New York Adjuster Exam Questions with 100% correct Answers 2023

New York Adjuster Exam Questions with

100% correct Answers 2023

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? {{Correct Ans- 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. {{Correct Ans- 30 day

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 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? {{Correct Ans2,000. 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 {{Correct Ans- 140%

A Building and Personal Property Coverage form provides coverage for all of the

following types of property, EXCEPT: {{Correct Ans- 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? {{Correct Ans- The mortgagee is paid $150,000.

The Terrorism Risk Insurance Act and all of its extensions and reauthorizations is

actually an agreement between: {{Correct Ans- Between the Federal Government and

the insurance companies.

The first effort to provide insurance for land transportation risks involved an

extension of ocean marine coverage known as the: {{Correct Ans- "Warehouse to

warehouse" clause.

Which of the following is not a duty of an insurer in case of a loss? {{Correct AnsSeparate the damaged property from the undamaged property and protect the

property from further loss

An insured owns a set of six drawing pens designed and used by Benjamin Franklin.

Each pen is worth $1,000 alone, but the set is worth $12,000. One pen is destroyed by

a covered peril. Under the pair or set clause the insurance company will pay a

maximum of which of the following amounts? {{Correct Ans- $7,000

Traditionally, the most common type of crop insurance sold prior to the creation of

the Multi-Peril Crop Insurance Program was: {{Correct Ans- Coverage for hail damage.

An adjuster's report that contains all the facts, evidence and disposition of the claim

and is considered to be the final report is known as the: {{Correct Ans- Full report.

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. {{Correct Ans- 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: {{Correct Ans- 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? {{Correct Ans- Loss of income from the incidental

business.

The adjuster bond required in New York is payable to: {{Correct Ans- 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? {{Correct Ans- Only the resulting fire and explosion damage would be

covered

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? {{Correct

Ans- 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? {{Correct Ans- 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: {{Correct Ans- 5% of the limit that applies to all

Section I coverages