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New York State General Adjuster 17-70 Exam 2025 || Questions & Answers (Rated A+), Exams of Insurance law

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..

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New York State General Adjuster 17-70
Exam 2025 || Questions & Answers
(Rated A+)
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.
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:
1 $500,000
2 $400,000
3 $200,000
4 $100,000 - ANSWER - 2 $400,000
BOP policies provide a single limit of liability. Both bodily injury and property damage
coverage is provided. Since the amounts for bodily injury and property damage
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Download New York State General Adjuster 17-70 Exam 2025 || Questions & Answers (Rated A+) and more Exams Insurance law in PDF only on Docsity!

New York State General Adjuster 17-

Exam 2025 || Questions & Answers

(Rated A+)

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. 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: 1 $500, 2 $400, 3 $200, 4 $100,000 - ANSWER - 2 $400, BOP policies provide a single limit of liability. Both bodily injury and property damage coverage is provided. Since the amounts for bodily injury and property damage

combined do not exceed the 500,000 occurrence limit, the total amount of the claim would be covered. 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 replace old with new at today's cost without a deduction for depreciation. Which of the following would be considered a "supplementary payment" coverage under a business auto policy? 1)All post-judgment interest in a suit defended by the insurer 2)Payment for an insured employee's truck being used by the employee on a business- related trip 3)Costs for a private investigator hired by an employee to prove he was not involved in a hit and run accident of which he has been accused 4)Up to $2,000 for the cost of bail bonds for an employee involved in an accident while he was on a trip to Mexico that he won for exceeding sales goals set by the company - ANSWER - 1) All post-judgment interest in a suit defended by the insurer. Supplementary payments do not include physical damages, nor personal expenses of employees. The bail bonds would be covered except that Mexico is outside the coverage area. Which of the following professional liability policies would cover a dishonest, fraudulent or criminal act of the manager of a LLC? 1)Fiduciary Liability 2)Malpractice Liability 3)Errors and Omissions 4)None of the policies cover these acts - ANSWER - 4) None of the policies cover these acts. When securing a recorded statement over the telephone, an adjuster must: 1 Identify him or herself. 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.

This is the definition of insurable interest. In property and casualty insurance, insurable interest must exist at the time of the loss. In a property loss the insured is required to do all of the following, EXCEPT: - ANSWER

  • Repair the property within 20 days of notifying the insurer. The insured should not repair the property until agreed upon by the insurer. The prefix "neo" refers to: 1 Old. 2 New. 3 Flat. 4 After. - ANSWER - 2 New "Neo" refers to something that is new. neo-: new or recent, or in a modern form: If a commercial building has been vacant for more than sixty days, which of the perils are affected as regards coverage? 1 Vandalism 2 Freezing 3 Fire 4 All of the perils are affected - ANSWER - 4 All of the perils are affected All of the perils listed are affected as a result of the vacancy. Some of the coverage for certain perils is voided and fire losses are reduced by 15%. Automobile Medical Payments covers: 1 The insured as an occupant of a car, an occupant of the insured vehicle and the insured as a pedestrian when hit by a car. 2 The insured as an occupant of a car only. 3 An occupant of the insured vehicle only. 4 The insured as a pedestrian only. - ANSWER - 1 The insured as an occupant of a car, an occupant of the insured vehicle and the insured as a pedestrian when hit by a car. It also covers any family member. In addition, any other person while occupying the insured's covered auto. The Federal Terrorism Act covers property and casualty losses that exceed ______in the aggregate. - ANSWER - $100,000, The Act covers losses from a certified terrorism act that exceed $100,000,000 (the trigger) in the aggregate. The Federal Terrorism Act was amended in 2007 to this limit. The Act has was further amended and extended 2015. The trigger remains the same, but will increase each year by $20 million starting in 2016. Please refer to your testing

