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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.
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State Insurance Claims Adjusters Certification 2024- New York N.Y Adjuster Exam Prep Review Questions and Answers | 100% Pass Guaranteed | Graded A+ | Read All Instructions Carefully and Answer All the Questions Correctly Good Luck: - The insured has moved into a dwelling that was being build and was covered by the "Dwelling Under Construction" endorsement. How long does the insured have to report his / her occupancy to the insurance company? - =Answer>> 30 days When a New York Homeowners policy is still in the 60-day underwriting period, the insurer may cancel it for any reason by providing a ______ notice. - =Answer>> 30 day Under the livestock coverage form, how must livestock be covered? - =Answer>> 80% to value Under an ISO standardized Businessowners policy, which of the following is NOT automatically covered under the policy? - =Answer>> Hired and Non-owned Automobile coverage If a named insured obtains "newly acquired property" such as a new outboard motor after their Personal Watercraft policy period begins, that property is covered under the policy for a maximum of ____ days after the date it came into the insured's possession. - =Answer>> 14 Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Which of the following businesses would be eligible for coverage by the Home Business Insurance Endorsement of the Homeowners policy? - =Answer>> Which of the following businesses would be eligible for coverage by the Home Business Insurance Endorsement of the Homeowners policy? Under the Farm insurance forms, the maximum amount payable for a loss to a satellite dish is: - =Answer>> ACV Under the Additional Coverages of the Businessowners Property forms, property removed to protect it from loss will be covered at another location for up to: - =Answer>> 30 days Homeowners Coverage D - Loss of Use, would apply to which of the following? - =Answer>> Additional living expenses of the insured after a covered fire. Which of the following best defines "insured"? - =Answer>> An individual or entity that pays premiums in exchange for financial protection In order for a contract to be binding in a court of law, it must be designed for: - =Answer>> Legal purposes. Which of the following is covered under the Commercial Property broad cause of loss form, but is not covered by the basic cause of loss form? - =Answer>> The basic form does not include loss coverage for the weight of ice and snow. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Vandalism, riot, and sinkhole collapse are all covered by both the Commercial Property broad form and basic form. Under the BOP, up to how many years can the insurer request to examine the books and records of an insured after the policy has expired? - =Answer>> 3 years An adjuster commits an act of insurance fraud covered by the Federal Insurance Fraud & False Statements Act. The fraud does not affect the financial stability of the company. What is the maximum time the adjuster may be confined to prison? - =Answer>> 10 years In New York, insurers must maintain records pertaining to claims, rating, underwriting, marketing and other pertinent information for a period of: - =Answer>> 6 years Miranda's home is covered under a Homeowners policy with an Earthquake Endorsement attached. She has selected the base deductible of 5% and her limit of liability under Coverage C is greater than Coverage A. Her Coverage C limit of liability is $1,000. What is the deductible that Miranda will have to pay? - =Answer>> $ Although 5% multiplied by $1,000 is $50, the endorsement states that the deductible will never be less than $500. Which section of the Commercial Package Policy varies based on the lines of coverage included? - =Answer>> coverage part Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Convenience stores selling gasoline must have a minimum of ______ square feet in total floor area in order to qualify for the BOP? - =Answer>> 3000 The New York Water Back-up and Sump Discharge or Overflow Endorsement to the Homeowners policies, applies a special deductible of: - =Answer>> $ A non-waiver agreement allows the insurer to: - =Answer>> Investigate a loss without implying that it is covered Which type of Crop Insurance Policy covers the entire farm instead of an individual crop? - =Answer>> Adjusted Gross Revenue. A typical Homeowners policy without a Home Business endorsement has how much coverage available for business personal property? - =Answer>> $ All of the following are reasons that an adjuster should keep very detailed log notes, EXCEPT: - =Answer>> To produce notes that will support a fraudulent denial of claims. An agent, insured or claimant has intentionally misled an insurer for financial gain. Such an act is known as: - =Answer>> fraud Under the New York Cybersecurity Regulation, a covered entity must notify the Superintendent within _____ when a Cybersecurity event has occurred. - =Answer>> 72 hours Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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A tenant leases space in a building. The tenant's space is damaged by fire. When will the Commercial Property policy pay for the damage? - =Answer>> When the owner of the building submits proof of loss for the damage The amount it would cost to repair or replace property minus depreciation is the definition of: - =Answer>> ACV On what date