NYS 17-70 Independent General Adjuster Exam 2025 | All Questions and Correct Answers, Exams of Insurance Economics

Download NYS 17-70 Independent General Adjuster Exam 2025 | All Questions and Correct Answers and more Exams Insurance Economics in PDF only on Docsity!

NYS 17-70 Independent General Adjuster

Exam 2025 | All Questions and Correct

Answers | Already Graded A+ | Verified

Answers | Latest Version

A company has been hired to determine the extent of pollution damage and recommend methods of its removal. However, it fails to identify some of the pollutants. What coverage might this company need to cover their liability exposures? ---------CORRECT ANSWER-----------------Environmental Errors and Omissions Coverage. Convenience stores selling gasoline must have a minimum of ______ square feet in total floor area in order to qualify for the BOP? ---------CORRECT ANSWER--------- --------3,000. Under homeowner policies personal property used for business purposes is covered for what limits on and off the premises? ---------CORRECT ANSWER---------- -------$2,500 on premises and $1,500 off premises. The insured carries an Equipment Breakdown policy with a limit of $300,000. A boiler has exploded and caused extensive damage to the building and its contents. As a result of the explosion a fire ensues causing $100,000 in damages. How much will the Equipment Breakdown policy pay for the fire damage? ---------

CORRECT ANSWER-----------------$0. The Equipment Breakdown policy excludes fire damage. Under Coverage E - Scheduled Farm Property, how is the property covered? ------- --CORRECT ANSWER-----------------For the limit shown in the policy declarations. If a person is found guilty of violating USC Section 1033 regarding Federal Fraud and False Statements, what can the Attorney General do? ---------CORRECT ANSWER-----------------Assess a civil penalty in the amount the person received or offered for the prohibited conduct or $5,000 whichever is greater. Under a commercial Building and Personal Property Coverage form with no optional coverages selected, loss valuation/settlement is based on: --------- CORRECT ANSWER-----------------Actual Cash Value. Who signs the declaration page on the Equipment Breakdown policy? --------- CORRECT ANSWER-----------------An Authorized Representative. A contract between a public adjuster and an insured must be: ---------CORRECT ANSWER-----------------In Written Form.

accidents, and no benefits paid for an illness disability for a specific period of time. The term that describes this interim period is the: ---------CORRECT ANSWER- ----------------Elimination Period. What workers compensation coverage would apply if the injured employee's spouse brings a wrongful death suit against the employer? ---------CORRECT ANSWER-----------------Employers liability. Under D, "Coverage For Damage To Your Auto", temporary substitute vehicles under the Personal Auto Policy are considered to be: ---------CORRECT ANSWER---- -------------Your covered auto. In order for a "release of all claims" to be valid, what MUST occur? --------- CORRECT ANSWER-----------------The check must be cashed. Richard Lanham has been advised by the Superintendent of Insurance to cease and desist in the performance of certain infractions of the insurance code. He has had a hearing and been issued a cease and desist order. He continues to violate the cease and desist order. He can be fined a penalty of up to: ---------CORRECT ANSWER-----------------$5,000 per violation.

Telemarketers who transmit prerecorded messages to consumers who have not agreed to accept such messages will be fined up to: ---------CORRECT ANSWER------ -----------$16,000 per call. An insured has received actual cash value payment from the adjuster for a covered loss. At the time he is satisfied with the payment. He later changes his mind and wants the full replacement value. How many days does he have to submit the receipts to get the replacement cost payment under a HO-3 form? ----- ----CORRECT ANSWER-----------------180 days. An insured purchases a $1 million umbrella policy with a $1,000 self-insured retention (SIR) and agrees to maintain the following underlying limits: auto liability - $100/300/50 and personal liability limits of $300,000. The insured is involved in an at-fault auto accident and the claimant is awarded $200,000 for his bodily injuries. What will the umbrella pay if the insured only carries $50/100/ auto limits? ---------CORRECT ANSWER-----------------$100,000. The umbrella policy still pays but the insured would have to pay the difference. If no endorsements apply, how are property losses adjusted on a Businessowners Policy? ---------CORRECT ANSWER-----------------Replacement Cost Basis Property and casualty insurance can be utilized to handle what kind of risk? --------

• CORRECT ANSWER-----------------Pure Risks.

