1033 waiver - Study guides, Class notes & Summaries

Mason has suffered a $42,000 loss to his commercial building due to fire. The building is covered under the Building & Personal Property coverage form and had been vacant for 74 days. The insurer would have paid the entire loss if the building had been occupied, but what will they pay because the insured building was considered vacant? $28,980. $42,000. $6,300. $35,700. -Answer For a loss that would otherwise be covered for the full amount, a reduction of 15% is taken off the claims pa...

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 payme...

All of the following are reasons that an adjuster should keep very detailed log notes, EXCEPT: 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 ins...

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...

Mutual Insurance Company - ANSWER-A _________ insurance company is owned by its policyholders Reinsurance - ANSWER-If a company wants to transfer all or part of the risk it has accepted, it would buy which type of insurance? Domestic Insurer - ANSWER-An insurer organized under the laws of this state, whether or not it is admitted to do business in this state Foreign Insurer - ANSWER-An insurer not organized under the laws of this state, but in one of the other states or jurisdictions wi...

New York State Property and Casualty Licensing Exam Questions and Answers Graded A+ Pro Rata Liability Clause is included in an insurance policy to deal with the problem of Duplicate insurance policies The purpose of this clause is to illustrate the method to determine each insurer's liability in case of a loss. Each insurer pays its fair share determined by the percentage that the carrier's limit bears to the total coverage carried. pro rata liability If a loss occurs that is covered by mor...

PROPERTY AND CASUALTY INSURANCE EXAM WITH VERIFIED ANSWERS 1. Specific insur- ance 2. Blanket insur- ance This type of insurance designates a particular item to be insured This type of insurance covers more than one item of property at a single location or one more items of prop- erty at multiple locations. 3. Speculative possibility of both gain and loss. Not insurable. 4. Pure only the possibility of loss. Insurable. 5. What are the 5 methods of man- aging or handling risk? avo...

Which of the following would not be considered a "first party" coverage under the personal auto policy? - ANSWER-Liability Liability is considered to be "third party coverage." The other coverages pay the insured (the first party) under the policy. Which of the following would be considered "special damages?" - ANSWER-Medical expenses There are two types of damages for bodily injury claims - special damages and general damages. Special damages are those expenses to which one can...

New York Adjuster Final Exam Question and Answers 2024 The insured sets a fire to his home and is found to be guilty of arson. There is a lien on the burned property by a mortgage company in the amount of $150,000. The property is insured for $300,000 and is a total loss. The personal property of the insured, covered separately by a Homeowners policy for $150,000, is also a total loss. How will this claim most likely be paid? The mortgagee is paid $150,000. The Terrorism Risk Insurance ...

New York Adjuster Final Exam Question and Answers 2024 The first effort to provide insurance for land transportation risks involved an extension of ocean marine coverage known as the: "Warehouse to warehouse" clause. Which of the following is not a duty of an insurer in case of a loss? Separate the damaged property from the undamaged property and protect the property from further loss An insured owns a set of six drawing pens designed and used by Benjamin Franklin. Each pen is worth...