vendor outline to determine if it is testing on the prevous amendment or if it is testing on the 2015 extension of the Act. The answer to this question is correct for either year. All the following are the insured's duties after a loss in regards to the physical damage coverage of the policy, EXCEPT: 1 Take reasonable steps after the loss to protect the property from further damage 2 Promptly notify the police if the vehicle is stolen 3 Allow the insurer to inspect and appraise the damaged property 4 Facilitate the repairs to the vehicle and submit the invoice to the insurer. - ANSWER - 4 Facilitate the repairs to the vehicle and submit the invoice to the insurer.. The insured is not permitted to make repairs on the vehicle until after the vehicle has been inspected and/or appraised and an agreement as to the damages has been reached with the insurer. The insured carries a Businessowners Policy (BOP). If the premises become 69% or more vacant, what can the insurer do? The insurer can cancel the policy. The insurer can non-renew the policy. The insurer can restrict coverage. The insurer can reduce coverage. - ANSWER - The insurer can cancel the policy.. The insurance company can cancel the policy if the risk is 69% or more vacant. How many years must a business be operational in New York before it can qualify as a self-insurer for workers compensation? 1 Three years. 2 Four years. 3 Five years. 4 Two years. - ANSWER - Three years A company must be in business for at least three years before it can make application with the state to become a qualified self-insurer. Which of the following would be covered under Coverage C of form HO-3? I. Property normally kept at the insured residence but in transit to a new principal residence II. Personal Property in Switzerland while the insured is on vacation - ANSWER - Both I and II. Coverage C provides protection for personal property owned or used by the insured anywhere in the world - with some exceptions. One is personal property normally stored off the premises - although this can be added by endorsement. (Property of away-from- home students is not "stored".) Cars driven by Sue Trent and Jim Higgins were involved in an automobile accident where Mr. Higgins was at fault. Sue Trent's car was a total loss and valued at $6,000,

The Superintendent can issue a temporary emergency adjuster permit for a period of 120 days to assist in the adjustment of claims arising from a common catastrophe. No fee is involved and the person merely completes the necessary paper work. A New York licensee subject to an administrative action in another jurisdiction or governmental agency must report such action to the Superintendent within: 1 6 months. 2 10 days. 3 90 days. 4 30 days. - ANSWER - 4 30 days The Superintendent must be notified within 30 days of the final disposition of the matter. Vision care insurance policies most often cover: 1 The cost of lenses and frames. 2 Replacement lenses and/or frames due to breakage. 3 Sunglasses and safety glasses. 4 Eye surgery. - ANSWER - The cost of lenses and frames. Most vision policies cover corrective lenses and frames as well as contact lenses but do not cover replacement lenses, specialty lenses such as sunglasses or surgery. Vision does not cover eye surgeries that is under medical The Fit and Trim Fitness Center wants to reduce its carbon footprint. A covered loss destroys some treadmills, damages the roof and most of the interior walls. Fit and Trim finds replacement treadmills that generate and actually return energy to the power grid. The cost is 15% higher than standard equipment. Which of the following, if any, would pay the increase? 1 Ordinance and Law Coverage 2 Fungi, Wet and Dry Rot 3 Increased cost of loss and related expenses for "green" updates 4 Consequential Loss Coverage - ANSWER - 3 Increased cost of loss and related expenses for "green" updates The increased cost of loss and related expenses for green updates will pay an extra 25% of the property loss for the increased cost to "go green" up to $100,000 maximum. The Superintendent of Insurance may issue a _____ temporary permit to an individual to adjust claims while an adjuster's application is pending. 6-month 30-day 1-year 120-day - ANSWER - 120-day

