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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
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State Insurance Claims Adjusters Certification 2024- New York N.Y State General Adjuster Series 17-70 Exam Part 2 Comprehensive Review Questions and Answers | 100% Pass Guaranteed | Graded A+ | Read All Instructions Carefully and Answer All the Questions Correctly Good Luck: - An insured is covered under a homeowner policy with the HO-3 form and $500,000 for coverage A. The dwelling is a total fire loss. What is the extra coverage provided by the policy for debris removal if needed? - =Answer>> The policy will pay an additional 5% of the coverage A limit for debris removal. Before revoking or suspending a license, the Superintendent must first send _____ notice and give the accused an opportunity for a hearing. - =Answer>> New York state law mandates a 10 day advance notice to an accused licensee of a hearing. The hearing is held to enable any evidence or testimony to be presented to the hearing officer that will either prove laws were violated or prove the accused is innocent of any wrongdoing. Brian Hendricks is adequately insured with a Homeowner Policy containing a requirement to carry at least 80% of replacement cost value. If he suffered a partial loss to his dwelling structure he would be able to collect which of the following percentages of loss? - =Answer>> Since the insured is complying with the 80% clause, Brian is entitled to be paid for the entire loss less the deductible. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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If a crop insurance policy does not cover loss of the first 10% of a crop's value, but does cover a fixed percentage of any additional loss, the policy is said to be written: - =Answer>> On an excess over basis The term "excess over" means that the coverage applies as excess, and that the insurer has no liability until the loss exceeds a particular threshold. If an insured desires broader coverage than provided under the homeowners program for camera equipment this coverage can be obtained through: - =Answer>> Scheduled Personal Property Endorsement. In order to provide specific coverage for specified personal property the scheduled Personal Property Endorsement should be used. This provides "all risk" coverage that is broader than the coverage under the HO forms and has less exclusions. If the insured carries a DP-2 dwelling form and insures the dwelling for 80% of its replacement cost value, what will he be paid if his 30 year old roof sustains $10,000 in damages(disregarding any deductible)? - =Answer>> $10, If the insured carries 80% to value he would be entitled to full replacement cost coverage for his damaged roof. In New York, if an insured and an insurer cannot agree on the value of a property loss, they each can select an Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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appraiser. If the appraisers cannot agree, an umpire is selected by: - =Answer>> A court of law. The appraisers are given an opportunity to select an umpire within 15 days. Upon failing to do so, the court will appoint one. In New York, insurers must maintain records pertaining to claims, rating, underwriting, marketing and other pertinent information for a period of - =Answer>> The law requires that these records be maintained for inspection and/or review for at least six years. In the property insurance field, a "friendly fire" is one which:
- =Answer>> Is intentionally set and remains within its intended limits. Conversely, an unfriendly fire is one that is not contained within its intended limits. A fire in a fireplace is a friendly fire until it spreads beyond the fireplace. Policies cover unfriendly fires. Joann Larson, an adjuster, has had administrative action taken against her in another jurisdiction. What must she do? - =Answer>> Report the final disposition of the matter to the Insurance Superintendent within 30 days John has commercial property coverage written on a value reporting form. The maximum limit of coverage for inventory values is $150,000. The insured has reported an inventory value of $75,000 when the actual value was Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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the insured's family, roomers or boarders or tenants of the dwelling, or to farm employees Motels insured under the BOP may not exceed how many stories? - =Answer>> Motels not exceeding three stories may be insured. There is no floor area restriction. Motels closed for more than 30 days are not eligible. On an unendorsed special form BOP, how much coverage is there for theft of money & securities? - =Answer>> Nothing Even though the special BOP is "open peril" coverage which includes theft, the loss of money and securities are still not a covered form of property. The endorsement for Money & Securities is necessary to cover this exposure. Phil Smith, in helping his friend Tim Jones apply for a New York Casualty Insurance license, attests to Tim's honesty on the application and competence to handle the duties of the license. Phil's statement must: - =Answer>> Tim must provide statements from at least 5 members of his community attesting to his honesty on the application and to his abilities. This must be filed with the application for the license and any required supporting documentation. Plumbing under the kitchen sink of an insured's condominium comes loose and leaks water all over the floor. The repair person has to tear out the floor under the sink to repair the hose. The cabinet is also damaged. What would the insured's HO-6 cover? - =Answer>> All of the loss is covered except the hose Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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The HO-6 would cover the water damage