(Test Bank) All New York Adjuster (Ny Adjuster) Questions All With Correct Answers 2023-2024

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COMPREHESIVE; TEST BANK| ALL NEW YORK ADJUSTER (NY ADJUSTER) QUESTIONS ALL WITH CORRECT ANSWERS 2023 - 2024|GUARANTEE PASS Table of Contents New York Adjuster Exam Questions with 100% correct Answers 2023 ................................ ....................... 2 New York Adjuster Exam 2 Questions and Answers Graded A+ 2023 ................................ ........................ 24 New York Adjuster Exam 3 (+100 Questions and Answers 2023 ................................ ................................ 34 New York Adjuster Questions and Answers 2023 ................................ ................................ ...................... 45 NEW YORK insurance pretest (Adjusters) Questions and Correct Answers ................................ ............... 47 New York Adjuster 1 Questions and Answers ................................ ................................ ............................ 55 New York Adjuster 6 Questions and Answers 2023 ................................ ................................ ................... 58 New York State General Adjuster 17 -70 Exam 2023 -2024 With 100% Complete solutions ...................... 61 New York Accident & Health Insurance Adjuster Questions and Answers ................................ .............. 240 New York Auto Adjuster Prep Q uestions and Answers |100% Pass ................................ ......................... 245 New York Independent Adjuster General Test with All correct Answers |Assured Pass ......................... 251 New York General Adjuster Law, Adjuster Claims, and Responsibilities Questions and Answers ........... 261 New York Personal Lines Final Exam 100% Solved correct |Assured Pass ................................ ............... 267 New York Independent General Adjuster Exam Simulator - Series 17 -70 Questions And Answers |Guarantee Pass ................................ ................................ ................................ ................................ ....... 278 New York Independent Fire Adjuster Exam Simulator - Series 17 -64 Questions And Answers |100% Pass ................................ ................................ ................................ ................................ ................................ .. 313 NY Ge neral Adjuster Test (10 -70) (165 Questions and All Correct Answers) |Assured Pass ................... 321 NY General Adjuster test (+100 Questions and Answers |100% Pass ................................ ...................... 342 NY Independent General Adjuster Exam - Series 17 -70 (+180 Quest ions and Answers |Guarantee Pass ................................ ................................ ................................ ................................ ................................ .. 391 NY Independent General Adjuster Supplement Questions and Answers |100% Pass ............................. 413 NY Independent General Insurance Adjuster Practice Examination with Complete Solutions |Guarantee Pass|185 Q&A ................................ ................................ ................................ ................................ ........... 424 New York Adjuster Exam Questions with 100% correct Answers 2023 The insured has moved into a dwelling that was being build and was covered by the "Dwelling under Construction" endorsement. How long does the insured have to report his / her occupancy to the insurance company? {{Correct Ans - 30 days When a New York Homeowners policy is still in the 60 -day underwriting period, the insurer may cancel it for any reason by providing a ______ notice. {{Correct Ans - 30 day Personal property that is covered under the Personal Property Replacement Cost Endorsement is damaged and a claim has been filed. The replacement cost of the property at the time of the loss is $2,500. The full cost to repair the property is $2,000. The Coverage C limit of the Homeowners policy is $8,000. No special limits apply to this property and there is no limit applied to the type of property being claimed. Which of the following is the amount that will be paid under the endorsement? {{Correct Ans - 2,000. The endorsement will pay the smalle st amount of the replacement cost at the time of the loss, the full repair cost, the Coverage C limit, any applicable special limits, or the limit that applies to the type of property being claimed. The mandatory recoupment of the federal share through po licyholder surcharges under Terrorism Risk Insurance Program Reauthorization Act of 2015 was increased from 133% to {{Correct Ans - 140% A Building and Personal Property Coverage form provides coverage for all of the following types of property, EXCEPT: {{Correct Ans - Growing crops and lawns. 