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St. John’s University
(New York, NY)
[Risk Management and Insurance Program.]
State Insurance Claims Adjusters Certification
New York, NY Claims Adjuster Exam
Course Title and Number: Claims Adjuster Exam Exam Title: Board Exam Exam Date: Exam 2024- 2025 Instructor: [Insert Instructor’s Name] Student Name: [Insert Student’s Name] Student ID: [Insert Student ID]
Examination
180 minutes
Instructions:
**1. Read each question carefully.
- Answer all questions.
- Use the provided answer sheet to mark your responses.
- Ensure all answers are final before submitting the exam.
- Please answer each question below and click Submit when you have** **completed the Exam.
- This test has a time limit, The test will save and submit automatically** **when the time expires
- This is Exam which will assess your knowledge on the course Learning** Resources.
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State Insurance Claims Adjusters Certification 2024- New York N.Y State General Adjuster Series 17-70 Exam Part 1 Comprehensive Review Questions and Answers | 100% Pass Guaranteed | Graded A+ | Read All Instructions Carefully and Answer All the Questions Correctly Good Luck: - All of the following are claim settlement options for property, EXCEPT - =Answer>> Value as established by the insurer. Value as established by the insurer. - =Answer>> The value of the property must be established per the terms of the policy. Some policies provide for replacement cost coverage and others pay on the basis of actual cash value. All of the following are duties of the New York Superintendent of Insurance EXCEPT: - =Answer>> To establish insurance laws. To establish insurance laws. - =Answer>> State laws are made by the New York legislature and the Superintendent is responsible for their enforcement. The maid neglects to lock a guest's hotel room door after cleaning it. Thieves enter the room and steal the guests clothing and laptop. What commercial crime coverage does the hotel need to cover the loss? 1 Kidnap/ransom Extortion 2 Employee theft Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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An unendorsed blanket fidelity bond: 1 Names each covered employee specifically 2 Names the positions to be covered 3 Does not list the names of the employees 4 Covers specified employees by job description and position - =Answer>> 3 Does not list the names of the employees A blanket fidelity bond is a type of fidelity bond covering an employer for dishonest acts by employees. The bond grants blanket coverage to all employees in the service of the employer during the term of the bond. Employee names do not need to be listed on the bond. All of the following are examples of insurable interest, EXCEPT: - =Answer>> The interest an individual has in the property her parents will someday leave to her. In property and casualty insurance the insurable interest must exist at the time of the loss. Insurable interests that may be created in the future or based on certain events are not currently insurable interests. All of the following are exclusions under the "Special Cause of Loss" form, EXCEPT: - =Answer>> Water damage caused by a sprinkler system Water damage from a sprinkler system or accidental discharge from a plumbing or heating system is covered. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Water damage caused by a sprinkler system is covered by which form? - =Answer>> Special cause of loss form All of the following are true regarding the Mobile Agricultural Machinery and Equipment form, EXCEPT: - =Answer>> Combines and cotton pickers are eligible for coverage. Combines and cotton pickers must be specifically scheduled and are not covered under the blanket coverage of this form All of the following would have an insurable interest in a home and be insurable under the homeowners program, EXCEPT: - =Answer>> A non-occupant realtor. A non-occupant realtor would not have an insurable interest in the property. An adjuster's license will usually be revoked for which of the following? - =Answer>> Having Been Convicted of a Felony A requirement for licensing is that the applicant must not have been convicted of a felony. If the adjuster commits a felony after he/she has already been licensed, the license will be revoked. Which of the following is not a part of a Commercial package policy? 1 Declaration page 2 Condition section Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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A stock company. - =Answer>> An incorporated insurance company with its capital divided into shares and owned by its shareholders is known as The shareholders own a stock insurance company. Mutual insurance companies are owned by policyholders. Mutual Insurance companies are owned by - =Answer>> Mutual insurance companies are owned by policyholders. An individual appointed by an insurance company to solicit applications for a policy of insurance or to negotiate a policy on its behalf is known as: - =Answer>> An insurance adviser This statement is the definition of an insurance agent. Insurance Agent define... - =Answer>> An individual appointed by an insurance company to solicit applications for a policy of insurance or to negotiate a policy on its behalf An initial premium charged the insured under a reporting form type of policy is called the: - =Answer>> Deposit premium This is called a "deposit" premium which is usually 75% of the estimated annual premium. The insured reports either monthly or quarterly their values of inventory and a final adjustment is made at the end of the policy period. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Deposit premium - =Answer>> An initial premium charged the insured under a reporting form This is called a "deposit" premium which is usually 75% of the estimated annual premium. The insured reports either monthly or quarterly their values of inventory and a final adjustment is made at the end of the policy period. An insurance adjuster is allowed to enter a privately owned building when: - =Answer>> If the adjuster has the consent of the owner The adjuster should have the consent of the owner of the property before entering the building. Misrepresentation is: - =Answer>> Leading a client to believe that an insurance policy provides benefits that it does not provide Leading a client to believe that an insurance policy provides benefits that it does not provide is an example of misrepresentation. The number of platelets is an important measure of the blood's protective mechanisms for: the production of glucose. bleeding. clotting. the production of plasma. - =Answer>> clotting Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Inspection and Audit Cancellation - =Answer>> Other Insurance This clause is designed to prevent the insured from collecting from more than one insurer on the same claim. The insured is not supposed to profit from a loss. An insurance company that generally fails to affirm or deny coverage of claims within a reasonable period of time after receiving proof of loss may be found guilty of: - =Answer>> An unfair claims settlement practice. Your car is damaged in an auto accident. While it is being repaired, the body shop loans you a replacement. From a coverage standpoint this replacement vehicle is known as: A temporary substitute. A non-owned auto. A newly acquired auto. A replacement vehicle. - =Answer>> A temporary substitute. The auto policy provides coverage in this example. Since the vehicle owned by the insured is being repaired, a loaner would be covered by the insured's policy as a temporary substitute. Which of the following should be insured by an HO-6? 1 The owners of condominiums and townhouses 2 A tenant who rents an apartment in a high-rise building 3 The owner of a ranch-style house Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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4 A person who wishes to schedule their valuable jewelry separately on a policy - =Answer>> The HO-6 is for owners of condominiums and townhouses. An insurance professional that is accused of dishonesty or breach of trust involving interstate commerce under the Federal Fraud and False Statement Regulation of the United States Code (USC 1033) will be prosecuted by: - =Answer>> The U.S. Attorney general This breach of trust or dishonesty involving interstate commerce is a violation of USC 1033 and therefore prosecuted by the United States Attorney General's office. 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? - =Answer>> The homeowner policy would not pay and the personal articles floater would pay without a deductible. Once coverage is purchased on a more specific basis, the coverage no longer applies under the homeowner policy. The floater would pay the claim. Floaters seldom contain deductibles. An insured has damaged his vehicle by striking a tree. He can: I. Take the car to a repair garage recommended by the insurer. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Utility Services - Direct Damage - =Answer>> Utility Services - Time Element The Utility Services - Time Element endorsement would cover the loss of business income in this example if the phone system was listed on the endorsement and the cause of the loss was covered by the policy. The Uniform Policy Provisions law requires "notice of claim" to be made by the policyholder to the insurer or its agent within: 20 days of a loss, or as soon as reasonably possible. 30 days of a loss, or as soon as reasonably possible. 60 days of a loss, or as soon as reasonably possible. 90 days of a loss, or as soon as reasonably possible. - =Answer>> 20 days of a loss, or as soon as reasonably possible. Obviously, insurance companies have no way of knowing when an insured has incurred a claim unless they are notified. The Uniform Policy Provisions Law brings order to the process of claim payments, requiring the insured to notify the insurer or its agent within 20 days, or as soon as reasonably possible, that acclaim has occurred. For the insured dwelling and other detached structures, the DP-3 provides: - =Answer>> The DP-3 provides open perils protection for the dwelling and other structures, and named perils protection for personal property. The DP- and DP-2 forms provide named peril protection only for the dwelling, other structures, and personal property. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Which of the following is not covered under the New York Disability Benefits Law? 1 Domestic or personal employees who work 40 or more hours per week for one employer. 2 Employees or recent employees of a "covered" employer, who have worked at least four consecutive weeks. 3 Employees of an employer who elects to provide benefits by filing an application for voluntary coverage. 4 A minor child of the employer. - =Answer>> A minor child of the employer is not covered by the law. In a Physicians Professional liability policy two separate errors cause several claims. How is the deductible determined? - =Answer>> Per Claim The deductible on a Physicians Professional liability policy is on a per claim basis. It is not based on the error or the individual claimant or the total amount of a claim. loss reserve - =Answer>> An estimate of the value of a claim or group of claims not yet paid. A case reserve is an estimate of the amount for which a particular claim will ultimately be settled or adjudicated. Insurers will also set reserves for their entire books of business to estimate their future liabilities. What is the purpose of establishing loss reserves? - =Answer>> To establish an estimate of the total amount the insurer expects to pay on a claim. