New York Adjuster 1 Questions and Answers

New York Adjuster 1 Questions and Answers

Which type of Crop Insurance Policy insures the entire acreage rather than an individual crop? {{Correct Ans- Adjusted Gross Revenue

Mr. York had his pickup truck stolen while it was parked in a "no parking" zone outside his office. The value of the truck was $18,500. In addition, tools valued at $200, extra tires and hubcaps for the truck valued at $550 and a tarp worth $50 were in the truck. Mr. York has a collision deductible of $500 and a comprehensive deductible of $250. The insurance company will pay what amount? {{Correct Ans- The loss of the truck plus the extra tires and hubcaps would be considered in this claim. These total $19,050 less the deductible of $250 equals $18,800.

The unfair claim settlement laws and regulations in New York provide that a violation in each instance will be treated as a separate violation. A fine in the amount of _____ will be imposed against the insurance company for each violation. {{Correct Ans- $500

What endorsement may be used on the dwelling policy to keep values current with the replacement cost of the buildings? {{Correct Ans- The Automatic Increase Endorsement

An insured's wife is wearing a diamond ring while on vacation in Europe. The ring valued at $1,500 is stolen. What coverage would apply under their Homeowner Policy {{Correct Ans- The policy will pay the loss less the deductible. Coverage B. applies to any part of the world.

Under the TRIA Act (now known as TRIEA - Terrorism Risk Insurance Extension Act of 2015), the maximum limit for the Act for total claims paid under the Act by either private insurers or the government is still limited to {{Correct Ans- $100 billion

Which of the following statements is correct? {{Correct Ans- I-Unendorsed DP-2 and DP-3 settle all losses to personal property at actual cash value.

II-Unendorsed DP-2 and DP-3 settle all partial losses to dwellings at replacement cost if insured 80% to value.

II-Both I and II

An insured's television set is damaged while at a repair shop. The interest of the repair shop is not covered because of which of the following clauses? {{Correct Ans- No Benefit to Bailee.