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? {{Correct Ans - The mortgagee is paid $150,000. The Terrorism Risk Insurance Act and all of its ex tensions and reauthorizations is actually an agreement between: {{Correct Ans - Between the Federal Government and the insurance companies. The first effort to provide insurance for land transportation risks involved an extension of ocean marine coverage k nown as the: {{Correct Ans - "Warehouse to warehouse" clause. Which of the following is not a duty of an insurer in case of a loss? {{Correct Ans - Separate the damaged property from the undamaged property and protect the property from further loss An insu red owns a set of six drawing pens designed and used by Benjamin Franklin. Each pen is worth $1,000 alone, but the set is worth $12,000. One pen is destroyed by a covered peril. Under the pair or set clause the insurance company will pay a maximum of which of the following amounts? {{Correct Ans - $7,000 Traditionally, the most common type of crop insurance sold prior to the creation of the Multi -Peril Crop Insurance Program was: {{Correct Ans - Coverage for hail damage. An adjuster's report that contains a ll the facts, evidence and disposition of the claim and is considered to be the final report is known as the: {{Correct Ans - Full report. The New York Superintendent of Insurance may refuse to renew, suspend or revoke a license as a result of which of the following? I. A violation of any provision of the New York Insurance Code. II. A licensee making a material misstatement in application for license. III. A licensee being found guilty of fraud or dishonest practices. {{Correct Ans - I, II and III No insu rer may issue checks or drafts or partial settlement of a loss or claim that is still being negotiated that: {{Correct Ans - Releases the insurer from additional liability. The insured owns a two family dwelling and is covered under a Homeowner policy. One of the units is rented. The insured also maintains a small incidental business in the structure. In case of a covered loss, which of the following would NOT be paid under Coverage D - Loss of Use? {{Correct Ans - Loss of income from the incidental business . The adjuster bond required in New York is payable to: {{Correct Ans - The state of New York. An earthquake and landslide has occurred and soon after a house insured on an unendorsed HO -3 is damaged by fire and then an explosion. What would be covered in this scenario? {{Correct Ans - Only the resulting fire and explosion damage would be covered If any person engages in activities in violation of the Federal Insurance Fraud and False Statements regulation, he or she may be subject to which of the followin g? {{Correct Ans- A civil penalty of not more than $50,000. 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. Kelly plans to submit a 1033 Waiver fr om the Department of Financial Services so that she can begin looking for a job. Which of the following is NOT a requirement for the Superintendent to grant this waiver? {{Correct Ans - Kelly is not required to submit evidence of restitution to the people o f the state of New York. The Earthquake Endorsement will provide coverage to the dwelling and/or personal property with the deductible stated as: {{Correct Ans - 5% of the limit that applies to all Section I coverages In order to avoid problems with under insurance and overinsurance, a business which has fluctuating inventory values during the year should consider coverage written on: {{Correct Ans - The value reporting form. The term "undamaged stock", as defined in an Equipment Breakdown policy, applies t o which of the following situations? {{Correct Ans - Refers to the reduction in the value of the stock as a result of damage to other stock.. In order to receive full replacement cost recovery on a covered loss under a BOP, the named insured must maintain insurance limits equal to at least what percentage of the covered property's full replacement value? {{Correct Ans - 80% of the property value Under the Multi -Peril Crop Insurance program, the policy providing the lowest amount of protection available is: {{Correct Ans - A Catastrophe Policy. The Dwelling endorsement for Broad Theft Coverage excludes losses to dwellings that have been vacant for more than _____ days immediately prior to the loss. {{Correct Ans- 30 days How is personal property of a dwellin g covered under a farm policy? {{Correct Ans - ACV When an insured suffers a property loss, he or she is obligated by the terms of the policy to do all of the following, EXCEPT: {{Correct Ans - The insured is not obligated to employ a 'public adjuster" to a ssist in the claim against the insurance company. It is an option on the part of the insured. In lieu of suspending or revoking a New York adjuster license for a violation of insurance laws, the Superintendent may order the licensee to pay a monetary pena lty of up to: {{Correct Ans - $500 for each offense up to an aggregate penalty of $2,500. The Terrorism Risk Insurance Program Reauthorization Act of 2015 covers all of the following, EXCEPT: {{Correct Ans - Crop Insurance An insurance policy is a contract . If any part of the policy language is ambiguous, the court will generally rule: {{Correct Ans - In favor of the insured If you have the Agreed Value Option on your policy and it is not renewed, at expiration your policy reverts: {{Correct Ans - Back to th e coinsurance clause Under the "emergency program" the National Flood Insurance Program will insure a single family residence for up to: {{Correct Ans - $35,000 After a claim has been paid, any recovery rights applying to the amount paid by the insurance