New York Insurance Exam Questions and Answers Fully Solved
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New York Insurance
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New York Insurance
information about the premium and policy limites, the identity and address of the named insured, and the policy period is found in which part of the insurance policy? - ANSWER-Declaration page
if an insured intentioanlly conceals a material fact on an application for insurance, the coverage may ...
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information about the premium and policy limites
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New York Insurance Exam Questions and
Answers Fully Solved
information about the premium and policy limites, the identity and address of the named
insured, and the policy period is found in which part of the insurance policy? -
ANSWER-Declaration page
if an insured intentioanlly conceals a material fact on an application for insurance, the
coverage may be: - ANSWER-voided
anyone who threatens, forces or corruptly influences, obstructs or impedes the due and
proper administration of the fraud law relating to the insurance business may be fined
and/or imprisoned up to: - ANSWER-10 years
Situation question:
Kelly would like to obtain an independent adjuster license in New York, However, she
has been convicted of a felony involving dishonesty or breach of trust. Which is not
required for the superintendent to grant the waiver? - ANSWER-evidence must be
submitted to show the restitution was made to people of the state of new york for the
felony in which kelly was convicted
definition of concurrent causation - ANSWER-two or more perils that cause a single loss
under the terrorism risk insurance program reauthorization act of 2015, the maximum
limit for the Act for total claims paid under the Act by either private insurers or the
government is still limited to: - ANSWER-$100 billion
an insured has her property covered under an "open peril" cause of loss form, She
experiences a loss. The burden of proof that the peril that was the actual cause of loss
in the claim, lies within: - ANSWER-the insurance company
in new york, the insurer is required to provide claim forms to the insured within _____ of
being notified of the loss - ANSWER-15 days
the mandatory recoupment of the federal share through policy holder surcharges under
terrorism risk insurance program reauthorization act of 2015 was increased from 133%
to - ANSWER-140%
the terrorism risk ask of 2015 excludes all acts of terrorism if the act is committed as
part of the course of a war declared by congress with the exception of one line of
insurance. Which of the following is the only line of the insurance that would still be
covered in case of war? - ANSWER-workers compensation
the terrorism act of 2015 excludes all except: - ANSWER-commercial property
, all of the following are claim practice principles (ethical principles) to be followed by all
insurers in New York, except: - ANSWER-the new york adjuster should demand
verification of facts, even if the facts presented by the claimant are reasonably clear,
just to be sure the insurer does not pay a claim for which they are not responsible.
describe a representation in an insurance application - ANSWER-a statement made by
the applicant that he believes to be true when made, but which might prove to be false
what is NOT true concerning the large number law? - ANSWER-the size of the sample
group is not relevant to the accuracy of the results
the doctrine that states an insured's policy should provide the coverage that a sensible
and prudent person would expect is: - ANSWER-the reasonable expectation doctrine
describe the concept of risk - ANSWER-uncertainty of loss
Situational question:
Mikala is walking to her car and suddenly a guy comes up and is holding a gun to her
head demanding her purse or he will kill her. Mikala just experienced: - ANSWER-
robbery
the adjuster bond required in New York is payable to - ANSWER-the state of new york
when can the new york superintendent of insurance revoke an adjuster's license? -
ANSWER-not until a hearing is held
what is generally not considered to be legal defense against claims of negligence? -
ANSWER-loss to the plaintiff was caused intentionally by the defendant
under the new york cybersecurity regulation, an exempt covered entity that ceases to
qualify for an exemption will have _____ to comply with the requirements of the
regulations. - ANSWER-180 days
under the new york cybersecurity regulation each covered entity, including insurance
companies, must submit a written statement by ______ of each year certifuing that it is
in compliance: - ANSWER-february 15
What is not a characteristic of an aleatory contract? - ANSWER-contract allows the
insured to receive a return on claims payments that is nearly equal to the amount paid
in premium
Situational example:
Steve and his insurance cannot agree on the amount of property damage. Both parties
selected an appraiser but can't agree on the amount the appraisers attempt to select
the umpire but can't agree. What happens next? - ANSWER-steve and the insurance
company can request that the umpire be selected by the court of law
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