Anne has been diagnosed with a disease characterized by degenerative and sometimes hypertrophic changes in the bone and cartilage of the joints and a progressive wearing down of apposing joint surfaces. Anne has been diagnosed with: 1 Tachycardia 2 Atherosclerosis 3 Osteoarthritis 4 Diabetes - ANSWER - 3 Osteoarthritis Osteoarthritis is a degenerative joint disease with deep aching paid that is aggravated by exercise. If an employer does not qualify to obtain workers compensation coverage by self insuring or purchasing coverage from a private insurer, where can coverage be obtained? 1 The State Insurance Fund (SIF) 2 Assigned risk plan 3 Employers Mutual Risk Pool 4 Surplus lines market - ANSWER - 1 The State Insurance Fund (SIF) The State Insurance Fund (SIF) provides a market for those unable to obtain coverage in the standard workers compensation markets. Mr. Vickers lives close to a river that has, on occasion, flooded. On Friday morning he is watching the weather station and notes that there is a flood warning in his area. He calls his agent and asks the agent to bind flood coverage immediately. Which of the following is true? 1 The application for coverage requires a 30-day waiting period before coverage applies. 2 The agent can bind the coverage immediately. 3 There is a seven-day waiting period before the agent can bind coverage. 4 The agent can bind the coverage in 14 days. - ANSWER - 1 The application for coverage requires a 30-day waiting period before coverage applies Flood insurance requires a 30-day waiting period. The exception to this rule is when the insured is required to provide coverage required by a mortgagee. If an insured conceals a material fact, makes false statements or engages in a fraudulent act, he or she is guilty of: 1 Concealment. 2 Estoppel. 3 Representation. 4 Misrepresentation. - ANSWER - 1 Concealment This is a definition of concealment. An act such as this will void coverage.

2 7:00 am and 7:45 am. 3 8:00 am and 9:00 pm. 4 7:00 am and 10:00 pm. - ANSWER - 3 8:00 am and 9:00 pm Unless a telemarketer has a person's consent to do otherwise, it is a violation to make outbound telemarketing calls to a person's home outside the hours of 8:00 am and 9: pm. No long-term care (LTC) policy may define preexisting conditions more restrictively than a condition for which medical advice or treatment was recommended by, or received from a provider of health services within _____ months before the effective date of coverage. 1 12 2 5 3 6 4 24 - ANSWER - 3 6 This is a part of the NAIC Model Bill adopted by all states Pre-existing Condition Limitation. A long-term care insurance policy may not define a pre-existing condition more restrictively than a condition for which medical advice was given or treatment was recommended by, or received from, a physician within six months before the effective date of coverage. Many companies will sell a policy to someone with a pre-existing condition; however, treatment for that condition will not be covered for the first six months after the effective date of coverage. For example, if treatment for a pre-existing condition begins within the first six months of coverage, the company may deny the claim during the six-month period after the effective date but then must begin to cover that expense at the end of the pre-existing period. Some companies have shorter pre-existing periods and others have none. How many days does the liberalization clause provide for under the BOP prior to or during the policy? 1 55 days 2 30 days 3 45 days 4 35 days - ANSWER - 45 days is correct The policy reads, "If we adopt any revision that would broaden the coverage under this policy without additional premium within forty-five days prior to or during the policy period, the broadened coverage will immediately apply to this policy." James purchases an outboard motor boat. He will have automatic coverage for the boat under his homeowner policy under which of the following circumstances? I. He reports the purchase of the boat to his insurer within 60 days. II. The boat is in storage on his premises.

III. He reports the purchase of the boat to his insurer within 45 days. - ANSWER - II and III only The homeowner policy will cover a newly acquired boat as long as the insured reports it to the insurer within 45 days of the purchase or if it is in storage on his premises. However, be aware of the limitations on the hull value, horsepower limitations and size and use of the watercraft. A watercraft or yacht policy may be a better choice. Coverage F under the farm forms covers which of the following? - ANSWER - Unscheduled personal property Coverage F covers unscheduled personal property on a blanket basis. One limit for all business personal property is stated. The items are not scheduled as they are under Coverage E. Diane is fined by the Superintendent for a violation of the insurance law of New York. The fine is not paid within 20 days. What action may the Superintendent take? 1 Put Diane in prison 2 Suspend or revoke her license 3 Add an additional fine 4 Ask her to reapply for a license and double the fees - ANSWER - 2 Suspend or revoke her license If the fine has not been paid within 20 days the Superintendent will suspend or revoke the license. No act will be certified by the Secretary of the Treasury as an act of terrorism under the Federal Terrorism Act unless: 1 the losses relate to life and health insurance. 2 the act is committed as part of the course of war declared by Congress. 3 the act is not one of terrorism as defined by the Act. 4 the losses that occur relate to commercial property and specified casualty risks. - ANSWER - 4 the losses that occur relate to commercial property and specified casualty risks.. The coverage would only apply to losses that relate to commercial property and certain casualty losses caused by an act of terrorism as defined by the Act. The Act has been revised and extended and is due to expire on December 31, 2020. What commercial auto form is used to cover taxis and bus companies? 1 Business auto form 2 Garage liability form 3 Trucker's auto form 4 Motor carrier form - ANSWER - 4 Motor carrier form