must an adjuster license be renewed in New York? - =Answer>> December 31 of expiration year. An adjuster has uncovered some discrepancies in matters pertaining to a claim, and is unable to contact the insured to discuss these matters. What should the adjuster do in this situation? - =Answer>> Send ROR The time period of coverage which is stated on the declarations is known as: - =Answer>> policy period Watercraft liability, medical expenses and uninsured boaters are coverages provided under which of the following policies? I. Watercraft. II. Homeowners. III. Mariners. - =Answer>> I only A claims dispute where a disinterested third party who has decision making authority has been asked to intervene is known as: - =Answer>> arbitration Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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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 discharge of water from plumbing, heating, or air conditioning systems, and breakage of glass. In which of the following situations should an adjuster consider obtaining a non-waiver agreement? - =Answer>> In dealing with a potential coverage dispute. What are the unique features of the ISO standardized Businessowners policy form? - =Answer>> The BOP provides "open peril" coverage for property.. Which of the following best describes "no release or walk- away" release? - =Answer>> The bills are paid and no attempt to obtain a separate release is made.. The focus of Equipment Breakdown coverage is: - =Answer>> prevention of loss If an insured takes precautionary measures to protect property from flood damage such as creating a retaining wall of sand bags, how much coverage if any, will be provided by a flood policy? - =Answer>> $1,000 if the flood is imminent and the property is in danger of flooding.. Under the commercial property condominium association form, coverage is based on: - =Answer>> The association agreement and bylaws Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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A Commercial Property Policy includes a protective safeguard endorsement indicating there are protective safeguards installed in the risk such as a sprinkler system. Should the system become inoperative, how long does the insured have to report this fact to the insurer? - =Answer>> 48 hrs The Main Street Gazette is interested in protecting against the additional costs of continuing to print the newspaper, at a temporary location in the event its building was destroyed. Which of the following coverages should the Main Street Gazette purchase for this purpose? - =Answer>> extra expense 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 $100,000. A $20,000 loss occurs. The insurer will pay: - =Answer>> $ The insured is required to carry a 100% coinsurance clause when the reporting form method is used. The insured is also required to report 100% of the actual inventory values. This insured reported less than the actual inventory by 25% and will only receive 75% of a partial loss or $15,000. A weather report would be considered what type of evidence? - =Answer>> documentary Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Adverse selection occurs when: - =Answer>> Applicants are accepted by the insurer with little or no attention given to underwriting.. If an insurance company covered an excluded claim it may have to continue paying other such claims because of: - =Answer>> Estoppel. All of the following statements about HO-8 are correct, EXCEPT: - =Answer>> HO-8 covers the same named perils as the HO-2.. The insured is covered under a BOP special form. Thieves break into the insured's warehouse and steal building materials. The insurer will: - =Answer>> The insurer will pay the entire claim, subject to policy limits, less any deductible.. How can the "property causes of loss" be changed under a BOP policy, from risks of "direct physical loss" to "named perils" coverage? - =Answer>> Attach the "named perils" form endorsement to the BOP policy. A person becomes legally liable by: - =Answer>> committing a tort Personal property that is covered under the Personal Property Replacement Cost Endorsement is damaged and a claim has been filed. The replacement cost of the property Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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at the time of the loss is $2,500. The full cost to repair the property is $2,000. The Coverage C limit of the Homeowners policy is $8,000. No special limits apply to this property and there is no limit applied to the type of property being claimed. Which of the following is the amount that will be paid under the endorsement? - =Answer>> 2,000. The endorsement will pay the smallest amount of the replacement cost at the time of the loss, the full repair cost, the Coverage C limit, any applicable special limits, or the limit that applies to the type of property being claimed. The mandatory recoupment of the federal share through policyholder surcharges under Terrorism Risk Insurance Program Reauthorization Act of 2015 was increased from 133% to - =Answer>> 140% A Building and Personal Property Coverage form provides coverage for all of the following types of property, EXCEPT: - =Answer>> Growing crops and lawns. The insured sets a fire to his home and is found to be guilty of arson. There is a lien on the burned property by a mortgage company in the amount of $150,000. The property is insured for $300,000 and is a total loss. The personal property of the insured, covered separately by a Homeowners policy for $150,000, is also a total loss. How will this claim most likely be paid? - =Answer>> The mortgagee is paid $150,000. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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The New York Superintendent of Insurance may refuse to renew, suspend or revoke a license as a result of which of the following? I. A violation of any provision of the New York Insurance Code. II. A licensee making a material misstatement in application for license. III. A licensee being found guilty of fraud or dishonest practices. - =Answer>> I, II and III No insurer may issue checks or drafts or partial settlement of a loss or claim that is still being negotiated that: - =Answer>> Releases the insurer from additional liability. The insured owns a two family dwelling and is covered under a Homeowner policy. One of the units is rented. The insured also maintains a small incidental business in the structure. In case of a covered loss, which of the following would NOT be paid under Coverage D - Loss of Use? - =Answer>> Loss of income from the incidental business. The adjuster bond required in New York is payable to: - =Answer>> The state of New York. An earthquake and landslide has occurred and soon after a house insured on an unendorsed HO-3 is damaged by fire and then an explosion. What would be covered in this scenario? - =Answer>> Only the resulting fire and explosion damage would be covered Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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If any person engages in activities in violation of the Federal Insurance Fraud and False Statements regulation, he or she may be subject to which of the following? - =Answer>> A civil penalty of not more than $50,000. Kelly would like to obtain an Independent Adjuster license in New York, however, she has been convicted of a felony involving dishonesty or breach of trust. Kelly plans to submit a 1033 Waiver from the Department of Financial Services so that she can begin looking for a job. Which of the following is NOT a requirement for the Superintendent to grant this waiver? - =Answer>> Kelly is not required to submit evidence of restitution to the people of the state of New York. The Earthquake Endorsement will provide coverage to the dwelling and/or personal property with the deductible stated as: - =Answer>> 5% of the limit that applies to all Section I coverages In order to avoid problems with underinsurance and overinsurance, a business which has fluctuating inventory values during the year should consider coverage written on:
- =Answer>> The value reporting form. The term "undamaged stock", as defined in an Equipment Breakdown policy, applies to which of the following situations? - =Answer>> Refers to the reduction in the value of the stock as a result of damage to other stock.. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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The Terrorism Risk Insurance Program Reauthorization Act of 2015 covers all of the following, EXCEPT: - =Answer>> Crop Insurance An insurance policy is a contract. If any part of the policy language is ambiguous, the court will generally rule: - =Answer>> In favor of the insured If you have the Agreed Value Option on your policy and it is not renewed, at expiration your policy reverts: - =Answer>> Back to the coinsurance clause Under the "emergency program" the National Flood Insurance Program will insure a single family residence for up to: - =Answer>> $35, After a claim has been paid, any recovery rights applying to the amount paid by the insurance company belong to: - =Answer>> The insurance company. Which of the following should be insured by an HO-6? - =Answer>> The owners of condominiums and townhouses When Todd, an adjuster, shows up to a claimant's property to adjust a claim, he finds that the claimant has an attorney with him. From this point on: - =Answer>> Todd should deal directly with the attorney, not the claimant. Jack rents a home to Tanya and maintains a DP-3 policy on the dwelling. Tanya accidentally leaves the oven on all day while she is out, her Lasagna catches fire, burning Jack's Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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house to the ground, along with all the contents located inside. Which of the following items would be covered under Coverage C of Jack's DP-3 policy? - =Answer>> Jack's appliances The insured is a CPA and has his office in his home. He needs business personal property coverage with a limit of $50,000. He has valuable papers and records on the premises that belong to others. He often visits his clients off the premises. What endorsement would he need to cover his exposures under his Homeowners policy? - =Answer>> Home Business Insurance Endorsement After receiving an inquiry from the New York Department of Insurance regarding a claim, an insurer must respond within: - =Answer>> 10 business days. The standard ISO Identity Fraud Expense endorsement requires a deductible of: - =Answer>> $ An insured is covered under a BOP policy. He insures a piece of equipment separately under a floater policy. In case of a loss what coverage will apply under the BOP policy? - =Answer>> The BOP will be excess over the floater policy Which of the following is NOT a claim settlement option in a property loss? - =Answer>> pay market value only Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