to the floor as well as the cost to repair the damaged floor. The repair to the hose is not covered. Policies issued under the National Flood Insurance Program provide removal coverage for property which is moved to another location to protect it from a flood. This coverage applies for up to: - =Answer>> Removal coverage is designed to avoid loss if the property can be moved elsewhere for protection against flood damage. This coverage is provided for up to 45 days. Protection and indemnity coverage contained in an ocean marine policy covers:I. Liability against injuries to seamen.II. Injury to stevedores, longshoreman and harbor workers.III. Cargo, if lost or damaged through negligence. - =Answer>> I, II and III. Protection and indemnity coverage would apply to all of these types of losses Public adjusters in New York must maintain books, files and records for at least ____ years from the completion of the services rendered. - =Answer>> These records must be maintained for at least 3 years from the completion of the services rendered The ___ clause covers collision damage to another vessel. - =Answer>> Running-Down Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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The insured is covered under a Businessowners Policy. He operates a pharmacy. The building is destroyed by fire. After he re-opens, his business still has not returned to the pre-fire level. The BOP provides for "extended business" income coverage for: - =Answer>> The form would provide extended business income coverage for 30 days The insured is insured under a DP-3 dwelling form and is remodeling the dwelling. He does not have a place to store the materials. His next door neighbor permits the insured to store the materials in his garage. The garage is destroyed by fire and the materials are also destroyed. Which of the following applies? - =Answer>> The policy would respond to pay the loss because the policy covers building materials located on or next to the insured's premises. The insured's dwelling has been vacant for 62 days. Vandals enter the home and do considerable damage. To cover up their act and to avoid detection, they set fire to the dwelling. The insurer will: - =Answer>> The entire loss will be denied because of the new changes in the coverage. Previously, fire would have been treated separately from V&MM. Now if the fire is caused by vandals when the dwelling has been vacant for more than 60 days the loss will be denied. The Superintendent of Insurance may approve the employment, appointment or participation of any person whose license has been revoked. Karen Jones had her license revoked and filed an application for relicensing and Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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has waited over 120 days without a response from the Insurance Department. What should or can she do? - =Answer>> If the application for a license has not been approved or disapproved within the 120 days the relicensing is considered approved. Under a dwelling policy (DP-2 or DP-3), what is the maximum that would be paid for additional living expenses if coverage A was $60,000? - =Answer>> he form provides 20% for additional living expenses and fair rental value. Therefore the policy would pay up to $12,000. Under an Equipment Breakdown policy, all of the following are supplementary payments, except: - =Answer>> Expediting expenses Expediting expenses are covered in the limit of the coverage. The other items are part of the supplementary payments, which are in addition to the policy limit. Under an HO-4 which of the following are covered in Section I? - =Answer>> Personal property used by the insured in Switzerland The HO-4 is designed for tenants. Section I of an HO- covers direct damage to personal property owned or used by an insured while it is anywhere in the world. It does not include dwellings or other structures. Some types of property are specifically excluded, such as animals. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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vandalism and malicious mischief coverage must be added specifically to the DP-1 form. New York still uses 30 days. Under the Federal Terrorism Risk Insurance Act of 2002 (extended in 2007 to now expire 12/31/14), who determines that an act of terrorism has occurred that would be covered under the Act? - =Answer>> The Secretary of the Treasury in concurrence with the Secretary of State, and the Attorney General. The Secretary of the Treasury in concurrence with the Secretary of State, and the Attorney General. - =Answer>> The Insured's Contents and Personal Liability The HO-4 is designed for apartment dwellers or those that live in a rented dwelling. Since they don't own the structures, no coverage is needed to cover the real property. Under the livestock coverage form, how must livestock be covered? - =Answer>> The livestock form requires that the livestock must be insured at least 80% to value What deductible applies to Additional Coverage-Fire Department Service Charg - =Answer>> The policy deductible does not apply What does the property insurance term "improvements and betterment" apply to? - =Answer>> Real Property Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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When a tenant occupies a non-owned structure they may make improvements and betterments to the real property. While they are occupying the building they have an insurable interest in these items. When they move they must be left. The monies spent on improvements and betterments can be covered in property insurance. What endorsement may be used under the dwelling policy to keep values current with the replacement cost of the buildings? - =Answer>> The Automatic Increase Endorsement is used to keep the coverage current as a result of inflation on construction costs. What