NY General Adjuster Test (10-70) With Complete Solution
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NY General Adjuster
12/1 - even numbered yrs - ANSWER-On what date does an adjuster's license need to be renewed?
$1,000 - ANSWER-What is the amount of bond that must be posted to obtain and adjuster's license?
Not until hearing held - ANSWER-When can the Superintendent of Insurance revoke an adjuster's license?...
NY General Adjuster Test (10-70) With Complete
Solution
12/1 - even numbered yrs - ANSWER-On what date does an adjuster's license need to
be renewed?
$1,000 - ANSWER-What is the amount of bond that must be posted to obtain and
adjuster's license?
Not until hearing held - ANSWER-When can the Superintendent of Insurance revoke an
adjuster's license?
a. anytime b. by sending a 30 day notice of the renovation c. not until a hearing is held
d. When proof of offense has been received
Example of unfair claim settlement act - ANSWER-Failing to acknowledge within a
reasonable time, communications w/ respect to claims arising out of the insurer's
policies
An ins regulatory official such as Superintendent of Insurance - ANSWER-If found guilty
of Fed Insurance fraud, who can permit a guilty individual to return to the insurance
business?
a. federal official b. no one since this is federal offense c.an ins regulatory official i.e.
Super of Ins d. only court of law after proper hearing
To provide some form of compulsory insurance - ANSWER-What is the reason for the
NY financial responsibility law?
Is a mandatory coverage - ANSWER-In NY must uninsured motorist coverage: a. is
optional b. mandatory c. doesn't require sign off for > limits d. doesn't cover "hit & run"
drivers
The insured's property damage coverage - ANSWER-Damage to a rental car is paid in
NY under which of the following coverages: a. insured's physical damage b. property
damage covg c. special endorsement d. must be purchased from rental agency
Who must belong to the assigned risk plan? - ANSWER-All admitted auto insurers
selling auto insurance in NY
Covers the employer when the employee is using their vehicle on company business. -
ANSWER-What does the employer's non-ownership coverage cover?Covers the
employer when the employee is using their vehicle on company business.
Pain & Suffering - ANSWER-Which is not covered under worker's comp coverage?
, a. med expenses b. pain & suffering c. loss of wages d. funeral expenses
The court - ANSWER-Who makes a declaratory judgment as to the merits of a claim?
a. claims adj b. insurer attorney c. court d. claimants attorney
Vicarious - ANSWER-What type of liability does an employer assume through their
employees? a. primary b. contingent c. vicarious d. no fault
The insuring agreement - ANSWER-What part of the policy contains the promises made
by the insurance company to the insured? a. conditions clause b. definitions c.
exceptions to exclusions d. insuring agreement
At the time of the loss - ANSWER-In property & casualty insurance, when must a
person absolutely have an insurable interest? a. time of app completion b. time of loss
c. at any time d. insuring agreement
Definition of consideration - ANSWER-Something that has value in the eyes of the law
in which a promise receives something in return for a promise
Aleatory - ANSWER-The promise by one party that is conditioned on a fortuitous event
and the values given by the parties are unequal is called?
a. executory b. aleatory c. speculation d. a static risk
Violent act that is dangerous to human life and property - ANSWER-What constitutes an
act of terrorism
Losses over $5,000,000 - ANSWER-How much property and casualty los must be
sustained to be considered an act of terrorism to be covered by the Terrorism Risk
Insurance Act of 2002
Act of terrorism & covered under Terrorism Risk Act of 2002, act must be committed
by? - ANSWER-Individual(s) acting on behalf of any foreign person or interest in an
effort to coerce the civilian pop. of USA
A friend helping insured lay carpet - ANSWER-Who would be covered under
homeowner med payments?
a. friend helping insured lay carpet b. foreign exchange student living w/ insured c.
tenant of insured's residence d. son of insured bitten by family dog
Homeowner policy - ANSWER-Which personal insurance policy covers w/out
endorsement, both personal property & personal liability coverages?
a. DP-3 form b. personal articles floater c. homeowner policy d. personal property
floater
An abrupt falling down or caving in of the structure - ANSWER-Under new 2000
homeowner forms, what is definition of collapse?
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