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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:
- 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.
Good Luck!
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State Insurance Claims Adjusters Certification 2024- New York N.Y Adjuster Exam Practice Test Review Questions and Answers | 100% Pass Guaranteed | Graded A+ | Read All Instructions Carefully and Answer All the Questions Correctly Good Luck: -
- The deductible does each of these EXCEPT: a. reduce loss costs b. lower premium costs c. indemnify the insured d. excludes payment for small claims - =Answer>> c. indem nify the insured
- The Other Insurance Clause: a. prohibits other insurance on the same property b. upholds the principle of indemnity c. allows coverage for catastrophic losses d. allows more than one person to be insured under the policy - =Answer>> b. uphol ds the principle of indemnity
- Chance of a windstorm causing a loss to one's property is: a. risk b. uninsurable c. hazard d. peril - =Answer>> a. risk Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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c. rebating d. false advertising - =Answer>> c. rebat ing - this practice is usually illegal, although insurance companies are allowed to pay dividends to policyholders. Misrepresentation, in the context of insurance sales, is an intentionally inaccurate or incomplete communication to a policyholder or potential policyholder. Controlled business is defined as a situation in which an insurance provider's personal income is greater than 25% of his/her gross commission from insurance. False advertising is considered an Unfair Trade Practice with respect to all forms of communication.
- In what type of Group Life Insurance policy may the holder allocate the net premium to one or more of several investment accounts? a. Group Universal Life insurance b. Comprehensive Long-Term Care insurance c. Yearly Renewable Term insurance d. Group Variable Universal Life insurance - =Answer>> d. Group Variable Universal Life insurance - the holder may allocate the net premiums to one or more of several investment accounts. In this arrangement, the investment risk is borne by the holders of the certificates. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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A comprehensive long-term care insurance policy includes benefits for home health care and facility care in a single contract. A group universal life insurance policy has flexible premiums and separates the pure protection and cash value accumulations
- Which of the following distinguishes the conditions of the standard business owners' policy (bop) from those of the standard commercial package policy? a. Many of the coverages that are automatic for the standard business owners' policy are optional for the standard commercial package policy b. Many of the coverages that are automatic for the standard commercial package policy are optional for the standard business owners' policy (bop) c. The standard commercial package policy extends automatic business income and peak season coverage d. The standard business owners' property coverage form is different than the building property coverage form - =Answer>> a. Many of the coverages that are automatic for the standard business owners' policy are optional for the standard commercial package policy - this is the only major distinction between the conditions of the standard BOP and the standard commercial package policy. Business income and peak season coverage are automatic for the business owners policy, but are only optional for the commercial package policy. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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All three Dwelling forms states that there is no coverage for vandalism or malicious mischief if the dwelling has been vacant for more than - =Answer>> 60 days Volcanic Eruption - =Answer>> One or m ore volcanic eruptions that occur within a 72-hour period will be considered as one volcanic eruption. DP-3 Special Form - =Answer>> Open per il coverage on dwelling or other structures; named peril coverage on the personal property contents. Coverage A -Dwelling Building - =Answer>> The insu red sets the amount of coverage based on the replacement cost of the dwelling for DP-2 and DP-3 forms. The DP-1 pays all losses on an actual cash value basis. Coverage B: Other Structures - =Answer>> 10% of C overage A; does not cover any structure rented or held for rental to any person not a tenant of the dwelling, unless it is used solely as a private garage. Coverage C: Personal Property - =Answer>> Insured chooses the limit based on the actual cash value of the personal property. Coverage D - Fair Rental Value - =Answer>> availabl e if a covered property loss to the dwelling or other structure makes the building uninhabitable and the insured cannot collect the rent he would have been able to receive if the loss had not occurred. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Coverage E - Additional Living Expenses - =Answer>> pays for the additional living expenses the insured incurs after a covered loss, including reasonable motel, dining, laundry and transportation expenses. Improvements, Alterations, and Additions - =Answer>> Provides coverage for insureds who are tenants for improvements or alterations to the dwelling made at the tenant's expense. Up to 10% of the Coverage C limit is available for this expense. World-Wide Coverage - =Answer>> 10% of C overage C Property Removed - =Answer>> Covers p roperty against direct loss from any peril while being removed from a premises endangered by a covered peril and for up to 30 days while removed Trees, Shrubs, and Other Plants - =Answer>> Limit: 5 % of Coverage A $500 maximum per plant Excluded perils: Wind, Hail, Smoke Collapse - =Answer>> Included on the DP-2 and DP-3 forms only and applies on to an "abrupt collapse". Mortgage Clause - =Answer>> Acknowle dges the insurance interest of the mortgagee by agreeing to notify the Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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perils for coverage of personal property and open peril coverage of the dwelling and other structures. HO-4 - =Answer>> Contents Broad Form aka Tenants or Renters