endorsement should an insured add to his or her homeowner policy to cover the replacement cost of personal property? - =Answer>> Personal Property Replacement Cost Endorsement The Personal Property Replacement Cost Endorsement should be added to provide replacement cost coverage on covered personal property. What is the difference between a Businessowners Policy and a Commercial Property Policy? I. The Businessowners Policy automatically provides earthquake coverage whereas a Commercial Property Policy does not. II. The Businessowners Policy includes liability coverage, while a Commercial Property Policy would not. - =Answer>> II Only Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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the average trade in value is $1,000.00. - =Answer>> $1,250.00 plus applicable taxes In case of a total loss to a covered vehicle the insurer is required to pay the retail value of the vehicle plus any applicable sales taxes. Which of the following cannot be covered under a BOP? - =Answer>> Credit unions, banks and savings and loan companies are not eligible for the BOP. Which of the following is an obligation of the insured involving a covered property insurance loss? - =Answer>> The insured is obligated to protect the property from further loss or damage. Which of the following is correct regarding HO-3 and an HO-5 coverages? - =Answer>> Personal property under an HO-3 is covered on a named peril basis, while personal property under an HO-5 is covered on an open peril basis. The HO-3 and the HO-5 are the same in terms of dwelling exclusions, valuation on dwelling losses, and the type of personal property insured. They are different in terms of perils insured against for personal property losses. Which of the following is covered property under the HO- form? I. Belongings of the insured's daughter while she is away at college II. The insured's garage III. The insured's dog IV. Personal property of a tenant - =Answer>> I and II only Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Pets, no matter how valuable, are excluded under Coverage C, as is the property of boarders or renters. Which of the following is not an endorsement under a homeowner policy? - =Answer>> Flood coverage Flood insurance is not a homeowner endorsement Which of the following would be covered under a multi-peril crop policy? - =Answer>> Low yields The multi-peril crop insurance program provides protection against low yields and poor quality crops as well as prevented planting, late planting and replanting costs for most crops subject to the perils insured against. The coverage applies to income protection. Crop revenue insurance goes a step further than multi-peril crop insurance by guaranteeing farms a certain income, which allows them to manage both yield and price risk. Which of the following would be eligible for a BOP? - =Answer>> A dental laboratory While traveling in a rented car in Spain Mr. Brown has his personal property stolen. What kind of coverage should he have to cover this loss? - =Answer>> This is covered under a homeowner policy. Personal property is covered on a worldwide basis. If a HO policy is not in force then a Personal Property Floater could be written. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Ships transport the cargo over water. When unloaded, the transportation of the cargo continues inland. Hence the link of transportation. A communication sent to an insured stating that the insurer will NOT give up a right is called: - =Answer>> Reservation of Rights Letter The key word in the question is a communication sent to the insured. A Non-Waiver is agreed to by the insured and usually signed by the insured. A crew member has been injured on a ship. When his medical expenses are paid, this is known as: - =Answer>> In ocean marine insurance this is called 'cure' and is paid under the Protection and Indemnity coverage. A drug store has an ice cream counter and someone drops some of the ice cream on the floor. Both the employee and the store manager are aware of the situation. The store can be held legally liable when: - =Answer>> All of the responses are correct Someone falls while the store employee is mopping the floor. -The floor is mopped but still wet. -No provisions for cleaning up have been made. All of the responses are correct. The store has a legal duty to protect invitees from sustaining injuries if possible. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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A homeowner desires to have his personal property covered for losses not subject to depreciation. The insured would need: - =Answer>> Replacement cost endorsement. A homeowner with personal property insured for $60, had a fire which destroyed everything. The total value of the personal property at the time of the loss was only $50,000. What principle would be violated if her insurer paid her more than $50,000? - =Answer>> Indemnity Under the principle of indemnity insurance should not pay for more than the actual loss sustained by the insured, even if the policy limit is higher than the loss amount or if there is more than one policy applying to the loss. A non-waiver agreement would allow the insurance company to do which of the following? - =Answer>> Investigate the loss without verifying that the loss is covered Insurers can use a non-waiver agreement when there is a question about coverage or limits. In such a signed agreement, the claimant/policyholder stipulates and acknowledges that the insurer's continued investigation into and the adjustment of the loss is not to be construed as an admission of coverage by the insurer. A person, firm, or corporation that, for compensation, acts on behalf of an insured in negotiating the settlement of certain claims for loss or damage to property is known as a/an: - =Answer>> Public adjuster. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