An unendorsed Homeowner Policy provides no coverage for liability arising out of business related exposures, other than for permitted incidental occupancies. The ______Endorsement provides liability coverage for a business conducted away from or on the residence premises. 1 Home Day Care 2 Home Business Pursuits 3 Personal Injury 4 Permitted Incidental Occupancies - ANSWER - 2 Home Business Pursuits The "business pursuits" endorsement should be added to the homeowner policy to cover "on or off premises" liability exposures as permitted by the insurance carrier. All of the following would be considered "bodily injury" under liability coverage, EXCEPT: 1 A dog owned by a customer is injured in the parking lot of the a store. 2 A caterer's customer is hospitalized with food poisoning. 3 A shopper trips over an exposed cable at a mall. 4 A clerk demonstrating a barbell drops it on a customer's foot. - ANSWER - 1 A dog owned by a customer is injured in the parking lot of the a store Which of the following statement is true of the jewelers block coverage form? 1 The form insures a package of property and liability coverage. 2 Coverage may be written for the stock for retail jewelers or the jewelry stock of department and discount stores. 3 Coverage may be written for pawnbrokers dealing in jewelry. 4 Customers' property is not covered under the form. - ANSWER - 2 Coverage may be written for the stock for retail jewelers or the jewelry stock of department and discount stores.. This form is used for retail jewelers or the jewelry of department and discount stores. The commercial property forms as well as the BOP contain a theft limitation for jewelry and therefore create the need for the jewelers block policy. Inland marine insurance designed to provide coverage for loss of or damage to jewelry that is the stock of jewelry retailers, wholesalers, manufacturers, and pawnbrokers. Insurers conducting business in New York must be examined at least once every: 1 6 months. 2 3 years. 3 4 years. 4 5 years. - ANSWER - 4 5 years Each insurer conducting business in New York must be examined in detail at least once every five years. Any company under investigation is responsible for all expenses involved in the examination.

Under the physical examination and autopsy provision of an accident and health contract, the insurance company may request all of the following after a claim is filed, EXCEPT: 1 A re-rating of the insured due to examination findings. 2 An autopsy in the event of death. 3 An examination of the insured. 4 An examination of any insured family member covered under the contract. - ANSWER

  • 1 A re-rating of the insured due to examination findings This is a part of the optional health insurance provisions that are designed to protect the insurer against anti-selection and malingering. Which of the following policies would be used to cover imports and exports? 1 Ocean marine 2 Personal Property 3 General Liability 4 Businessowners policy - ANSWER - 1 Ocean marine Ocean marine pertains to import and export risk, including the cargo being shipped as well as the vessel transporting goods or people. An adjuster's report that contains all the facts, evidence and disposition of the claim and is considered to be the final report is known as the: 1 Full Report. 2 Field Report. 3 Interim Report. 4 Settlement Report. - ANSWER - 1 Full Report The "full report" is the third and final report containing all the information gathered. The final report containing all facts, evidence and disposition of the claim The Terrorism Risk Insurance Act excludes all of the following, EXCEPT 1 Commercial Auto 2 Farmowners 3 Commercial Property 4 Flood - ANSWER - 3 Commercial Property Commercial property losses would be covered by TRIA whereas the other three would be excluded. In New York, continuing education requirements for agents must be satisfied: 1 Annually 2 Biannually 3 Every three years 4 Every four years - ANSWER - 2 Biannually

