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NY Insurance Adjuster 2025 Practice Exam || Questions & Answers (Rated A+), Exams of Insurance law

California Institute of Technology (Caltech)Insurance law

An insurance company's right to cancel a policy is often limited by state laws but is generally permitted under which of the following conditions? - ANSWER - Non-payment of premium Which of the following types of crime best describe the unlawful act of taking property from the care and custody of another person while threatening to cause bodily harm? - ANSWER - Robbery Which part of the commercial general liability designates who is an insured? - ANSWER - Declarations The insured is mowing his lawn when a stranger is noticed in the backyard. The stranger claims to be a substitute delivery person. Several days later a gold watch can not be found. Which of the following describes the loss? - ANSWER - Mysterious disappearance Which of the following is a qualified plan? - ANSWER - 401(k)

Typology: Exams

2024/2025

Available from 06/22/2025

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NY Insurance Adjuster 2025 Practice
Exam || Questions & Answers (Rated A+)
An insurance company's right to cancel a policy is often limited by state laws but is
generally permitted under which of the following conditions? - ANSWER - Non-payment
of premium
Which of the following types of crime best describe the unlawful act of taking property
from the care and custody of another person while threatening to cause bodily harm? -
ANSWER - Robbery
Which part of the commercial general liability designates who is an insured? - ANSWER
- Declarations
The insured is mowing his lawn when a stranger is noticed in the backyard. The
stranger claims to be a substitute delivery person. Several days later a gold watch can
not be found. Which of the following describes the loss? - ANSWER - Mysterious
disappearance
Which of the following is a qualified plan? - ANSWER - 401(k)
For the purpose of workers' compensation insurance all of the following are subject to
the workers' compensation laws, either as an employer or employee EXCEPT -
ANSWER - A crew member of an ocean going vessel
Which of the following is one of the objectives of the Terrorism Risk Insurance Act of
2002? - ANSWER - It limits the exposure of individual insurers and the insurance
industry as a whole
All of the following are used by the courts to establish negligence EXCEPT - ANSWER -
Policy exclusions.
Which is the thing of value exchanged for the performance promised in the insurance
contract? - ANSWER - Consideration
Which party is required to provide proof of loss to establish entitlement? - ANSWER -
The insured
Which of the following is a duty of the insured after a loss? - ANSWER - Minimizing
further loss
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Download NY Insurance Adjuster 2025 Practice Exam || Questions & Answers (Rated A+) and more Exams Insurance law in PDF only on Docsity!

NY Insurance Adjuster 2025 Practice

Exam || Questions & Answers (Rated A+)

An insurance company's right to cancel a policy is often limited by state laws but is generally permitted under which of the following conditions? - ANSWER - Non-payment of premium Which of the following types of crime best describe the unlawful act of taking property from the care and custody of another person while threatening to cause bodily harm? - ANSWER - Robbery Which part of the commercial general liability designates who is an insured? - ANSWER

  • Declarations The insured is mowing his lawn when a stranger is noticed in the backyard. The stranger claims to be a substitute delivery person. Several days later a gold watch can not be found. Which of the following describes the loss? - ANSWER - Mysterious disappearance Which of the following is a qualified plan? - ANSWER - 401(k) For the purpose of workers' compensation insurance all of the following are subject to the workers' compensation laws, either as an employer or employee EXCEPT - ANSWER - A crew member of an ocean going vessel Which of the following is one of the objectives of the Terrorism Risk Insurance Act of 2002? - ANSWER - It limits the exposure of individual insurers and the insurance industry as a whole All of the following are used by the courts to establish negligence EXCEPT - ANSWER - Policy exclusions. Which is the thing of value exchanged for the performance promised in the insurance contract? - ANSWER - Consideration Which party is required to provide proof of loss to establish entitlement? - ANSWER - The insured Which of the following is a duty of the insured after a loss? - ANSWER - Minimizing further loss