company belong to: {{Correct Ans - The insurance company. Which of the following should be insured by an HO -6? {{Correct Ans - The owners of condominiums and townhouses When Todd, an adjuster, shows up to a claimant's property to adjust a claim, he finds that the claimant has an attorney with him. From this point on: {{Correct Ans - Todd should deal directly with the attorney, not the claimant. Jack rents a home to Tanya and maintains a DP -3 policy on the dwelling. Tanya accidentally leaves the oven on all day while she is out, her Lasagna catches fire, burning Jack's house to the ground, along with all the contents located inside. Which of the following items would be covered under Coverage C of Jack's DP -3 policy? {{Correct Ans - Jack's appliances The insu red is a CPA and has his office in his home. He needs business personal property coverage with a limit of $50,000. He has valuable papers and records on the premises that belong to others. He often visits his clients off the premises. What endorsement woul d he need to cover his exposures under his Homeowners policy? {{Correct Ans - Home Business Insurance Endorsement After receiving an inquiry from the New York Department of Insurance regarding a claim, an insurer must respond within: {{Correct Ans - 10 busi ness days. The standard ISO Identity Fraud Expense endorsement requires a deductible of: {{Correct Ans - $500 An insured is covered under a BOP policy. He insures a piece of equipment separately under a floater policy. In case of a loss what coverage will apply under the BOP policy? {{Correct Ans - The BOP will be excess over the floater policy Which of the following is NOT a claim settlement option in a property loss? {{Correct Ans- pay market value only Under which of the following claims settlements ar e the claim invoices presented and paid with no attempt to obtain a separate release? {{Correct Ans - A walk -away release. Under the New York Cyber Security Regulation, each covered entity must maintain documentation supporting certification of compliance with the regulation for: {{Correct Ans- 5 years If an insured would like to purchase broader coverage than is already provided under the Homeowners forms for camera equipment, this coverage can be obtained through: {{Correct Ans - Scheduled Personal Proper ty endorsement A typical boatowners policy includes all of the following coverages EXCEPT: {{Correct Ans- When used to carry cargo for others for a fee . Which of the following is considered to be a guarantee of truth throughout the duration of the polic y? {{Correct Ans - warranty Which of the following best describes the purpose of an "insuring agreement"? {{Correct Ans - To describe the promises of the insurer and the insured and the coverages provided The unfair claim settlement laws and regulations in New York provide that a violation in each instance will be treated as a separate violation. A fine in the amount of _____ will be imposed against the insurance company for each violation. {{Correct Ans - $500 The insured has an HO -3 homeowner policy. Duri ng the night, a water line in the wall to the upstairs bathroom burst and water ruined the walls, floor and furniture. In this situation all of the damages will be covered, EXCEPT: {{Correct Ans - the pipe Replacement cost coverage is best defined as: {{Correct Ans - Replacement without deduction for depreciation.. Coverage A of the Homeowners policy would provide coverage for all of the following, EXCEPT: {{Correct Ans - A storage shed connected to the dwelling by a utility line The endorsement to the home owner policy for water that backs up through a sewer or drain including mechanical breakdown of a sump pump contains which of the following? {{Correct Ans - The endorsement will set a limit of coverage per occurrence for these losses and also impose a state d deductible, which could be less than or greater than the standard deductible for property losses stated on the declarations page. Both the coverage limit and the deductible vary based on each insurer's underwriting guidelines. Which part of an insurance policy sets the rules of conduct, duties, and obligations of the insured and insurer under the terms of the insurance contract? {{Correct Ans - Conditions What does "Transfer Of Your Rights And Duties Under This Policy" refer to in the BOP? {{Correct Ans - The Subrogation Clause When a claimant is represented by an attorney, which of the following is prohibited by the adjuster? {{Correct Ans - Contact the claimant without the consent of the attorney A building is insured by three insurance companies to spr ead coverage on a particular type of hazardous risk. In case of a loss under a Commercial Property policy, the payment of the claim would invoke the pro -rata liability clause which means: {{Correct Ans- Each insurer pays in accordance to the percentage its coverage bears to the total amount of insurance in force. A farmer purchases a crop hail policy with a limit of $10,000 on 5000 acres that sustains a 30% loss. Coverage is written with a 5% minimum loss before the policy will pay. How much will the farme r receive? {{Correct Ans - $3,000 Which of the following is not covered by an unendorsed HO policy? {{Correct Ans - flood Loss settlement for unscheduled