New York Adjuster Bundled Exams with 100% complete solutions

A pre-defined monetary portion of an insurance claim paid by a policyholder is a: A. deductible. B. premium. C. co-insurance. D. replacement cost. correct answersA. deductible. Jim's 16-year-old son Dan wants to get insurance for his expensive mountain bike. He calls ABC Insurance, and says ...

a. What is Workers Compensation Insurance? i. It is not "insurance" in the general sense that we think, like car or homeowners insurance. ii. It is a social insurance, similar to unemployment or social security. iii. It's the oldest form of social insurance known to man iv. This insurance is ...

Jim Smith is involved in a collision claim and is no longer able to use the vehicle to go to work. This "loss of use" is referred to as a: Direct loss Indirect loss Loss evaluation Consequential loss correct answersConsequential loss When the rear of the vehicle is damaged and there is...

Dragonfly Landscapers has one landscaper and one bookkeeper. The landscaper makes $25/hr, and the bookkeeper makes $15/hr. The landscaper worked 20 hours in 2014, so he made $500. The bookkeeper also worked 20 hours, so she made $300. So Dragonfly's entire payroll for 2014 was $800. Let's say that...

In New York, insurers must maintain records pertaining to claims, rating, underwriting, marketing and other pertinent information for a period of: The law requires that these records be maintained for inspection and/or review for at least six years. Which of the following relieves the financ...

Medical coverage under a personal auto policy will cover the insured if he/she is injured while: Passenger on a bus. EXPLANATION: Personal auto medical coverage is available to the policyholder or a family member (resident relative) injured while occupying, or as a pedestrian, struck by a motor...

which one of the following determines the amount of a workers' compensation claim state law a parking valet at a hotel uses a guest's car to do a personal errand and damages the car in a collision. the guest had a personal auto policy. the insurance company will pay the claim and subrogat...

What type of coverage is provided by an inland marine policy? Open or all risk coverage - Inland marine policies have only a few limited exclusions. Any person who transacts insurance without a valid license is: Guilty of a misdemeanor, Subject to a fine not exceeding $50,000 and/or improso...

Regulatory Review correct answersRegulatory review of filings is very important for consumer protection. State Regulation correct answers-Comply with state laws -Rates are adequate, and not excessive or discriminatory Adequate Rates correct answersAre sufficient to determine a normal anticipa...

Tricia hosts a lawn party. She knows property owners are obligated to protect people on their property from harm and that different degrees of care are required depending upon the circumstances.To whom does Tricia owe the greatest duty to exercise care? Candy,who is delivering floral centerpieces o...

From the insured's perspective, not owning or riding in an automobile is an example of which type of risk mitigation? Avoidance. Hazard risk. Retention. Loss prevention. Transfer. Combination. Pure risk. Avoidance Purposely leaving your old bicycle unlocked for thieves in order to co...

Which of the following statements is correct regarding pollution caused by smoke released from an industrial operation covered under the Commercial Property Policy? Answer Choices: Always covered A gradual release of pollution from industrial operations is not covered Covered on an "exc...

John and his insurer disagree over the value of John's damaged property and the amount the insurer is willing to pay for the damaged property. What is the best recourse for John to pursue? A) Lawsuit B) Complaint with the state insurance department C) Subrogation D) Appraisal correct answer...

CGL Coverage B (Personal and Advertising Injury) will cover correct answersInadvertent injury to others caused in the course of advertising the insured's product An insured is involved in an auto accident in another state. The state has a financial responsibility law that specifies limits of lia...

If an insurance company covered an excluded claim it may have to continue paying other such claims because of: Answer Choices: Select the Correct Answer Estoppel. Indemnity rule. Comparative payment. Policy language. correct answersIf an insurer allows payment of certain excluded claims, t...

The Citizen Insurance standard deductible for a mobile home homeowner is: correct answers$500/2% hurricane Medicare supplement insurance is returnable within____of purchase for a full refund. correct answers30 days All of the following are typical health insurance exclusions, except: a. men...

The insured has filed a claim under the "Business Income Department Properties - Broad Form" because the primary buyer of products and services from the business has filed for bankruptcy under this form the primary buyers business would be known as correct answersA recipient location recipient ...

Other structures are excluded from coverage under the HO-3 when they are: Smaller than 100 square feet or larger than 1,000 square feet Smaller than 100 square feet or larger than 500 square feet Used for storage purposes Used for business purposes correct answersUsed for business purposes ...

Negligence and Related Tort Concepts: Comparative negligence/assumption of risk: CPLR 1411, 1412 correct answersNew York is a pure comparative negligence jurisdiction. In an action to recover damages for personal injury, injury to property or wrongful death, the culpable conduct attributable to the ...