The policy period is stated on the declarations page representing the time limit coverage is in force as long as the premium is paid Which of the following events, arising out of the use of a covered auto, is covered under the Personal Auto Policy? 1 Damage to a private garage rented by the insured. 2 Intentional acts of an insured. 3 Damage to insured's property in the vehicle. 4 Damage to property of others in the vehicle. - ANSWER - 1 Damage to a private garage rented by the insured PAP liability coverage excludes property damage to property owned or being transported by that insured, or to property rented to, used by, or in the care of that insured. The exclusion does not apply, however, to property damage to a residence or private garage. Intentional acts are always excluded. When a homeowners policy has been in effect for 60 days in New York, an insurer can cancel at anytime for any of the following reasons, EXCEPT: 1 A large loss has occurred. 2 Acts that increase the risk. 3 Physical changes in the insured property that make it uninsurable. 4 Non payment of premium. - ANSWER - 1 A large loss has occurred The homeowners policy was purchased to indemnify against the occurrence of a large loss, therefore, this would not represent a reason for policy cancellation. What is the purpose of an adjuster's interim report? 1 Reports on the ongoing status of the claim 2 Renders a final opinion on the claim 3 Provides the status on all releases 4 Contains final estimates of damages claimed - ANSWER - 1 Reports on the ongoing status of the claim. An insurance broker is a person who represents: 1 An insured or prospective insured. 2 An insurance company. 3 More than one insurance company. 4 Both the insured and the insurer. - ANSWER - 1 An insured or prospective insured The broker represents an insured or prospective insured. Coverage under the livestock coverage form may be written on either a blanket or scheduled basis. When coverage is blanketed, a limit of liability is indicated for each applicable livestock class such as cattle, sheep, swine, goats, horses, mules or donkeys. A per animal limit is assigned. This coverage is subject to a/an ____ coinsurance clause. - ANSWER - 80% is correct

The coverage is subject to the 80% coinsurance clause. A professional liability policy can be: - ANSWER - Purchased separately for an additional premium. The professional liability policy is a "stand alone" separate policy that can be purchased for an additional premium In order for a contract to be binding in a court of law, it must be designed for: 1 Two parties. 2 Legal purposes. 3 Res ipsa loquitor. 4 Easy interpretation. - ANSWER - 2 Legal purposes In order to be binding, contracts must be for a legal purpose The Fit and Trim Fitness Center wants to reduce its carbon footprint. A covered loss destroys some treadmills, damages the roof and most of the interior walls. Fit and Trim finds replacement treadmills that generate and actually return energy to the power grid. 1 The cost is 15% hOrdinance and Law Coverage 2 Fungi, Wet and Dry Rot 3 Increased cost of loss and related expenses for "green" updates 4 Consequential Loss Coverageigher than standard equipment. Which of the following, if any, would pay the increase? - ANSWER - 3 Increased cost of loss and related expenses for "green" updates The increased cost of loss and related expenses for green updates will pay an extra 25% of the property loss for the increased cost to "go green" up to $100,000 maximum. What coverage of the garage policy will pay for physical damage to a garage customer's auto regardless of legal liability? 1 Garage liability coverage (Section II) 2 Garage physical damage coverage (Section IV) 3 Garagekeepers coverage (Section III) 4 Garagekeepers direct coverage endorsement - ANSWER - 4 Garagekeepers direct coverage endorsement The garagekeepers direct coverage endorsement pays for damages to a customer's vehicle regardless of legal liability. The deductible under a homeowner policy does not apply to which of the following? 1 Liability coverage 2 Theft coverage 3 Glass coverage