personal property that is covered under a standard ISO Homeowners policy is on a: {{Correct Ans - ACV b asis In situations where the insured and the insurer may disagree on the value of an item, it would be best to insure that item as: {{Correct Ans - Agreed value Which of the following events would require a change on a homeowner policy? {{Correct Ans - A change in mailing address An insured's loss payment is reduced by depreciation. Which of the following best describes this situation? {{Correct Ans - ACV Which of the following statements defines a "bailee"? {{Correct Ans - Someone, other than the insured, to whom the insured property is entrusted temporarily. What part of the policy contains the promises made by the insurance company to the insured? {{Correct Ans - the insuring agreement What is the amount of bond that must be posted with the state of New York to obtain an adjuster's license? {{Correct Ans - $1,000 Which type of Crop Insurance Policy covers the entire farm instead of an individual crop? {{Correct Ans - Adjusted Gross Revenue Under which of the following claims settlements are the claim invo ices presented and paid with no attempt to obtain a separate release? {{Correct Ans - A walk -away release. Which of the following would be considered vacant on an unendorsed Commercial Property policy? {{Correct Ans - A leased building in which less than 31 % of the building is occupied. All of the following are EXCLUDED under the Earthquake Endorsement to a Homeowners policy, EXCEPT: {{Correct Ans - Land shock waves An insured carries a Personal Property Replacement Cost endorsement attached to his Homeowne rs policy. He has suffered a loss to his personal property. He submits a claim for actual cash value (ACV) at the time of the loss, but notifies the insurer that he intends to make a claim for replacement cost later. The insurer will honor the insured's re quest, but only if the cost to repair or replace the property is: {{Correct Ans- more than $500 Property and casualty insurance can be utilized to handle: I. Pure risks. II. Speculative risks. {{Correct Ans - I only With a "full release settlement" of an insurance claim: {{Correct Ans - All damages are paid immediately in one lump sum. In order for a "full release settlement" to become closed, what MUST occur? {{Correct Ans- The claim check must be cashed by the claimant Richard has been advised by the N ew York Superintendent of Insurance to cease and desist in the performance of certain infractions of the Insurance Code. He has had a hearing and been issued a cease and desist order. He continues to violate the cease and desist order. He can be fined a pe nalty of up to: {{Correct Ans - $5,000 per violation The New York Workers Compensation Residence Employees Endorsement to the Homeowners policy, covers residence employees of the insured who are engaged in regular employment: {{Correct Ans - less than 40 ho urs The insurance company does not pay for certain damaged property under an Equipment Breakdown policy. Identify the property. {{Correct Ans - Obsolete property. If an insured would like to purchase additional amounts of coverage, above the "Special Limi ts" provided under his Homeowners policy for jewelry or firearms, it can be obtained through the use of: {{Correct Ans - A Scheduled Personal Property endorsement. The term "time element coverage" is used when the amount of loss depends on: {{Correct Ans - The time it takes to repair, rebuild or restore damaged property. Under the standard ISO Farm insurance Special Cause of Loss form, coverage for vandalism or breakage of glass is excluded if the premises has been vacant for _____ days or more. {{Correct A ns- 60 Which of the following causes more property damage in the United States than any other natural disaster? {{Correct Ans - Floods The Terrorism Risk Insurance Program Reauthorization Act 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 insurance that would still be covered in case of a war? {{Correct Ans - Workers compensation An insured has a HO -5 Homeowner Policy; they have insured the wife's diamond ring and the husband's guns on a personal articles floater. All of the items are stolen. What policy and deductibles would apply? {{Correct Ans - The homeowner policy would not pay and the personal artic les floater would pay without a deductible.. Which of the following time periods is ordinary payroll coverage limited to in case of a business income loss under the BOP? {{Correct Ans - 60 days All of the following would be covered under a Builders Risk P olicy, EXCEPT: {{Correct Ans- Prospective buyer. 