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Surplus lines market - =Answer>> The State Insurance Fund (SIF) provides a market for those unable to obtain coverage in the standard workers compensation markets. The broad and special dwelling forms (DP-2 and DP-3) provide two additional coverages not found on the basic form. They are: - =Answer>> Coverage for building collapse and coverage for lawns, plants, trees and shrubs The DP-1 form does not provide collapse coverage or coverage for lawns, plants, trees and shrubs. Only the broader forms provide these coverages. Material misrepresentation - =Answer>> which is deliberately withholding an important fact that would have a bearing on the acceptability and/or pricing of the risk. If a policy is issued and a claim occurs as a result of material misrepresentation within the first 2 years of issue, the insurer can deny payment of the claim under incontestability clause of the policy. "W" is covered under an employer-sponsored disability income plan. The premium is $100 a month, and "W" pays $20 and the employer pays $80. Assuming "W" becomes disabled and receives monthly disability income benefits of $1200 from this plan, how much, if any, of the monthly income would be income tax free? 1 $1200. 2 All of the monthly benefit is income taxable. 3 $960. 4 $240. - =Answer>> 4 $240. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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"W" is paying 20% of the premium, and therefore 20% of the monthly benefit, $240, is income tax free. Aircraft policies contain deductibles usually expressed as a percentage of the value of the aircraft. Which of the following losses would have a deductible? 1 Fire, lightning 2 Theft, pilferage 3 The deductible would apply to all of these losses 4 In motion collision - =Answer>> 4 In motion collision The deductible does not apply to losses from fire, lightning, explosion, transportation, theft, robbery, or pilferage. However, the "in-motion" deductible does apply to losses from fire or explosion that occurs as a result of the collision of the aircraft. An employee has been asked to use his own personal vehicle to perform certain tasks on behalf of his employer. What coverage is used under the business auto policy to protect the employer for lawsuits when the employee has an accident that causes legal action against the employer? - =Answer>> Employers non-ownership coverage. This coverage protects the employer and not the employee. The employee is covered under his own PAP policy. Replacement cost coverage is best defined as: - =Answer>> Replacement without deduction for depreciation.With replacement cost coverage, the insured is permitted to Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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2 Advise he or she would like to record the statement and request and receive permission to do so. 3 State the time and date. 4 All responses listed are correct. - =Answer>> 4 All responses listed are correct. The adjuster must identify him or herself, state the date and time and get permission to record the statement. Uninsured Motorist coverage includes the named insured's: I. Medical bills and pain and suffering. II. Lost wages. - =Answer>> Both I and II is correct. Coverage C (Uninsured Motorists) provides for payments to or on behalf of the named insured for injuries sustained through the negligence of an uninsured driver. Substitute services will provide: - =Answer>> $25 per day for one year. Basic economic loss benefits will provide up to $25 per day for substitute services for a maximum of one year if the injured party is not gainfully employed. Which of the following is not a violation of the Unfair Trade Practices Act? 1 Not attempting in good faith to settle claims 2 Denying an uncovered claim 3 Failing to promptly settle claims under one portion of coverage in order to influence settlements under other portions of coverage 4 Not setting forth the coverage under which a claim payment is being made - =Answer>> Denying a claim that is not covered is not a violation. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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In case of a total loss in an automobile accident, the adjuster can do the insured which of the following? I. Pay cost to replace the vehicle with like kind and quality if the vehicle is a current year model. II. Use the most recent publication of an "Official Used Car Guide." III. If not listed in the "Guide," obtain quotations from local automobile dealers. - =Answer>> I, II and III depending on the circumstances All the responses listed can be options in settling a total loss claim. Personal umbrella liability policies usually cover liability as a result of: 1 Performing a professional service. 2 Serving as an officer or director of a nonprofit corporation or association. 3 For a work related activity 4 None of the activities are covered - =Answer>> 2 Serving as an officer or director of a nonprofit corporation or association.. Coverage is included while serving as an officer or director of a nonprofit corporation or association. The Now Company carries a special BOP policy with a liability limit of $500,000. The company is involved in an accident causing $200,000 bodily injury damage and $200,000 property damage. The total amount collectible under the policy is: Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