Before taking legal action, what third-party can help end disputes over the value of a loss? - ANSWER - Arbitrator Which of the following is an example of a hospital indemnity plan? - ANSWER - Pays a fixed amount per day to the insured for each day the insured is hospitalized Which of the following sides represent the front surface of the patient? - ANSWER - Anterior How long is the broad theft coverage endorsement invalid if the property is vacant? - ANSWER - More than 60 consecutive days All of the following types of personal property are covered under Coverage C EXCEPT - ANSWER - Collectable gold coins When a policy or certificate containing an accelerated benefit provision is applied for or delivered, the producer is responsible for providing the applicant a summary of coverage that includes all of the following EXCEPT - ANSWER - A detailed and comprehensive summary of the accelerated benefit Which of the following is NOT a nonforfeiture option available in a Whole Life Policy? - ANSWER - Accumulation at interest All the following are considered owned autos for personal automobile insurance EXCEPT - ANSWER - A vehicle leased for less than six months Which of the following is the party who agrees to be responsible for loss in the case of a fidelity bond? - ANSWER - The Surety Which type of bond specifically protects against dishonesty by employees whose names or positions are listed in the policy? - ANSWER - Scheduled Which type of endorsement covers causes of loss specifically listed in the policy? - ANSWER - Named Perils Which of the following is excluded from coverage under an aircraft liability policy? - ANSWER - Passenger Personal Property All of the following are correct for excess lines carriers EXCEPT - ANSWER - They offer better contracts at lower rates Which of the following professionals would purchase Directors and Officers (D &O) insurance to manage the liability risk associated with their activities? - ANSWER - CEO

In which of the following types of contracts is only one party is legally required to do something after the insured has completed the act of paying the premium? - ANSWER - Unilateral All of the following activities would warrant the imposition of absolute liability EXCEPT - ANSWER - Risky Transportation What is the major reason that insurance regulators are often critical of dread disease insurance policies? - ANSWER - Buyers often think they are getting broader coverage than they actually purchase Which of the following is TRUE for a flexible premium annuity? - ANSWER - The purchaser has the option to vary the amount of each premium payment falling between a minimum and maximum amount Which of the following is covered by the Homeowners Broad form (HO-2) insurance? - ANSWER - Breakage of glass Which of the following injuries will medical payments on a homeowner policy pay? - ANSWER - A neighbor's injury from fall while helping clean insured's eaves All of the following perils are specifically listed as being other than collision losses in the personal auto policy Part D- coverage for damage to your auto EXCEPT - ANSWER - Tapes, records, disks and other media All of the following areas of supplementary payments are paid in addition to the regular limit for coverage in a liability policy EXCEPT - ANSWER - Prejudgment interest when it is included as part of the damages for the insured is paid. Liability arising out of any of the following is excluded from the personal and advertising injury liability coverage EXCEPT - ANSWER - Unknowingly inflicting injury that violates the rights of another The property coverage of a BOP includes which of the following? - ANSWER - Carpeting that is permanently installed inside the building When an employer sends employees out of state on work related business, which of the following must he do to ensure the appropriate workers' compensation coverage? - ANSWER - List the state on the information page for other states' coverage In a Surety Bond, the principal is the person who - ANSWER - Performs certain acts under the contract. All of the following situations represent additional personal liability exposures that can be met with an umbrella policy EXCEPT - ANSWER - Liability arising out of business pursuits

A prospective insured makes statements on an insurance application that he believes are true to the best of his knowledge and belief. These statements are considered - ANSWER - Representations All of the following are considered compensatory special damages when an insured is found legally liable for the loss of another EXCEPT - ANSWER - Mental anguish Which of the following is true for most comprehensive dental policies? - ANSWER - Routine care is provided without coinsurance or deductibles Which whole life policy premium type is the most common? - ANSWER - Continuous premium Which of the following limits of insurance on the dwelling are available and apply to Coverage D-Fair Rental Value? - ANSWER - 20% What does homeowners Coverage B - Other Structures cover? - ANSWER - Structures located on the insured's property separated from the dwelling by clear space The person who receives the benefit of an annuity is known as the - ANSWER - Annuitant Which of the following best describes the policy conditions? - ANSWER - The responsibilities and obligations of insured and insurer Which type of crime listed below best describes someone who waits until store personnel are preoccupied and pockets merchandise while no one is looking and leaves without detection? - ANSWER - Theft Which of the following is excluded in a businessowners policy? - ANSWER - Power failure Employees are barred from suing employers in court to obtain compensation for injuries covered by workers' compensation because of which of the following doctrines? - ANSWER - Exclusive Remedy Which of the following professionals would purchase Errors And Omissions insurance to manage the liability risk associated with their business endeavors? - ANSWER - Attorney When an agent tries to convince a policyholder to replace an existing policy to buy another one, what are they practicing? - ANSWER - Misrepresentation How do warranties differ from representations? - ANSWER - A warranty is guaranteed to be true, a representation is believed to be true to the best of one's knowledge.

