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NEW YORK AUTO EXAM 17-66 STUDY
GUIDE WITH 100% CORRECT ANSWERS
All of the following are reasons that an adjuster should keep very detailed log notes, EXCEPT: -
answer 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: - answer 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. - answer 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? - answer 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: - answer 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? -
answer 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: - answer 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? - answer 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: - answer 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? - answer 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?" - answer A reduction in the value of a vehicle
even after repairs have been made
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