You recently had an accident on the job. Some equipment fell on you causing a serious injury, and your medical bills alone are likely to be over $85,000. You claim an outside vendor who was working on the equipment that day created the problem that caused the injury, and you want to sue. You live an...

After he is injured in an accident, Conrad successfully sues the driver and the trucking company. The jury awards him money for past lost earning capacity, past and future physical symptoms and discomfort, and past emotional injury and mental anguish. If Conrad's injuries require him to be out of w...

If an automobile policy has split limits of 30/60/25. What is the maximum amount of liability coverage that would be paid in a covered loss where three people are involved. correct answers$30,000 Which of the following statements best describes an inland marine policy? correct answersPertains to ...

Subrogration may follow which of the following events? correct answersAn insured collects from her insurance company for damages caused by a third party Medical payments coverage under a BOP applies to expenses incurred by non-insureds for bodily injury and reported to the insurer within: correct...

A risk map showing a large difference between inherent and residual risk indicates which one of the following? A. The risk is within the organization's risk appetite B. The current risk treatment is ineffective C. The current risk treatment is effective D. The risk does not need to be treated ...

Muller's Floral Shop uses vans to deliver flowers and is insured with a business auto policy. It wants auto liability coverage on all autos, but medical payments, UM/ UIM, and physical damage coverage only on owned autos. Which symbols does Muller's insurance agent recommend for these coverages? ...

Occupational Safety and Health Administration (OSHA) correct answersorganization created to protect workers from health and safety risks on the job Office of Workers' Compensation Programs (OWCP) correct answersentity that administers programs to cover work-related illnesses or injuries suffered...

When the probabilities of future outcomes cannot be estimated reliably, the outcomes are described as correct answersuncertain only insurance is more widely and inexpensively available when risks are correct answersPure and Static Which is the name for the type of risk that can be felt but not...

A state supreme court hears every case a party appeals to it. correct answersFalse Equity steps in to fill the gaps and provide justice when the law is inadequate. correct answersTrue Arbitration is a dispute making process that occurs in a court of law. correct answersFalse Procedural law ...

Motorcycle company (Del/Main) sold a motorcycle to Jackson (Maine). Shortly after the sale, he takes it back to get serviced and tells the company he is going Albany for 6-months for a job. He rents out his house and gets an apartment in Albany. In NY he has an accident involving the motorcycle beca...

How many days does the liberalization clause provide for under the ISO standard BOP policy form prior to, or during the policy period? a. 55 days b. 30 days c. 45 days d. 35 days correct answersc. 45 days Surplus Lines companies in Texas have _____ to acknowledge the receipt of a claim. ...

E'r liability for torts of employees: Doctrine of Respondent Superior means..? correct answersThis means vicarious liability. E'r liability for torts of employees: Under the Doctrine of Respondent Superior, what two things is the employer liable for? (the wrongs of) correct answers1) If you see...

Why aren't federal employees covered by state worker's compensation insurance correct answersThey are covered by a federal program What is covered by worker's compensation benefits? correct answersWorker's Compensation covers illnesses, injuries, and job related deaths. Falls in the compan...

Which of the following statements about Mechanical Breakdown Insurance is FALSE? A. Wear and tear of replaceable parts is not covered. B. It will not pay for covered repair costs that exceed the actual cash value of the vehicle. C. Towing and roadside assistance are covered once a covered breakdo...

Tim is an employee of XYZ Roofing, Inc., whose home location is in state "A." Tim is injured on the job for XYZ while working in state "B." Tim chooses to apply the workers compensation law from state "B" to cover his injuries. States "A" and "B" have an agreement that allows the state "A...

Carmen has been accorded participant status in an Ontario Municipal Board (OMB) hearing regarding the protection of a heritage building on her street. This means Carmen can: a. make a final submission b. be cross-examined c. request a review of the decision d. recover her costs incurred in givin...

For purposes of insurance, a "loss" is best defined as: an unwelcomed, unplanned reduction in economic value An automatic sprinkler system in a hotel building is a risk reduction measure because it: reduces the amount of damage that a fire is likely to do Brainpower Read More P...

Superintendent of Financial services correct answersHead of the department of Insurance. Must be a citizen and resident of his state and appointed by the governor, by and with the advice and consent of the senate and holds office at the pleasure of the governor. The superintendent posses the rights,...

One person (the principal) consents to the other person (the agent) acting in his or her behalf correct answersFiduciary Relationship A person who undertakes to act on behalf of-and primarily for the benefit of-another correct answersFiduciary Employer and employee, principal and independent c...