Form. Named broad perils. HO-5 - =Answer>> Comprehe nsive Form, provides open peril coverage for buildings and contents. HO-6 - =Answer>> Condomin ium Unit-Owners Form. Property is covered by broad perils. HO-8 - =Answer>> Modified Coverage provides basic peril coverage. Coverage for buildings and personal property (contents) on actual cash value. Coverage A - =Answer>> Dwelling Coverage B - =Answer>> Other St ructures Coverage C - =Answer>> Personal Property Newly purchased primary residence personal property covered on a pro rata basis between locations for - =Answer>> 30 days Personal property at self-storage facilities is limited to - =Answer>> 10% or $ 1, Money, bank notes, bullion, gold & silver - =Answer>> $ Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Se curities, accounts, deeds, evidences of debt, letters of credit - =Answer>> $1, Trailers & semi-trailers not used with watercraft - =Answer>> $1, Theft of firearms - =Answer>> $2, Coverage A -Dwelling - =Answer>> Full rep lacement cost coverage but only if the insured carries insurance equal to 80% Coverage B - Other Structures - =Answer>> 10% of c overage A for 1-2 family dwellings and 5% of coverage A for 3-4 family dwellings. Coverage C: Personal Property - =Answer>> 50% of C overage A for 1-2 family dwellings, 30% for 3 family dwellings & 25% for 4 family dwellings. Debris Removal - =Answer>> Limit of $1,000 regardless of the amount of trees. No more than $500 will be paid for any one tree. Trees, Shrubs & Other Plants - =Answer>> Covered up to 5% of the Coverage A limit and subject to a maximum limit of $500 for any one tree, shrub, or plant. Law of Large Numbers - =Answer>> Insurers can calculate their probable losses and establish premium rates that are Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Moral Hazard - =Answer>> A condit ion that increases the probability that a person will intentionally cause, create, or inflate a loss. Morale Hazard - =Answer>> A condit ion of inattention to, or disregard for one's own life, health, property, or behavior, that increases the frequency or severity of a loss. Risk Avoidance - =Answer>> Avoiding the hazard. Transfer of Risk - =Answer>> A person can transfer their risk to an insurance company, in exchange for paying a premium. Contract - =Answer>> An agree ment between two or more parties that is enforceable by law. C.L.O.C. - =Answer>> Competen t Parties/Capacity to Contract; Legal Purpose; Offer and Acceptance; Consideration D.I.C.E. - =Answer>> Declarat ions; Insuring Agreement; Conditions; Exclusions Representation - =Answer>> Statemen ts made on an application for insurance that are true to the applicant's best knowledge and belief. Misrepresentation - =Answer>> Untrue s tatements made by the insured or insurer, usually at the time when an application is made. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Fraud - =Answer>> An inten tional act designed to deceive and induce another party to part with something of value. Waiver - =Answer>> The inte ntional relinquishment if a known right, or intentional conduct inconsistent with claiming a known right. Estoppel - =Answer>> A legal doctrine that prevents or "stops" a party from contradicting its own precious actions, if those actions have been reasonably relied upon by another party. Arbitration Clause - =Answer>> The proc ess of bringing a contract dispute before an objective third party for resolution. Binder - =Answer>> Legal ag reement that provides temporary evidence of insurance coverage until a policy can be issued. Deductible - =Answer>> Also kno wn as self-insured retention. As the amount chosen by the insured increases the premium decreases. Pro-Rata Share - =Answer>> Each ins urer pays its portion of the loss, proportional to the percentage of coverage provided by that policy. Admitted/Authorized - =Answer>> When an insurance company has received a certificate of authority, they are considered to be "admitted" companies that are authorized to conduct business in the state. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Efficient Proximate Cause - =Answer>> Applies to a claim with multiple causes or perils that are dependent. Concurrent Cause Doctrine - =Answer>> Applies to a claim with multiple causes or perils that are independent of each other. Actual Cash Value (ACV) - =Answer>> The cost of replacement minus depreciation. Replacement Cost - =Answer>> the cost to replace an inventory item in its identical form. Debris Removal - =Answer>> A covera ge provided in many Property contracts that reimburses the insured for expenses involved in removing debris produced by a loss from a Peril insured against. Newly Acquired or Constructed Property and Property Off- Premises - =Answer>> Covers p ersonal property when an insured is constructing a new building, but only for a limited amount of time. Duty of Care - =Answer>> A duty o f care arises when the law recognizes a relationship between two parties, and due to this relationship, one party has a legal obligation to act in a certain manner toward the other. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Beach of Duty - =Answer>> A person or entity breaches the duty of care by failing to take reasonable care in fulfilling the duty. Actual or Direct Cause - =Answer>> Without the breach of duty, the person would not have suffered an injury. Proximate Cause - =Answer>> An unbro ken chain of events from the breach of duty to the cause of the accident or injury. Contributory Negligence - =Answer>> A common law defense against negligence that states of an individual contributes to his or her own loss in any way, then another cannot be held liable for the loss. Comparative Negligence - =Answer>> allows t he plaintiff to collect some damages, but it will be reduced by the amount by which the plaintiff contributed to his own injury. Pure Comparative Negligence - =Answer>> damages are divided between the parties in proportion to the degree of fault or negligence found against them. Modified Comparative Negligence - =Answer>> The plai ntiff can not recover damages if he/she is found to be equally responsible, or more responsible for the injuries than the defendant. Gramm-Leach-Bliley Act - =Answer>> protects a borrower's privacy. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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