any commission on policies written or sold to insure risks residing, located or to be performed in this state and: (a) the officer, director or employee's activities are executiv...

NY License Exam - New York General Insurance Laws Questions and Answers Rated A The Superintendent is the head of the Department of Insurance in New York. The _______ appoints the Superintendent to a four-year term. governor If the Superintendent requests information during an examination or investigation and a person does not respond within ____ days, he or she may impose a penalty of up to $500 per day (not more than $10,000 total) for each day the person fails to respond. 15 If the Superin...

In New York, insurers must maintain records pertaining to claims, rating, underwriting, marketing and other pertinent information for a period of: The law requires that these records be maintained for inspection and/or review for at least six years. Which of the following relieves the financial burden on the claimant by making certain payments to the claimant even before the claim is negotiated? Advance Payment. EXPLANATION: Most adjusters are given the authority to make advance pay...

Process 2103 (d-i) - answer1. The Superintendent may issue a license to any person, firm or corporation who has complied with the requirements of the Insurance Code, authorizing the licensee to act as agent of any authorized insurer. Every individual applicant for a license under this section and every proposed sub-licensee must be 18 years of age or older at the time of issuance of such license. The person must submit to and pass a written examination required by the Superintendent. Produ...

Medical coverage under a personal auto policy will cover the insured if he/she is injured while: Passenger on a bus. EXPLANATION: Personal auto medical coverage is available to the policyholder or a family member (resident relative) injured while occupying, or as a pedestrian, struck by a motor vehicle or trailer designed for use on public roads. It also covers any other persons while they are occupying your motor vehicle. It does not cover injuries sustained while riding in vehicles not in...

Superintendent of Insurance - ANSWER-The head of the Department of Insurance. Appointed by the Governor for a 4-year term. Examination of Records - ANSWER-The Superintendent may conduct a financial examination of any insurance company as often as deemed appropriate. 6 years - ANSWER-How long must an insurer must maintain required records for? Cease and Desist Order - ANSWER-A person who is charged with engaging in an unfair method of competition or committing an unfair or deceptive a...

XCEL - NY Life, Accident, & Health Laws (Review Notes) with Complete SolutionsXCEL - NY Life, Accident, & Health Laws (Review Notes) with Complete SolutionsXCEL - NY Life, Accident, & Health Laws (Review Notes) with Complete Solutions Superintendent of Insurance - ANSWER-The head of the Department of Insurance. Appointed by the Governor for a 4-year term. Examination of Records - ANSWER-The Superintendent may conduct a financial examination of any insurance company as often as deemed appr...