Controlling the engine is the most processor-intensive job on your car, and the engine control unit (ECU) is the most powerful computer on most cars. The ECU uses closed- loop control, a control scheme that monitors outputs of a system to control the inputs to a system, managing the emissions and fuel economy of the engine (as well as a host of other parameters). Gathering data from dozens of different sensors, the ECU knows everything from the coolant temperature to the amount of oxygen in the exhaust. With this data, it performs millions of calculations each second, including looking up values in tables, calculating the results of long equations to decide on the best spark timing and determining how long the fuel injector is open. The ECU does all of this to ensure the lowest emissions and best mileage. What kind of health insurance policy would be issued to indemnify the owner when a critical employee of a business becomes disabled due to injury or illness? 1 Key man disability. 2 Limited accident. 3 Occupational health. 4 Workers compensation. - ANSWER - 1 Key man disability. Key man (or key person) disability insurance indemnifies a business against the additional expenses incurred when an important employee is not able to work. Which of the following coverages are available in the ISO Equipment Breakdown protection 1 Expediting Expenses 2 Business Income and Extra Expense or Extra Expense Only 3 Spoilage Damage 4 All of the responses are correctcoverage form? - ANSWER - 4 All of the responses are correctcoverage form? All of the responses are correct. There are ten coverages available under the form. They include: property damage, expediting expenses, business income and extra expense or extra expense only, spoilage damage, utility interruption, newly acquired premises, ordinance or law coverage, errors and omissions coverage, brands and labels and contingent business income and extra expenses or extra expense only. In a liability situation, "proximate cause" includes what important feature? - ANSWER - An unbroken chain of events There must be an unbroken link or chain of events between the negligent party's action and bodily injury or property damage to another party. Under the farm forms, the maximum amount payable for a loss to a satellite dish is: - ANSWER - $1, The pre-2000 policy forms provided $250 for a satellite dish. Under the newer forms, the limit has been increased to $1,000.

Which type of Crop Insurance Policy insures the entire acreage rather than an individual crop? - ANSWER - Adjusted Gross Revenue Adjusted Gross Revenue policy which insures the revenue of a producer's entire farm, rather than an individual crop, by guaranteeing a percentage of gross farm revenue. In commercial property insurance, what does the Ordinance or Law coverage endorsement provide? - ANSWER - Covers the additional costs of rebuilding/repairing/upgrading, after a covered loss, to comply with a law or ordinance. An unendorsed commercial property policy would deny coverage for items the insured did not have before the loss, in order to uphold the principle of indemnity. Sometimes, however, a local law or ordinance will require an insured who has suffered a property loss to rebuild/repair to new standards and require items (such as an extra exit, guardrail, sprinkler, etc) that were not required before the loss. The Ordinance or Law endorsement pays for these extras up to its limit. What is a Reporting Form policy? - ANSWER - A policy that requires the insured to report the value of the property insured at certain time intervals. A "Reporting Form" policy is one in which the policyholder is required to report the values of insured property to the company at certain intervals. A provisional (deposit) premium is charged initially and the final premium is determined by applying the rate to the average of the values reported. The insured is required to insure the property 100% to value. The insured is also required to report 100% of the value of the insured property. Employers in New York have _____days from the date of the initial penalty for failing to comply with the compliance provisions of workers compensation coverage for eligible employees to appeal the penalty. - ANSWER - The employer has 30 days to appeal the penalty for non-compliance in the providing of workers compensation coverage What is the main difference between a DP-1 and a DP-2? 1 The property covered 2 The perils insured against 3 The coverage territory 4 The eligibility requirements - ANSWER - 2 The perils insured against DP-1 and DP-2 are similar forms, both designed to provide property insurance for personally-owned residential buildings containing up to four living units without requiring the insured to reside there. These two forms are different in the "perils insured against" section. The DP-2 broad form covers all the perils included in the DP-1 plus several "broad" perils including burglary damage, ice or snow damage, falling objects, freezing of plumbing, heating, or air conditioning systems or household appliances, accidental