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 regulation. {{Correct Ans - 180 days No act will be certified by the Secretary of the Treasury, in consultation with the Secretary of Homeland Security, as an act of terrorism under the Terrorism Risk Reauthorization Act of 2015 unless: {{Correct Ans - The losses that occur relate to commercial pr operty and specified casualty risks Isaac owns a home with an older furnace in need of repair. He leaves his home for a month to avoid the cold weather. He returns to find that the furnace had stopped working. Water pipes have frozen and burst and his pro perty has been damaged. Since the water ran for almost a month, his water bill is extremely high. What will the adjuster pay? {{Correct Ans - The water damage. The Superintendent of Insurance may issue a _____ temporary permit to an individual to adjust cl aims while an adjuster's application is pending. {{Correct Ans - 120 day Which of the following statements describes an action that the adjuster cannot take after a claimant has hired an attorney to represent him/her in handing a claim? {{Correct Ans - Cont act the claimant without the consent of the attorney. An intentional act designed to deceive and induce another party to part with something of value is known as: {{Correct Ans - Fraud Under the New York Cybersecurity Regulation (23 NYCRR 500) each covere d entity, including insurance companies, must submit a written statement by _____ of each year certifying that it is in compliance. {{Correct Ans - February 15 Kelly would like to obtain an Independent Adjuster license in New York, however, she has been co nvicted of a felony involving dishonesty or breach of trust. Kelly plans to submit a 1033 Waiver from the Department of Financial Services so that she can begin looking for a job. Which of the following is NOT a requirement for the Superintendent to grant this waiver? {{Correct Ans - Evidence must be submitted to show that restitution was made to the people of the state of New York for the felony in which Kelly was convicted. Faulty wiring causes a fire that destroys an insured's home. In insurance terms, t he faulty wiring is called a: {{Correct Ans - hazard The crew of a ship is guilty of fraud with the intention of reaping gains at the expense of the owner. In ocean marine coverage, what is this called? {{Correct Ans - barratry The first step that any adju ster must take when commencing a claims investigation is: {{Correct Ans - To verify the coverage under the policy. The insured carries an HO -3 homeowner policy. He has complied with the 80% to value provision for replacement cost dwelling coverage. He suff ers a fire loss. Which of the following property is NOT covered on a replacement cost basis? {{Correct Ans - Wall to wall carpeting . The carpeting is not covered on a replacement cost basis. This coverage can be obtained by attaching the "personal property replacement cost" endorsement. Which of the following would NOT be covered under the Identity Fraud Expense endorsement when attached to a Homeowners policy? {{Correct Ans - Additional living expenses Time Element coverage under the Home Business Insuran ce endorsement of a Homeowners policy is subject to: {{Correct Ans - A 72-hour time deductible. If an insured fails to report a claim in a timely fashion, the adjuster will immediately: {{Correct Ans - Send a ROR A New York licensee subject to an administr ative action in another jurisdiction or governmental agency must report such action to the Superintendent within: {{Correct Ans- 30 days Why do insurers file declaratory judgment actions with the courts? {{Correct Ans - To determine if a claim falls within the insuring agreement of a policy. The Common Policy Conditions apply to which coverage parts of a Commercial Package Policy? {{Correct Ans - All parts of the policy What is the standard deductible under an Equipment Breakdown policy? {{Correct Ans - $500 All of the following are claim practice principles (ethical principles) to be followed by all insurers in New York, EXCEPT: {{Correct Ans - Each of the following is true about the Multi -Peril Crop Insurance (MPCI) program, EXCEPT: {{Correct Ans - Covera ge is available only in large agricultural states. . The endorsement to the homeowner policy for water that backs up through a sewer or drain including mechanical breakdown of a sump pump contains which of the following? {{Correct Ans - separate coverage a nd separate deductible Which of the following watercraft would be covered for liability under "Section II - Liability" of the Homeowners policy? {{Correct Ans - None listed. A sailboat must be less than 26 feet in length, the rented jet ski must be less th an 50 HP and an outboard motor boat must be less than 25 HP. The business personal property limits will be increased by what amount in order to cover seasonal variations in stock in the BOP? {{Correct Ans - 25% In ocean marine insurance, each of the follo wing is true about the term "general average" EXCEPT: {{Correct Ans - Only the party having an interest in the lost property suffers a loss. . Policies issued under the National Flood Insurance Program provide removal coverage for property which is moved t o another location to protect it from a flood. This coverage applies for up to: {{Correct Ans - 45 days All of the following are true regarding the "write your own" program under flood insurance, EXCEPT: {{Correct Ans - Insurers are required to participate in the program Under the livestock coverage form, how must livestock be covered? {{Correct Ans - 80% to value Under an ISO standardized Businessowners policy, which of the following is NOT automatically covered under the policy? {{Correct Ans - Hired and N on-owned Automobile coverage If a named insured obtains "newly acquired property" such as a new outboard motor after their Personal Watercraft policy period begins, that property is covered under the