Exam (elaborations)
NY INDEPENDENT GENERAL ADJUSTER EXAM - SERIES QUESTIONS AND ANSWERS
- Course
- Institution
NY INDEPENDENT GENERAL ADJUSTER EXAM - SERIES QUESTIONS AND ANSWERS
[Show more]
Content preview
NY INDEPENDENT GENERAL ADJUSTER EXAM -SERIES 17-70
Johnny neglected to admit in his application for a health policy that he had
suffered rheumatic fever as a child. In order for the company to cancel this policy,
the insurer must determine that this omission was: - ANSWERS-deliberate and
fraudulent.
Jack is helping a friend move a pool table when he strains his back, causing a
disability. The insurer declines his claim because the injury is not considered
accidental under the terms of Jack's policy. Jack's policy must include; - ANSWERS-
an accidental means definition of an accident..
In order to issue a written binder for a commercial property policy, what is the
minimum consideration an agent must secure from an applicant? - ANSWERS-A
promise to pay the premium.
Does an aircraft policy cover a loss involving an unapproved pilot operating an
insured aircraft? - ANSWERS-No, a loss involving an unapproved pilot is excluded.
Under a business owners policy, the hired non-owner coverage would apply to: -
ANSWERS-Vehicles borrowed by the insured.
An insured has a $2 million limit of insurance under a personal umbrella liability
policy with a $2,000 self-insured retention limit. The insured is sued for $1 million
,in personal injury damages and $1.5 million in property damages arising from the
same occurrence. The insured's underlying liability policies do not cover the
damages. In this case, the umbrella policy will pay: - ANSWERS-$1,998,000 of the
damages. Since the underlying coverage does not apply the insured must pay the
$2,000 self-retained limit and the umbrella insurer must pay the rest of the claim.
Which dwelling forms provide broad perils coverage for personal property? -
ANSWERS-DP2 and DP3.
In ocean marine insurance, what is the purpose of the IVEL clause? - ANSWERS-To
provide excess hull and collision liability coverage.
An employee suffered a severe injury while operating a piece of machinery known
to be in need of repair. Unfamiliar with the workers compensation law, the
spouse sued the employer, claiming loss of consortium. What coverage if any in a
standard workers compensation policy would respond to this lawsuit? -
ANSWERS-Employer's Liability Coverage.
What is the limit under the Businessowners Policy for pollution clean up? -
ANSWERS-A maximum of $10,000.
How are losses evaluated for payment under the Watercraft and Yacht policies? -
ANSWERS-Actual cash value at the time of the loss.
Henry is the first named insured on a $1 million umbrella liability policy. His wife,
Dorothy, is also an insured. Both Henry and Dorothy were sued for $1 million in
, separate, unrelated suits by separate third parties. Both insureds lost their suits
on the same day. In this possible but rare situation, if the umbrella policy is
applicable and the self-insured retention is not applicable: - ANSWERS-Henry will
not receive more protection than Dorothy and the policy could pay a total of the
$2 million amount for the two awards, subject to the "aggregate limit". .
The requirements of the Employment Retirement Income Security Act compel
employers to cover their professional liability exposure for honest errors and
omissions regarding employee benefit plans by purchasing: - ANSWERS-Fiduciary
Liability.
How long is payroll coverage limited to in case of a business income loss under
the BOP? - ANSWERS-60 days.
Is coverage under the Terrorism Risk Insurance Act mandatory? - ANSWERS-No.
The most comprehensive coverage provided by the Dwelling Property program is
found in the: - ANSWERS-DP3.
An insurance policy is issued as a policy having two unequal parts, the liability
assumed by the insurer and the premium paid by the insured. Therefore, an
insurance policy is referred to as: - ANSWERS-An aleatory contract.
Dram Shop Liability refers to: - ANSWERS-Liquor Law Liability.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Teacher101. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79835 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now