The insured owns a two-family dwelling and rents out one of the dwelling units. If a fire occurs what coverage could the insured look to for his loss of rental income under the DP-3? ---------CORRECT ANSWER-----------------Fair Rental Value. Which perils are broader under DP2 than DP3? ---------CORRECT ANSWER------------ -----Explosion, Smoke, and Vehicles. A trailer leased by the named insured from another business is a covered auto under the insured's BAP. While the trailer is connected to a covered truck-tractor owned by the insured, the BAP provides: ---------CORRECT ANSWER----------------- Primarily liability coverage on the trailer. What does the CAN-SPAM act of 2003 require? ---------CORRECT ANSWER------------ -----Senders of commercial electronic mail may not mislead recipients as to the source or content of such mail. The general property flood coverage form for commercial property will settle claims on the basis of: ---------CORRECT ANSWER-----------------Actual Cash Value.

Virtually all inland marine named perils forms include coverage for: --------- CORRECT ANSWER-----------------Fire and Lightening. 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? - --------CORRECT ANSWER-----------------Key man disability. Mary is a newly hired and unlicensed employee of an insurance agency. She is being trained by the other staff members. A customer comes in to pay their premiums and Mary collects the money. What are the consequences? --------- CORRECT ANSWER-----------------None - Mary is not guilty of doing anything. Would a claim under Employer's Liability Insurance for an employee on business temporarily in France be covered? ---------CORRECT ANSWER-----------------Yes, since the employee was outside the coverage territory temporarily. According to the commercial auto policy definitions, an "accident": --------- CORRECT ANSWER-----------------Includes continuous or repeated exposure to the same conditions. In cases of comparative negligence, the proportional share of each party in the entire liability will be based on: ---------CORRECT ANSWER-----------------Relative degree of fault.

covered." Two months later you are involved in an accident. When you report the claim to your agent he says "Oh no, I forgot to notify the company! I'm afraid you're not covered." You can: ---------CORRECT ANSWER-----------------File a claim against the auto insurer and the agent. Under the dwelling form, liberalization must be provided within how many days? - --------CORRECT ANSWER-----------------60 days. What does extra expense insurance cover? ---------CORRECT ANSWER----------------- The additional cost of continuing a business after a direct loss. Which of the following would cover a farmer for income protection for his farm crops? ---------CORRECT ANSWER-----------------Crop Revenue Insurance. What is the limit of insurance that applies to property in transit in the BOP? --------

• CORRECT ANSWER-----------------$10,000. Dram Shop Liability refers to: ---------CORRECT ANSWER-----------------Liquor Law Liability.

The insured has suffered a covered loss under his DP-3 dwelling form. He fails to protect the property from further loss. The additional loss that occurs as a result of his inactions may be denied because of what clause in the policy? --------- CORRECT ANSWER-----------------Neglect. To be eligible for the New York assigned risk auto plan a person must: --------- CORRECT ANSWER-----------------Hold a valid driver's license. Any insurance adjuster whose license has been revoked for cause will not be entitled to apply for any other insurance license in New York until at least: --------- CORRECT ANSWER-----------------One Year. A typical benefit design for a long term care policy does not include a: --------- CORRECT ANSWER-----------------Conditionally or optionally renewability feature. In New York the workers compensation program is administered by the Workers Compensation Board which establishes guidelines for the program. Notice of injury or death to a worker is required to be submitted to the employer within what period of time? ---------CORRECT ANSWER-----------------30 Days. A common carrier is not held liable for the loss of a shipper's goods when the loss results from: ---------CORRECT ANSWER-----------------An Act of God.

If a dog owned by a customer is injured in the parking lot of a store, is that considered bodily injury under liability coverage? ---------CORRECT ANSWER--------- --------No. The dog is property and would be consider property damage. 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 has waited over 120 days without a response from the Insurance Department. What should or can she do? ---------CORRECT ANSWER-----------------Assume the relicensing is approved. Mr. Vickers was in a hurry to catch a plane. He parks his car in the parking garage at the airport and leaves the keys in the ignition. When he returns he finds that his car has been stolen. Later the car was discovered with severe collision damage. The airport carries Garagekeeper's Legal Liability coverage and Mr. Vickers carries Liability and Comprehensive coverage on his auto. What coverage would apply? ---------CORRECT ANSWER-----------------Mr. Vickers comprehensive coverage. An automobile is polluting the environment. What engine component could be the primary cause? ---------CORRECT ANSWER-----------------Catalytic Converter Malfunction.