All of the following are TRUE for the hired auto liability policy EXCEPT - ANSWER - The endorsement is available with other commercial auto insurance. All of the following are Unfair Claims Settlement Practices EXCEPT - ANSWER - Failure to respond to a first notice of loss within 24 hours A contract that is against public policy is not enforceable according to which contract characteristic? - ANSWER - Legal purpose Which policy condition encourages policyholder to insure to at least 80% of replacement value to avoid a penalty with partial losses? - ANSWER - Coinsurance Which one of the following represents an advantage of obtaining a policy loan versus a withdrawal? - ANSWER - The loan is not taxed while a withdrawal is taxed for amounts above the contract cost basis An insured operates a auto repair shop and has a garage coverage form with garagekeepers insurance when an employee on a test drive with a customer's car is involved in a crash. How will the customer's car be covered by the insured's policy? - ANSWER - The customer's car is covered for any physical damage while in the custody of the insured. Which coverage forms are used when the insured sustains loss of revenue due to direct physical loss from a peril insured against that forces the insured to suspend operations during the period of restoration? - ANSWER - Business Income Coverage Forms Which of the following provides insurance for employers when workers not covered by workers' compensation insurance are injured on the job and sue for compensation? - ANSWER - Employer Liability Why are insurance policies considered conditional contracts? - ANSWER - Certain conditions need to be met to make the contract legally enforceable When an insured disagrees with the valuation of a loss and his appraiser and the insurance company's appraiser disagree, how will the loss be settled? - ANSWER - The amount agreed to by any two of the three Which type of coverage would be appropriate for a detached garage in a DP-1 policy? - ANSWER - Coverage B Which of the following represents the maximum amount reimbursable for tree debris removal for one occurrence under all Homeowners forms? - ANSWER - $1,

The insured carries uninsured motorist coverage limits of 100/300/100 and is struck by an uninsured motorist, who will pay insured's bodily injury damages claimed for $100,000? - ANSWER - The insured's insurance company When the insured's child spills red juice on the carpet of insured's covered automobile, which of the following coverages will apply? - ANSWER - Comprehensive An insureds place of business is broken in to and merchandise unlawfully taken during the night, the insured is the victim of which type of crime? - ANSWER - Burglary An injured employee covered under workers' compensation is entitled to reasonably justifiable expenses for retraining. This benefit falls under which of the following? - ANSWER - Vocational Rehabilitation What do the conditions or ground rules for the policy specify? - ANSWER - The obligations and responsibilities for the insurer and the insured Which of the following is TRUE of the limited pay whole life policy? - ANSWER - Coverage continues after the policy is paid-up. All of the following specify limits of insurance for the commercial general liability EXCEPT - ANSWER - Legal defense Which part of an insurance contract describes a loss for which the insured will not be indemnified for? - ANSWER - Exclusions Which of the following means that the contract involves two parties: one who makes an offer and one who accepts it? - ANSWER - Agreement Which of the following is the correct timeframe for earthquake shocks to be considered as single earthquake? - ANSWER - 168 An annuitant is paying into an annuity. The annuity contract is in the - ANSWER - Annuitization Period At what age MUST an owner of a Traditional IRA start taking distributions? - ANSWER - 70 1/ How does the BOP differ from the CPP? - ANSWER - The BOP prepackages a group of coverages desirable to small businesses. Which of the following describes market value? - ANSWER - It is what property could be sold for Which of the following statements BEST describes Credit Life Insurance? - ANSWER - Insurance issued on a debtor to cover outstanding debt.

All of the following are tax qualified retirement plans EXCEPT - ANSWER - Section 529 Plan Which of the following hazards is an example of a physical hazard? - ANSWER - Burning debris near the building on a calm sunny day The Liability section of the Farmowners Policy would exclude coverage for which of the following operations? - ANSWER - Repairing tractors owned by neighboring farmers Which policy provision provides that an insurance company can take possession of damaged property? - ANSWER - Salvage When the policy term ends and either the insured or the insurance company wants to discontinue coverage which provision is applied? - ANSWER - Nonrenewal Which of the following is an example of a financial loss caused by a home being damaged in a windstorm? - ANSWER - Direct Loss The State highway department is rebuilding a roadway and the general contractor winning the bid will be required to purchase a bond guaranteeing the work will be completed according to specifications and on time. Which of the following types of bonds will the general contractor need to purchase? - ANSWER - Surety bond When an individual with a pre-existing condition is in an automobile accident and the insurance covers rehabilitation only to the level of the condition prior to the accident, this is because of which of the following principles? - ANSWER - Indemnity Which of the following forms trigger coverage for a loss under the commercial general liability policy if a loss happens during the policy period? - ANSWER - Occurrence form