Under the dwelling policy, DP2 or D3, what is the maximum amount of Coverage A that would be paid for additional living expenses? ---------CORRECT ANSWER----- ------------20% Workers compensation policies also include employer's liability coverage. If any employer fails to maintain the equipment and an employee is injured, would it be covered under this coverage? ---------CORRECT ANSWER-----------------Yes. Fidelity bonds are typically written to be effective for a: ---------CORRECT ANSWER- ----------------Continuous term without an expiration date. One purpose of a deductible is to: ---------CORRECT ANSWER-----------------Eliminate small claims. If the insured has failed to pay the premium for a worker compensation policy issued in New York, how many days notice of cancellation must be sent to the insured? ---------CORRECT ANSWER-----------------A 10 day notice. A ship owner wanting coverage in case crew members bring liability suits for injuries sustained while working would purchase: ---------CORRECT ANSWER--------- --------Protection and Indemnity

The deductible on the Equipment Breakdown form can be stated in what 3 ways? ---------CORRECT ANSWER-----------------Fixed Dollar Amount, Time Deductible, and Percentage of Loss. A car has had the front sheet metal replaced. The fender-to-door gap is wider on the passenger side than on the driver side and the hood appears out of alignment. Technician A says that only the hood latch is misaligned. Technician B says the front structure of the vehicle is not dimensionally correct. Who is right? --------- CORRECT ANSWER-----------------Technician B only. 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? ---------CORRECT ANSWER-----------------When the owner of the building submits proof of loss for the damage. Dwelling forms provide what amount of coverage for grave markers and mausoleums? ---------CORRECT ANSWER-----------------Nothing. Homeowners form provide a limit of $5,000. Does a flat deductible apply to basic scheduled dental plans? ---------CORRECT ANSWER-----------------No.

With crop insurance policies, the coverage period is usually: ---------CORRECT ANSWER-----------------Limited to the growing period for the particular crop being insured. What does an employer's non-ownership coverage under the BAP cover? --------- CORRECT ANSWER-----------------Covers the employer when the employee is using their vehicle on company business. To collect under uninsured motorist coverage in New York, the insured must prove: ---------CORRECT ANSWER-----------------There was a hit and run driver and physical contact made. The health insurance provision that permits the insurer to pay limited death benefits to a relative of the insured is known as: ---------CORRECT ANSWER---------- -------Facility of Payment. What is Demurrage? ---------CORRECT ANSWER-----------------Compensation for the delaying of a vessel carrying freight. How would two insurance companies pay a claim under the "Contribution by Equal Shares" clause? ---------CORRECT ANSWER-----------------Each would pay the same until its limits are exhausted.

Which of the following is not required to obtain an adjuster license in New York? A licensed NY attorney, adjuster of maritime losses, or CEO? ---------CORRECT ANSWER-----------------None. How many years must a business be operational in New York before it can qualify as a self-insurer for workers compensation? ---------CORRECT ANSWER----------------

• 3 Years. What coverage does the Difference in Conditions form provide? ---------CORRECT ANSWER-----------------Gaps left by other property insurance forms. What would most likely be the effect of an insured's breach of warranty? --------- CORRECT ANSWER-----------------The insurer might void the entire policy. Can coverage on a Commercial Property Insurance plan be written on a replacement cost basis for building, personal property of the insured and property of others? ---------CORRECT ANSWER-----------------Yes. The disability income rider which protects against the erosion of purchasing power for fixed disability benefits is known as the: ---------CORRECT ANSWER------- ----------Cost of Living Adjustment rider (COLA)

Which type of Crop Insurance Policy covers the entire farm instead of an individual crop? ---------CORRECT ANSWER-----------------Adjusted Gross Revenue (AGR) Under the CGL Policy, tangible property other than "your property" or "your work" that cannot be used or is less useful due to your faulty work or your work not completed on time is called: ---------CORRECT ANSWER-----------------Impaired Property. What type of coverage would a heating and cooling contractor need when work has been done on a newly renovated building but not yet accepted by the owner? ---------CORRECT ANSWER-----------------Installation Floater. In a standard workers compensation policy, when would employer's liability coverage apply? ---------CORRECT ANSWER-----------------For employee-injury claims that are outside the scope of the workers compensation law. Which of the following is not an "additional coverage" under homeowners liability Section II coverage? ---------CORRECT ANSWER-----------------Payments made by the insurer to settle a claim.